NetSuite Bulgaria VAT Localization
NetSuite Bulgaria Localization / NetSuite Romania Localization

NetSuite Bulgaria Localization (Native SuiteApp)

We have developed the only approved by Oracle NetSuite localization package for Bulgaria – NetSuite Bulgaria VAT Localization.

Why You Need NetSuite Bulgaria VAT Localization?

If you are running a Bulgaria-based business in Oracle NetSuite, you will need to report to the Bulgaria National Revenue Agency (NRA) for your activity. The NetSuite Bulgaria Localization SuiteApp allows Oracle NetSuite users with Bulgaria-based subsidiaries to create reports intended for NRA directly from Oracle NetSuite. The Bundle supports all reports needed for the Bulgaria VAT reporting: Monthly VAT Return, Purchase and Sales Ledger reports, VIES declaration, as well as automated Protocol sequential numbering and Protocol PDFs  (for intracommunity acquisition transactions with reverse charge VAT on it or in other VAT cases).

No connectors or integrations are needed – all is built within the system and works with the database directly. The reports can be run multiple/unlimited number of times, directly from Oracle NetSuite.

How BTS NetSuite Bulgaria VAT Localization extends NetSuite itself?

Using your Oracle NetSuite data and the customizations from NetSuite Bulgaria VAT Localization bundle all Bulgaria-based companies can report their VAT related activities to the local National Revenue Agency. These reports are a must–have for all VAT-registered companies in Bulgaria, without exceptions. There is no manual workaround that could easily support the creation of these reports outside the system.

While you are entering your transactions in Oracle NetSuite, our solution works in the background and classifies the records for distribution towards the Purchase and Sales ledger reports, the monthly VAT return and the VIES declaration.

After the month–end, when all transactions for the period are booked in the system, with a few clicks, you have the ability to prepare your VAT reports.

NetSuite Bulgaria VAT Localization includes features as follows (list is not exhaustive):

  • Reports for the Bulgaria National Revenue Agency – monthly VAT and VIES declarations, Purchase and Sales ledger reporting.
  • Automatic classification of transaction records towards the Bulgaria VAT reports.
  • Automatic assignment of Protocol Numbering Series – both protocols for Reverse charge VAT on purchases and accruals for VAT in ‘Other Cases/Personal needs’ are supported. Printed forms for Reverse Charge Protocols with all attributes required by law.
  • Protocols on margins – automatic generation in bulk or on a case by case basis, sequential numbering, printed form.
  • Multi-book Oracle NetSuite feature is supported by the bundle, VAT can be reported from primary or non-primary book.
  • Bilingual and configurable as per the customer’s desire VAT Messages/statements for 0% VAT rate on transactions that can be used on invoices printouts.
  • Bilingual ‘in words’ functionality that can be used on invoice printouts – both ‘wordings’ for the BGN equivalent and the actual currency equivalent are available.
  • NetSuite Bulgaria Localization supports unlimited numbers of VAT scenarios – intracommunity acquisitions and sales, reverse charge purchases, partial tax credits, reduced rates purchases and sales, etc.
  • Integration to Bulgarian National Bank for daily FX rates of the BGN towards currencies published by BNB and used within the Oracle NetSuite system of the customer.
  • Integration with VIES database  – upon creation of an entity record within Oracle NetSuite, when adding its VAT registration number, the integration service connects to the official VIES web-site and brings back into NetSuite the officially registered company data such as name and address information. You save time from data entry, while your entity data is full and correct. Errors from data entry are avoided.
  • Multi-column trial balance
    • Starting/Ending balance and turnover for the period – per GL account.
    • Export to Microsoft Excel.
    • Grouping by Class and Sub-class – similarly by how your chart of account is grouped within NetSuite by ‘parent’, but this time your grouping may be different compared to what is established as parent-child relationship in the NetSuite’s chart of accounts.
    • Multi-Book Oracle NetSuite feature is supported by this report.
    • Accounting context feature is supported – the report can be run in Corporate/Group or Local General ledger account numbers and names, depending on the needs of the users and the audience of the report.

And others.

What are the Benefits of using NetSuite Bulgaria VAT Localization bundle?

  • Part of your entity and transactional data is automatically added by the features of the bundle – though the built integrations with the official sites of Bulgaria National Bank and VIES, or through back ground processes that are working while you are entering your data. These processes will codify your entities and transactional data in a way that will comply with the Bulgaria VAT law and will ensure the VAT Reports are correct.
  • VAT Return, VIES report, Purchase and Sales ledgers reports – in .txt format for all Bulgaria-based subsidiaries that can be submitted to the tax authorities directly. The .txt files get prepared within Oracle NetSuite and do not require any additional work outside the system before their submission to the tax authorities -just like you would prepare them in any other local software. The Purchase and Sales ledger reports are available in .xls format as well. The files can be exported from NetSuite at any point in time.
  • The solution automatically maintains the transaction records in order to classify them correctly for their representation in any of the VAT reports. The steps that you use to enter transaction will not be changed after you enable the NetSuite Bulgaria Localization Bundle in your system. The Bundle can ‘cooperate’ with your current transaction processing and will not add complexity to it.
  • The NetSuite Bulgaria Localization allows maintaining a protocol numbering series for transactions with reverse charge tax codes or for any other scenarios that require protocol issuance (including Protocol on Margins) – in bulk or on a ‘case by case’ basis;

List of BTS’ Developments approved by Oracle NetSuite