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Oracle NetSuite
​Tax Compliance
​for Mexico


The LatamReady App extends the power of Oracle NetSuite Cloud ERP to enable international corporations to achieve full tax compliance in Latin America.

An innovative Built-for-NetSuite solution, the LatamReady App natively supports Tax & Accounting Compliance, Tax Reporting, Electronic Invoicing, and many more amazing features for 18+ Latin American countries, including Mexico!​


About LatamReady




Tax Determination &
​​Tax Information Reporting
​Features for Mexico

The LatamReady App fully supports NetSuite's multi-booking feature and includes the following ledgers for legal reporting in Mexico:

  1. 1. DIOT Legal Report (TXT format): Including information regarding Expense Reports and Withholding Taxes from Vendor bills.*
  2. 2. Mexican Electronic Accounting files (XML format): Including Chart of Accounts, Trial Balance, Auxiliary Record of Accounts, and Polizas Contables

LOCALIZATION

Transfer of VAT (Purchases & Sales)

Transfer of Withholding Taxes (Purchases & Sales)

Pedimentos (Customs Declarations)

Account Reclassification (Sales) (Invoice & Credit Memo)

Latam Link (Exchange Rate)

Duplicity Validation (Purchases)

Reference Number

Tax Rules & Tax Calculation Features for Mexico

Transfer of VAT & Withholding Taxes:

Native solution for the automated transfer of VAT and Withholding Taxes from Purchases and Sales.

Pendimentos

Support for the registration and management of customs declarations (Pedimentos) in transactions.

Account Reclassification (Sales):

Support for redirection and reclassification of income accounts based on local rules (Invoice & Credit Memo).

Latam Link (Exchange Rate):

Direct connection with BANXICO to obtain daily exchange rates (USD/MXN) directly in NetSuite.

Tax Agencies:

Integrated work with Hacienda (SAT).

Validation:

Support for duplicity validation in purchases, local Tax ID verification, and SAT Blacklist validation.

Reference Number:

Support for the management of the required reference numbers in local transactions.

Electronic Invoicing
​Features for Mexico

Send E-Invoices Directly from Inside NetSuite


LatamReady offers a complete solution within NetSuite for electronic documents in Mexico. The LatamReady App supports:

  • One by one: A 2-step process following the NetSuite standard for manual creation and generation.
  • Massive (Add-On): Designed for processing tens of thousands of documents in bulk.
  • In Bulk (Add-On): Optimized for processing up to 200 documents simultaneously.
  • Ecommerce Edition (Add-On): Specialized for high-volume Ecommerce companies.
  • ADDON Inbound (XML Upload): Automatic download of supplier XML invoices from the portal and instant creation of the Vendor Bill transaction in NetSuite.

Easily manage Electronic Invoices, Credit & Debit Notes, Payment Complements (Complemento de Pago), Carta Porte (Waybills), and more! With the LatamReady App, international corporations can generate pixel-perfect electronic documents with a simple click. LatamReady Localization allows you to issue electronic documents for both local and foreign trade operations.

LatamReady App users can also utilize the massive billing feature with automatic configuration for non-electronic documents, ensuring full compliance across all billing flows.

The Local E-Documents Supported Include:

  • Electronic Invoice (Factura)
  • Credit Note (Nota de Abono)
  • Debit Note (Nota de Cargo)
  • Payment Complement (Complemento de Pago)
  • Factoring Payment Complement (Ventas y Compras)
  • Waybill / Fulfillment Traslado (Carta Porte)
  • Export Invoice with Foreign Trade Complement
  • Electronic Cancellation (Reasons 1, 2, 3, and 4)
  • Inbound (Direct connection to SAT)
  • SAT Blacklist Validation
  • Pedimentos & Anticipos (Down Payments)
  • Addendas (Add-On): Retailer (HEB, Liverpool, Whirlpool), Costco, Walmart, Chedraui, Casa Ley, Coppel, City Fresko, Soriana, Audi, Volkswagen, Amazon, and more.

Electronic Payments
​Features for Mexico

LatamReady Supports Massive Bill Payments

Via NetSuite's Electronic Payments, LatamReady enables companies to make bulk electronic payments that follow the specific local formats required in Mexico. LatamReady works with the following local banks in Mexico:

  1. 1.Santander
  2. 2.BOA (Bank of America)
  3. 3.BBVA Bancomer
  4. 4.Banorte
  5. 5.Scotiabank
  6. 6.CitiBanamex
  7. 7.JP Morgan
  8. 8.Banbajío
  9. 9.BX+
  10. 10.HSBC
  11. 11.Mifel
  12. 12.BBVA

LatamReady Add-Ons

Exchange Rate Module: We bring the country's buy-sell exchange rate. The basic version makes the connection with the Banco de Mexico (BANXICO FIX by default) and updates the exchange rate directly in the transactions, while the advanced version also updates the standard NetSuite table. The affected transactions are:

  1. 1.Sales Order
  2. 2.Credit Memo
  3. 3.Customer Payment
  4. 4.Invoice
  5. 5.Journal Entry
  6. 6.Purchase Order
  7. 7.Vendor Bill
  8. 8.Vendor Credit
  9. 9.Vendor Payment.
    ​

Massive Electronic Invoicing Module: LatamReady offers a complete solution within NetSuite for electronic documents in Mexico. With the LatamReady SuiteApp, international corporations can issue E-invoices from inside NetSuite with a simple click. Sending electronic documents in batches has never been easier!


  • Automatic Set: Automatic filling of the transaction fields to be processed in electronic invoicing based on the configuration in the customer file.
    ​
  • Sending Emails to Clients: The automatic sending of emails to the clients once the electronic document is already authorized by the government.
    ​

NetSuite Editions:
​OneWorld & Midmarket Edition / SuiteTax & Legacy


The LatamReady App is compatible with the NetSuite SuiteTax version and supports Legacy.

The LatamReady App fully supports all NetSuite's editions in Mexico! Unlock opportunities for your growing company by extending the power of NetSuite with our innovative tax compliance solution.

Customer Care Support
​For Mexico

Always Up to Date!

Our service includes unlimited legal updates for 18+ Latin American countries.

Tax rules in Mexico are continuously changing and evolving.

LatamReady, combining local tax advisory in each country and the biggest NetSuite software factory in the region, will ensure that your subsidiary always remains compliant.

Included in your annual subscription is unlimited customer care support in 3 languages: English, Portuguese, and Spanish.

LatamDojo
​E-Learning Platform

NetSuite Training on Demand

LatamDojo, our E-Learning Platform, includes thousands of training videos explaining how to be and remain compliant in Latin America with Oracle NetSuite and LatamReady!





Schedule a Call with
​a NetSuite Expert!


Chart of Accounts:

    1. a.Chart of Accounts is not statutory in Mexico
    2. b.NetSuite Mexico Apps includes a mapping tool to link Customer’s accounts to Mexican legal classification of accounts
    3. c.If the Customer decides to use a COA exclusively for Mexico: NetSuite Multi-Booking feature is required.

Custom Segments (NetSuite Feature):

    1. a.Not supported by all LatamReady Advanced Features.

Average Costing:

    1. a.In Latin America, the legally required type of costing is Average Costing.
    2. b.Latin American subsidiaries configured in NetSuite are required to transact using Average Costing.

Electronic Accounting XML files:

    1. a.NetSuite requires Accounting Period closed before generation of Electronic Accounting (XML files).
    2. b.GL Numbering must be enabled because of the requirement to execute GL Numbering task on Period Close checklist.

All forward-looking statements (future LatamReady App 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.

Mexico Is Ready!
​Are You?