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 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 Mexico.
Plus! Set of 10 Reports/Audit Reports/Searches/Alerts developed by LatamReady
This set of reports includes 10 non-legal reports that our Local Users find useful to review/validate legal reports information as a previous task before sending/uploading the information to the local tax authority.
The LatamReady App fully supports NetSuite's multi-booking feature and includes the following ledgers for legal reporting in Mexico:
- 1.DIOT Legal Report (TXT format): including information regarding Expense Reports and Withholding Taxes from Vendor bills
- 2.Mexican Electronic Accounting files (XML format), including:
- i.Chart of Accounts
- ii.Trial Balance
- iii.Auxiliary Record of Accounts
- iv.Polizas Contables
Tax Rules & Tax Calculation Features for Mexico
Tax Agencies
Withholding Taxes
Transfer of VAT and Redirection of Accounts
- 1.Transfer of VAT from Purchases and Sales
- 2.Revenue Account Redirection
Electronic Invoicing
Features for Mexico
Send E-Invoices Directly from Inside NetSuite
- 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)
The Local E-Documents Supported Include:
- 1.Factura
- 2.Nota de Cargo
- 3.Nota de Abono
- 4.Complemento de Pago
- 1.Addendas (Add-On)
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- 5.Pedimento (Add-On)
- 6.Complemento de Pago Comercio Exterior (Add-On)
Electronic Payments
Features for Mexico
LatamReady Supports Massive Bill Payments
- 1.Santander
- 2.BOA
- 3.Bancomer
- 4.Banorte
- 5.Scotiabank
- 6.CitiBanamex
- 7.J.P Morgan
- 8.BanBanjio
- 9.BX+
- 10.HSBC
LatamReady Add-Ons
- 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
NetSuite Editions:
OneWorld & Midmarket Edition / SuiteTax & Legacy
Customer Care Support
For Mexico
Always Up to Date!
LatamDojo
E-Learning Platform
NetSuite Training on Demand
Chart of Accounts:
- a.Chart of Accounts is not statutory in Mexico
- b.NetSuite Mexico Apps includes a mapping tool to link Customer’s accounts to Mexican legal classification of accounts
- c.If the Customer decides to use a COA exclusively for Mexico: NetSuite Multi-Booking feature is required.
Custom Segments (NetSuite Feature):
- a.Not supported by all LatamReady Advanced Features.
Average Costing:
- a.In Latin America, the legally required type of costing is Average Costing.
- b.Latin American subsidiaries configured in NetSuite are required to transact using Average Costing.
Electronic Accounting XML files:
- a.NetSuite requires Accounting Period closed before generation of Electronic Accounting (XML files).
- b.GL Numbering must be enabled because of the requirement to execute GL Numbering task on Period Close checklist.