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 Colombia!
About LatamReady
Tax Determination & Tax Information Reporting Features for Colombia
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 Colombia.
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.
The LatamReady SuiteApp fully supports NetSuite's multi-booking feature and includes the following ledgers for legal reporting in Colombia:
1. Monthly legal ledgers (CSV format):
i.Balance de Comprobación de Terceros
ii.Libro Diario
iii.Libro de Inventario y Balance
iv.Libro Mayor y Balance
2. Exógeno DIAN
i.1001 Pagos y Abonos en Cuenta y Retenciones Practicadas
ii.1003 Retenciones en la Fuente que le Practicaron
iii.1005 Impuesto a las Ventas por Pagar - Descontable
iv.1006 Impuesto a las Ventas por Pagar (Generado) e Impuesto al Consumo
v.1007 Ingresos Recibidos
vi.1008 Saldos de Cuentas por Cobrar al 31 de Diciembre
vii.1009 Saldos de Cuentas por Pagar al 31 de Diciembre
viii.1012 Información de Declaraciones Tributarias, Acciones, Inversiones en Bonos Títulos Valores y Cuentas de Ahorro y Cuentas Corrientes
3. Exogenos Distrito Capital Bogota
i.ART 1. Información de Ingresos Obtenidos por Actividades Excluidas o no Sujetas
ii.ART 2. Información de Compras de Bienes y/o Servicios
iii.ART 4. Información que deben Reportar los Agentes de Retención del Impuesto de Industria y Comercio (ICA)
iv.ART 6. Información que deben Reportar los Sujetos de Retención del Impuesto de Industria y Comercio
4. Certificado de Retención (Monthly)
a.Certificado de Retención
Tax Rules & Tax Calculation Features for Colombia
Tax Calculation
LatamTax, LatamReady’s Tax Engine developed inside of Oracle NetSuite and designed exclusively for Latin America, takes care of the complexity of local withholding taxes in sales and purchases. LatamReady also has the following features:
Withholding Reclassification (For Sales and Purchases)
Withholding Support by totals or lines (as applicable to the company)
Tax Agencies
We work in an integrated way with the tax agencies of each country we serve; in Colombia, we work with DIAN.
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 that!
LatamTax pre-configured set of taxes includes:
1. ICA
2. IVA
3. Fuente
Electronic Invoicing Features for Colombia
Send E-Invoices Directly from Inside NetSuite
LatamReady offers a complete solution within NetSuite for electronic documents in Colombia.
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!
Supported E-Documents Include:
Sales
1.Factura
2.Nota de Crédito
3.Nota de débito
Purchases
1.Documento de Soporte
2.Nota de Ajuste
Electronic Payments Features for Colombia
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 Colombia.
LatamReady works with the following local banks in Colombia:
1.BanColombia
2.Davivienda
3.ITAU
4.Scotiabank Colpatria
5.Santander
6.BBVA
7.Caja Social
8.Av Villas
9.BCSC
10.Banco de Bogotá
LatamReady Add-Ons
Exchange Rate Module: We bring the country's buy-sell exchange rate. The basic version makes the connection with the Superintendencia Financiera de Colombia and updates the daily exchange rate directly in the transactions (USD Dollars / Local Currency), while the advanced version also updates the standard NetSuite table. The affected transactions are:
1.Sales Order
2.Credit Memo
3.Customer Payment
4.Invoice
5.Journal Entry
6.Purchase Order
7.Vendor Bill
8.Vendor Credit
9.Vendor Payment
Massive electronic invoicing module: LatamReady offers a complete solution within NetSuite for electronic documents in Colombia. With the LatamReady SuiteApp, international corporations can issue E-invoices from inside of NetSuite with a simple click of a button. (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.
Acknowledgment of Receipt for Purchase documents: LatamReady offers the possibility to accept or reject supplier documents issued for the company before the DIAN (government obligation)
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.
The LatamReady App is compatible with the NetSuite SuiteTax version and supports Legacy.
The LatamReady App fully supports all NetSuite's editions in Colombia! Unlock opportunities for your growing company by extending the power of NetSuite with our innovative tax compliance solution.
Customer Care Support For Colombia
Always Up to Date!
Our service includes unlimited legal updates for 18+ Latin American countries.
Tax rules in Colombia 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!
Safe Harbor Statement
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 remain at the sole discretion of LatamReady.
