Oracle NetSuite Tax Compliance for Panama

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 Panama!

About LatamReady

Electronic Invoicing Features for Panama

LatamReady SuiteApp
Panama - Standard Edition

Our solution extends NetSuite's capabilities to comply with Panamanian regulations, enabling the generation of:

Electronic Invoice: Supporting expenses and billable items.
Invoices with Withholdings: Automated management of local withholding taxes.
Electronic Invoices: Credit and Cash (Contado) formats.
Invoices with Installments: Management of split payments.
Electronic Export Invoice.
Foreign Operation Invoice.
Electronic Credit Note: With and without reference.
Electronic Debit Note: With and without reference.
Reimbursement Invoices.
Advanced Features: LatamReady - Send Email Receptor, EI: Advanced Sales Flow, and Automatic Set (Universal Setting).
Legal Compliance: Local transaction types and information required to produce legal ledgers required by the local Tax Agency (DGI).

Send E-Invoices Directly from Inside NetSuite

LatamReady offers a complete solution within NetSuite for electronic documents in Panama. 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 (Add-On): Several Bulks, designed for tens of thousands of documents.
In Bulk (Add-On): Optimized for processing up to 200 documents simultaneously.
Ecommerce Edition (Add-On): Specifically for high-volume Ecommerce companies.

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 use the bulk invoicing 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!

Electronic Payments
Features for Panama

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 Panama. LatamReady supports bulk bill payments for the following local banks:

1.Banistmo
2.ST. Georges Bank (SGB)
3.Banco General

LatamReady
App Panama

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 Panama.

LatamReady Add-Ons

Massive Electronic Invoicing Module: Sending electronic documents in batches or groups. (This also includes automatic configuration and emailing to customers).

Automatic Set: Automatic filling of transaction fields to be processed in electronic invoicing based on the configuration in the customer file.
Sending Emails to Clients: Automatic sending of emails to customers once the electronic document has been authorized by the government.

Annual Legal Ledgers: Annual legal reports are a complete summary of the different parts of your year's accounting operations required to achieve compliance with the country's tax entity.

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

Customer Care Support
For Panama

Always Up to Date!

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

Tax rules in Panama 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:

a. The Panama Government does not require the use of a Statutory Chart of Accounts.

b. If the Customer decides to use a Panama-specific COA (instead of the Corporate COA), LatamReady requires the use of the NetSuite Multi-Booking feature.

Legal ledgers:

a. LatamReady legal ledgers are exclusively offered in their electronic version (fields, columns, and order).

b. Electronic versions of legal ledgers can be downloaded in CSV format.

c. Printed versions of legal ledgers are not included.

d. LatamReady includes the "Accounting Book" filter in legal ledgers for Multi-Booking implementation.

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.

Reports:

a. Purchase Registry.

b. General Ledger.

c. Sales Registry.

d. Withholding Certificate.

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.

​​Oracle NetSuite Tax Compliance for Panama