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Oracle NetSuite Tax Compliance for Peru


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 Peru!​


Our localization solution extends NetSuite's native capabilities to comply with Peruvian regulations, automating critical processes such as:


  • Detracciones (Purchases & Sales): Full management of the spot payment system.
  • VAT for Non-Domiciled (Purchases): Automatic calculation of IGV for foreign services.
  • Withholding Tax Calculation (Purchases & Sales): Including the Withholding Agent Module (Purchases).
  • Withholding Agent Module (Purchases): Specifically designed for automated vendor withholdings.
  • Income Tax for Non-Domiciled Vendors: Management of local tax withholdings for foreign suppliers.
  • Mirror 6-9 (GL Impact): Automated accounting destination entry (Class 6 to Class 9).
  • Bad Debt Module (Incobrables): Automated management of uncollectible accounts.
  • Inventory Variation (GL Impact): Automatic accounting impact for inventory adjustments.
  • Latam Link (Exchange Rate): Direct connection with SBS for official daily rates.
  • Bill of Exchange (Canje de Letras): Specialized module for sales financing and collection.
  • Tax Calculation Engine: Pre-configured rules for local tax compliance.
  • Non-Domiciled Income Module: Dedicated feature for foreign entity tax management.
  • Reclassification of Free Transfers: Handling of "Transferencias Gratuitas" and their tax impact.

About LatamReady




Tax Determination &
​​Tax Information Reporting Features for Peru


The LatamReady App is always up to date with all monthly and annual tax reporting forms (Tax Authority - SUNAT), making it easy for companies to comply with local tax reporting requirements in Peru.

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

a. Peru Monthly Ledgers - PLE:

  • 1.1 Libro Caja y Bancos: Detail of cash movements.
  • 1.2 Libro Caja y Bancos: Detail of checking account movements.
  • 5.1 Libro Diario (General Journal)
  • 5.3 Libro Diario: Detail of the chart of accounts used.
  • 6.1 Libro Mayor (General Ledger)
  • 8.1 Registro de Compras (Purchases Register)
  • 8.2 Registro de Compras: Operations with non-domiciled subjects.
  • 13.1 Registro de Inventario Permanente Valorizado.
  • 14.1 Registro de Ventas e Ingresos (Sales Register)

b. Peru Monthly Ledgers - SIRE:

  • 14.4.01 Sales & Income Register: When accepting the proposal.
  • 14.4.02 Sales & Income Register: When replacing the proposal.
  • 8.4.01 Purchases Register: When accepting the proposal.
  • 8.4.02 Purchases Register: When replacing the proposal.
  • 8.5 Purchases Register: Operations with non-domiciled subjects.

c. Fixed Assets:

  • 7.1 Fixed Assets Register: Revalued and non-revalued assets detail.
  • 7.3 Fixed Assets Register: Exchange rate difference detail.

d. Internal Audit Ledgers:

  • 12-Column Audit Report.

LatamReady supports the electronic version of Peruvian legal ledgers. We suggest our customers to affiliate local subsidiaries to the electronic legal ledgers to report to the local tax authority (SUNAT).

Tax Rules & Tax Calculation Features for Peru

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. LatamTax pre-configured set of taxes includes:

  1. 1.Withholding Taxes
  2. 2.Detracciones
  3. 3.VAT (IGV)

Tax Agencies

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

Withholding Tax Certificates Formats

LatamTax produces the required format for Withholding Tax Certificates required by suppliers.

Local Tax ID Validation

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

Letras

LatamReady supports the local practice of exchanging customers' invoices for Bills of Exchange (Letras).

NetSuite MidMarket Edition

LatamReady’s App also works in the Mid-Market Edition with transaction payments, withholding taxes and billing transactions.

Localized Expense Reports

Expenses (e.g. meals, travels, petty cash, etc.) are required to be included in legal ledgers. It is possible now with LatamReady!

Exclusive Peru Features

LatamReady's exclusive Peru features include:

  • VAT (IGV) and Plastic Bag Consumption Tax recognition: Automatic recording in the Purchase Registry.
  • Mirror Impact Recognition (Class 6 and 9 accounts): We automatically generate the accounting destination entry at the time of transaction registration, ensuring legal consistency between Class 6 and 9 accounts based on the client's mapping.
  • Detracciones Module: Generation of the payment file for vendors, compatible with Banco de la Nación and bulk payments via Clave SOL. When registering the payment in NetSuite, purchase invoices are automatically recognized in the Electronic Purchase Registry.
  • Non-Resident Income Tax Withholding: Management of income tax on foreign vendor documents to be reported in the Non-Resident Purchase Registry (8.2).

