Many German or Germany-based companies choose NetSuite as their central ERP and accounting solution. Over the years, we have made some valuable additions that improve working with NetSuite in Germany immensely. With the Germany Bundle, we offer you these additions in one product.
The new tax rates of 5% and 16% and all other needed tax codes with the notional rate of 16% and 5% as defined by NetSuite can be added to an existing German nexus with a button on the German subsidiary.
You can switch sales transactions between the old and the new tax code. This might be useful as the tax code depends on the delivery date.
We also provide a script library to automate the selection of the correct tax code depending on the date.
Payments by customers or to suppliers with deduction of cash discount requires, according to German tax law, a corresponding reduction of the proportional VAT. The payment transaction in NetSuite does not take this into account. This bundle ensures that an additional journal entry records the discount resulting from the cash discount with the corresponding tax code.
This also works for payments of several invoices and several tax codes.
After the GdOB once made bookings cannot be changed. NetSuite locks transactions against period-end changes and logs all changes, but changes are possible during open periods.
The bundle complements all transactions relevant to the booking with a “final booked” check box. After this check box is set, the transaction cannot be changed.
The bundle contains report templates for the HGB balance sheet and income statement, which will be adjusted to your specific chart of accounts.
In addition, we allow you to display bookings as “Kontenblatt” or “Summen- and Saldenliste”.
NetSuite checks a registered VAT identification number only syntactically.
This bundle enables you to test EU VAT IDs with company name and address via the Federal Central Tax Office.
The use of certain tax codes for invoices requires additional texts on the invoice. With the bundle, you can maintain these texts multilingually, they then will be printed on the invoice form.
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