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
We work in an integrated way with the tax agencies of each country we serve; in Mexico, we work with Hacienda.
Withholding Taxes
We support withholding taxes not just for standard transactions but also for Credit Sales.
Transfer of VAT and Redirection of Accounts
Mexican accountants are required to post Sales and Purchases following local rules to inform if a transaction is Billed/Registered or Collected/Paid, Payment Terms (Cash or Credit), Taxes Applied, Type of Customer (Local or Foreign), etc.
For addressing these local requirements, LatamReady offers a native solution developed inside of NetSuite for:
1.Transfer of VAT from Purchases and Sales
2.Revenue Account Redirection
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 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 Include:
1.Factura
2.Nota de Cargo
3.Nota de Abono
4.Complemento de Pago
Complementary E-Documents supported:
1.Addendas (Add-On)
AHMSA
Amazon
Audi
Casa Ley
Chedraui / City Fresco
Coppel
Costco
Detallista
Gesa
L’Oreal
MABE
Soriana
Volkswagen
Walmart
And more…
5.Pedimento (Add-On)
6.Complemento de Pago Comercio Exterior (Add-On)
Electronic Payments Features for Mexico
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 Mexico.
LatamReady works with the following local banks in Mexico:
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
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 update the exchange rate directly in the transactions, 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 Mexico. 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.
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 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.
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:
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.
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.
