NetSuite Brazil SuiteApp

LatamReady Standard Edition

*NetSuite offers direct support to Brazilian localizations with the ‘Brazil Localization’ SuiteApp. This SuiteApp only contains specific fields to support company legal information, TaxId on entities, and Item Legal Classification.

*LatamReady complements NetSuite’s official SuiteApp for Brazil to provide tax determination and calculation, electronic invoicing, and statutory reports according to the legal requirements.

LatamReady Tax Compliance SuiteApp

About Brazil Tax Compliance

from LatamReady

NetSuite required SuiteApps are:

Brazil Localization Overview

(NetSuite SuiteAnswers ID: 51164)

NetSuite Brazil Localization SuiteApp

(Bundle ID: 130074)

NetSuite Withholding Tax SuiteApp

(Bundle ID: 47459)

Withholding Taxes

LatamReady implements Standard Bundles in order to calculate withholding taxes using Groups WHT codes to support all combinations for this type of calculation.

Boleto Bancário

(the official payment method) must be in PDF format following the technical specifications of:

  • Itaú (v.2019.2)
  • Bradesco (v.2019.2)
  • Tax Calculation

  • a.LatamReady includes the following tax calculations on Sales Transactions:
  • i.PIS (Contribuição para os Programas de Integração Social / Program of Social Integration)
  • ii.COFINS (Contribuição Social para o Financiamento da Seguridade Social / Contribution of the Finances for Social Security)
  • iii.CSLL (Contribuição Social sobre o Lucro Líquido / Social Contribution on Net Profits)
  • iv.ISS (Imposto sobre Serviços / Brazilian Tax on Services)
  • v.IRPJ (Imposto de Renda de Pessoa Jurídica)
  • vi.ICMS (Imposto sobre Operações Relativas à Circulação de Mercadorias e Serviços de Transporte Interestadual e Intermunicipal e de Comunicações)
  • vii.IPI (Imposto sobre Produtos Industrializados)
  • viii.FUST (Fundo de Universalização dos Serviços de Telecomunicações)
  • ix.FUNTEL (Fundo para o Desenvolvimento Tecnológico das Telecomunicações)
  • x.Substituição Tributária --- > Available on v.2019.1
  • Monthly  Legal Ledgers

  • 1.EFD Contribuições (TXT format)
  • a.PIS COFINS Apropriação Direta -> "No Cumulativa" Type of business
  • b.PIS COFINS Apropriação Direta -> "Cumulativa" Type of business -- > Available on v.2019.1
  • c.PIS COFINS Rateio Receita Bruta -> Available on 2019.1
  • d.ICMS / IPI -> Available on 2019.1
  • 2.DCTF - Declaração de Débitos e Créditos Tributários Federais , for Service Items
  • i."No Cumulativa" Type of business
  • ii."Cumulativa" Type of business -- > Available on v.2019.1
  • 3.SPED Reinf -> Available on 2019.1
  • Annual Legal Ledgers:

  • 1.SPED ECD (TXT format) --> Available on 2019.2:
  • a.G - Diário Geral
  • b.R - Diário com Escrituração Resumida
  • c.A - Diário Auxiliar
  • d.Z - Razão Auxiliar
  • e.B - Livro de Balancetes Diários e Balanços
  • 2.SPED ECF (TXT format) --> Available on 2019.2
  • 3.DIRF (TXT format) --> Available on 2019.2
  • Financial Statements (Demonstrações contábeis) using the standard financial statements features:

  • 1.Balanço patrimonial - BP
  • 2.Demonstração de resultado – DRE
  • 3.Balancete Analítico
  • LatamReady SuiteApp Mexico - Advanced Features

    (Each feature subscription is offered separately)

    Electronic Invoicing:

  • a.Currently, LatamReady offers a WebService connection with Solucion Factible Mexico (e-Invoicing local supplier)
  • i.Factura
  • ii.Nota de Cargo
  • iii.Nota de Abono
  • iv.Comprobante de Recepción Pago (v.2018.2)
  • Electronic Payments

    NetSuite Electronic Payments + LatamReady combined solution supports the following bank payment files:

  • a.Banamex
  • b.Bank of America (via Banco Banamex)
  • c.Banorte
  • d.Banco Santander (v. 2019.1)
  • e.BBVA Bancomer (v. 2019.2)
  • f.HSBC Mexico (v. 2019.2)
  • Local GL rules:

  • a.Mexican accountants are required to post Sales and Purchases following local rules to inform if a transaction is Billed/Registered or Collected/Payed, Payment Terms (Cash or Credit), Taxes Applied, Type of Customer (Local or Foreign), etc.:
  • i.Traslado de IVA de Compras y Ventas
  • ii.Redireccionamiento de Cuentas de Ingresos
  • LatamReady offers 2 options to address this requirement:

  • 1.Option 1: Reports and a procedure to massive upload journals using csv templates
  • 2.Option 2: Automatic Solutions for Traslado de IVA and for Redireccionamiento de Cuentas using SuiteGL plugins.
  • LatamReady SuiteApp Brazil - Advanced Features

    (Each feature subscription is offered separately)

    Electronic Invoicing:

  • a.Nota Fiscal de Serviços Eletrônica: NFS-e - Sao Paulo
  • b.Nota Fiscal de Serviços Eletrônica: NFS-e - Rio de Janeiro (v.2019.2)
  • c.Nota Fiscal de Serviços Eletrônica: NFS-e - Bernando do Campo (v.2019.2)
  • d.Nota Fiscal Eletrônica de Produtos ou Mercadorias: NF-e - Nationwide (v.2019.1)

  • Electronic Payments

    NetSuite Electronic Payments + LatamReady combined solution supports the following bank payment files:

  • 1.Itaú
  • 2.Bradesco (v.2019.2)

  • Considerations:

    Chart of Accounts:

  • a.Chart of Accounts is statutory in Brazil
  • b.LatamReady requires transactions to be performed using local statutory COA and map local COA to corporate COA using NetSuite’s Multi-Booking feature (implementation / configuration are not included)

  • Legal ledgers:

  • a.Most of the Latin American countries are in transition to exclusively acquire electronic versions of legal ledgers. In some countries, companies are still able to choose between the use of electronic or printed versions of legal ledgers.
  • b.LatamReady legal ledgers are exclusively offered following the electronic version (fields, columns and order).
  • c.Electronic version of legal ledgers can be downloaded in CSV format.
  • d.Printed version of legal ledgers are not included.
  • e.LatamReady includes “Accounting Book” filter in Legal Ledgers for Multi-Booking implementation.

  • Average Costing:

  • 1.In Latin America, the legally required type of costing is Average Costing.
  • 2.Latin American subsidiaries configured in NetSuite are required to make transactions using Average Costing.
  • Safe Harbor Statement

    All forward-looking statements (future LatamReady SuiteApp releases) are intended to outline our general product direction. They are intended for information purposes only, and are not incorporated as part of our contracts. It is not a commitment to deliver any  feature or functionality, and should not be relied upon in making purchasing decisions. The development, release, and timing of any features or functionality described for LatamReady’s products remains at the sole discretion of LatamReady.