Oracle NetSuite Tax Compliance for Ecuador

LatamReady SuiteApp

NetSuite Ecuador SuiteApp

LatamReady Standard Edition

LatamReady Tax Compliance SuiteApp

LatamReady SuiteApp Ecuador - Standard Edition

  • 1.Local legally required information (RUC, Tipo de persona, Reg.Fiscal Preferente)
  • 2.Local transaction types and information required to produce legal ledgers required by ATS (Ecuadorian Tax Agency)
  • 3.Withholding Taxes Engine using NetSuite standard feature: IVA, IR, Fuente, Honorarios.
  • 4.Purchases Withholding Taxes Certificates numbering
  • 5.Nine (9) reports to be uploaded via the official macro provided by ATS (CSV & XML format):
  • i.Informante
  • ii.Anulados
  • iii.Compras - Detalle
  • iv.Compras - Método de Pago
  • v.Compras - Reembolsos
  • vi.Compras - Retenciones
  • vii.Ventas - Clientes
  • viii.Ventas - Establecimiento
  • ix.Ventas - Exportación
  • 6. Set of 11 Reports/Audit Reports/Searches/Alerts developed by LatamReady

  • a.Is a set of non-legal reports
  • b.This set of reports has been developed to be used to analyze, review and validate the information to be sent to SRI (Ecuatorian Tax Agency)
  • LatamReady SuiteApp Ecuador - Advanced Features

    Electronic Invoicing

    Via COMFIAR Ecuador (NetSuite e-Invoicing module is required). COMFIAR Ecuador is the e-Invoicing local supplier directly connected to NetSuite. Includes five (5) e-documents:

  • a.Electronic Invoice
  • b.Electronic Debit Memo
  • c.Electronic Credit Memo
  • d.Vendor VAT Retention
  • e.Electronic Waybill (Exclusively sales Waybills)
  • Electronic Payments

    Via the NetSuite e-Payments Module

  • Banco Pichincha
  • Produbanco
  • Banco de Guayaquil
  • Considerations:

    Chart of Accounts:

  • a.Ecuador Government does not require the use of a Statutory Chart of Accounts
  • b.If the Customer decides to use an Ecuador-specific COA (instead of the Corporate COA): LatamReady requires the use of NetSuite Multi-Booking feature

  • Legal Ledgers:

  • a.Most Latin American countries are in transition to exclusively require electronic versions of legal ledgers. In some countries, companies are still able to choose between the use of electronic or printed version 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 transact 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.