Electronic Invoicing
​Features for Peru

Send E-Invoices Directly from Inside of NetSuite

LatamReady offers a complete solution within NetSuite for electronic documents in Peru. The LatamReady App supports:

  • One by one: A 2-step process following the NetSuite standard for manual creation and generation.
  • Massive (Add-On): Designed for processing tens of thousands of documents (Several Bulks).
  • In Bulk (Add-On): Optimized for processing up to 200 documents simultaneously.
  • Ecommerce Edition (Add-On): Specialized for high-volume Ecommerce companies.
  • ADDON Inbound (XML Upload): Automatic download of supplier XML invoices from the portal and instant creation of the Vendor Bill transaction in NetSuite.
    ​

Full support for the Peruvian tax ecosystem (SUNAT), enabling bulk and automatic generation of:

  1. 1.Free Transfer Invoice (Factura de Transferencia Gratuita)
  2. 2.Bonus Invoice (Factura de Bonificaciones)
  3. 3.Free Transfer Invoice with Line Discounts
  4. 4.Invoice with Detracciones
  5. 5.Export Invoice
  6. 6.Invoice with Installments (Cuotas)
  7. 7.Electronic Withholding Certificate (Payment of Invoices and Credit Notes)
  8. 8.Invoice with Down Payments (Anticipos)
  9. 9.Export of Hosting Services for Non-Domiciled entities
  10. 10.Electronic Waybills - Remitente (Transfers, Returns, and Pick-ups)
  11. 11.Cancellation (Electronic with Provider and Accounting in NetSuite - E-VOID)
  12. 12.Inbound (Document Reception)
  13. 13.Electronic Invoice Issuance
  14. 14.Credit Note Issuance
  15. 15.Credit Note for Amount and Date Adjustments
  16. 16.Debit Note Issuance
  17. 17.Export Credit Note Issuance
  18. 18.Export Debit Note Issuance

Electronic Payments
​Features for Peru

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 Peru. LatamReady works with the following local banks:

  1. 1.BCP
  2. 2.Scotiabank
  3. 3.Banco de la Nación
  4. 4.Interbank
  5. 5.BBVA
  6. 6.BanBif
  7. 7.GNB

LatamReady Add-Ons

Exchange Rate Module: We bring the country's buy-sell exchange rate. The basic version connects with the local bank and updates the exchange rate directly in the transactions, while the advanced version updates the NetSuite Standard Dashboard. 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: 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.

Annual Legal Ledgers - PLE:

  • 3.1 Inventory and Balances: Statement of Financial Position.
  • 3.2 Inventory and Balances: Detail of account 10 balance (Cash and Cash Equivalents).
  • 3.3 Inventory and Balances: Detail of account 12 balance (Trade Accounts Receivable – Third Parties) and account 13 (Related Parties).
  • 3.4 Inventory and Balances: Detail of account 14 balance (Accounts Receivable from Personnel, Shareholders, Directors, and Managers).
  • 3.5 Inventory and Balances: Detail of account 16 balance (Sundry Accounts Receivable – Third Parties) or account 17 (Related Parties).
  • 3.6 Inventory and Balances: Detail of account 19 balance (Allowance for Doubtful Accounts).
  • 3.7 Inventory and Balances: Detail of account 20 balance (Merchandise) and account 21 (Finished Goods).
  • 3.8 Inventory and Balances: Detail of account 30 balance (Investment Securities).
  • 3.9 Inventory and Balances: Detail of account 34 balance (Intangibles).
  • 3.11 Inventory and Balances: Detail of account 41 balance (Remuneration and Board Member Fees Payable).
  • 3.12 Inventory and Balances: Detail of account 42 balance (Trade Accounts Payable – Third Parties) and account 43 (Related Parties).
  • 3.13 Inventory and Balances: Detail of account 46 balance (Sundry Accounts Payable – Third Parties) and account 47 (Related Parties).
  • 3.15 Inventory and Balances: Detail of account 37 balance (Deferred Assets) and account 49 (Deferred Liabilities).
  • 3.16.1 Detail of Account 50 Balance: Capital.
  • 3.16.2 Structure of Shareholding or Social Participations.
  • 3.17 Inventory and Balances: Trial Balance.
  • 3.19 Inventory and Balances: Statement of Changes in Equity.
  • 3.20 Inventory and Balances: Income Statement.
  • 3.24 Inventory and Balances: Statement of Comprehensive Income.
  • 3.25 Inventory and Balances: Statement of Cash Flows - Indirect Method.

Extra Accounting Support: If any other type of accounting support is required after the monthly balance sheet, we will quote and provide the necessary assistance.

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


Customer Care Support
​For Peru

Always Up to Date!

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

Tax rules in Peru 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!


  1. 1.Chart of Accounts (COA):
  • a. The Chart of Accounts is statutory in Peru.
  • b. LatamReady requires transactions to be performed using the local statutory COA. Mapping to the corporate COA is done via NetSuite Multi-Booking (configuration not included).


  1. 2.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 an "Accounting Book" filter in legal ledgers for Multi-Booking implementations.


  1. 3.Average Costing:
  • a. In Latin America, the legally required type of costing is Average Costing.
  • b. Subsidiaries configured in NetSuite are required to transact using Average Costing.


  1. 4.Double Accounting (By Nature and By Function):
  • a. Double accounting for the same posting is not supported by NetSuite.
  • b. IMPORTANT: Double accounting is not a legal requirement in Peru.
  • c. LatamReady suggests exclusively performing accounting postings by Nature (Class 6 expense accounts).
  • d. Information by Function can be managed via NetSuite segmentation or custom reports.


  1. 5.Double Exchange Rate (Sales and Purchase):
  • a. NetSuite supports a single Exchange Rate as an automatic suggestion.
  • b. LatamReady suggests registering the Sales Exchange Rate.
  • c. For purchasing and bank transactions, users can manually update the exchange rate to the Purchase rate for each transaction.

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.

Peru Is Ready!
​Are You?