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Oracle NetSuite Tax Compliance for Chile


About LatamReady




Tax Determination & ​
​Tax Information Reporting Features for Chile

The LatamReady App is always up to date with all monthly and annual tax reporting forms, making it easy for companies to comply with local tax reporting requirements in Chile.  

Plus! A set of Reports/Audit Reports/Searches/Alerts developed by LatamReady

The LatamReady App includes a set of non-legal reports that our local users can utilize to review and validate legal reporting information as a previous task before sending/uploading the information to the local tax authority.

LatamReady App users can now utilize the massive billing feature with automatic configuration for NON-electronic documents.


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

  1. 1.Certificado de Honorarios
  2. 2.Declaración Jurada Anual sobre Balance de 8 Columnas
  3. 3.Libro de Retenciones
  4. 4.Libro Diario
  5. 5.Libro Mayor
  6. 6.Registro de Compras
  7. 7.Registro de Ventas

A set of non-legal reports are:

  1. 1.Balance Tributario
  2. 2.Plan de Cuenta

Tax Rules & Tax Calculation Features for Chile

Local Unit of Account

LatamReady utilizes the local unit of account, “Unidad de Fomento”, for transactions.

Tax Calculation

LatamTax, LatamReady’s Tax Engine developed inside of NetSuite and designed exclusively for Latin America, takes care of the complexity of local Withholding Taxes in Sales and Purchases.

LatamReady allows you to register transactions with VAT No Creditable (IVA No Recuperable)

Tax Agencies

We work in an integrated way with the tax agencies of each country we serve; in Chile, we work with SII.

Withholding Tax Certificates Formats

LatamTax produces the required format for withholding tax certificates that are required by suppliers.

Local Tax ID Validation

No more local tax IDs incorrectly registered! LatamReady includes the local validation algorithm required to verify local tax IDs.

Journal Legal Numbering

LatamReady supports the local authority’s requirement for every journal post to be numbered following statutory criteria.

Letras

LatamReady supports the local practice of exchanging customers' invoices for Letras de Cambio.

Billing

LatamReady adapts to the local rules. For example, including information such as QBLI, Servicio de impuesto SII, informaccion complementar de QBLI, in the transactions inside NetSuite (Factura Ventas, Nota de Credito y Debito, Guia, Boleta, Factura de Exportación).

Electronic Invoicing
​ Features for Chile

Send E-Invoices Directly from Inside of NetSuite

LatamReady offers a complete solution within NetSuite for electronic documents in Chile.

The LatamReady App supports:

  • One by one:  A 2-step process that follows the NetSuite standard for issuing electronic invoices. The first step is to create and the second step is to generate and send each invoice one by one manually.
  • Massive: Several In Bulks, tens of thousands of documents. (Add-On)
  • In Bulk: for 200 documents. (Add-On)
  • Ecommerce Edition: for Ecommerce companies. (Add-On)

Easily manage E-invoices, Credit & Debit memos, Waybills, and more! With the LatamReady App, international corporations can issue E-invoices from inside of NetSuite and generate pixel-perfect electronic documents with a simple click of a button. LatamReady Localization allows you to issue electronic documents both locally and abroad.

LatamReady App users can now utilize the massive billing feature with automatic configuration for NON-electronic documents.

Does your subsidiary issue hundreds or thousands of E-Documents? Ask for our advanced solutions for bulk processing E-Documents!


The Local E-Documents Supported:

  1. 1.Electronic Invoice
  2. 2.“No Afecta” Invoice (IVA Exempt)
  3. 3.Electronic Debit Memo with VAT (Afecta)
  4. 4.Electronic Credit Memo
  5. 5.Electronic  Waybill including VAT (Afecta) (Exclusively sales Waybills)
  6. 6.Electronic Export Invoices
  7. 7.Electronic Export Invoices Credit Note
  8. 8.Electronic Export Invoices Debit Note

Electronic Payments
​Features for Chile

LatamReady Supports Massive Bill Payments

Via NetSuite's Electronic Payments App, LatamReady enables companies to make massive electronic payments that follow the specific local formats required in Chile.

​LatamReady works with the following local banks in Chile:

  1. 1.Santander
  2. 2.BCI
  3. 3.Scotiabank
  4. 4.BICE
  5. 5.ITAU
  6. 6.Banco de Chile
  7. 7.Security Bank

LatamReady Add-Ons

Exchange Rate Module: We bring the country's buy-sell exchange rate. The basic version makes the connection with the Banco Central de Chile and update 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 Chile. With the LatamReady SuiteApp, international corporations can issue E-invoices from inside of NetSuite with a simple click of a button. Sending electronic documents by batch or in batches has never been easier! (This also includes the automatic set and mailing to customers)

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.

UF calculation: for transactions in Chilean peso value

Annual Legal Ledgers: The annual legal reports are a complete summary of the different parts of your accounting of operations for the year that need to achieve compliance with the fiscal entity of the country.

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 Chile! Unlock opportunities for your growing company by extending the power of NetSuite with our innovative tax compliance solution.

Customer Care Support
​For Chile

Always Up to Date!

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

Tax rules in Chile 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.

Additionally, LatamReady releases 2 official versions per year, always Built-For-NetSuite certified by Oracle.


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

Legal ledgers:

    1. 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
    2. b.LatamReady legal ledgers are exclusively offered following the electronic version (fields, columns and order)
    3. c.Electronic version of legal ledgers can be downloaded in CSV format
    4. d.Printed version of legal ledgers are not included
    5. e.LatamReady includes “Accounting Book” filter in Legal Ledgers for Multi-Booking implementation.

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

Important:

“Libro de Ventas” and “Libro de Compras” electronic versions:

    1. a.Both ledgers are required to be sent electronically to SII (Tax Agency)
    2. b.LatamReady includes the formats required by Enternet Chile to produce the format required by SII (XML format)
    3. c.Enternet Chile is required to e-Invoice and to electronically send “Libro de Ventas” and “Libro de Compras” to the local Tax Agency

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.

Chile Is Ready!
​Are You?