Is your business ready for the еurozone? Learn how to align your software systems with the new requirements here >>
Home | Oracle NetSuite ERP | NetSuite - Localization Package Bulgaria
NetSuite - Localization Package Bulgaria - Balkan Services

NetSuite - Localization Package Bulgaria

ERP software adapted to the Bulgarian legislation

Send inquiry

In order to work in full compliance with Bulgarian legislation and accounting requirements, NetSuite cloud ERP software is adapted to the needs of the Bulgarian market.

Oracle NetSuite ERP is adapted to generate SAF-T files that fully comply with the requirements. 

The Balkan Services team has many years of experience in developing solutions for reporting and integration of ERP systems, and in addition to our expertise in Bulgaria, we have real experience with the implementation of SAF-T in Romania.

Balkan Services Ltd. has developed and offers a Bulgarian localization package for NetSuite.

NetSuite - Localization Package Bulgaria

The localization package covers:

VAT

  • Full coverage of the requirements of the VAT Act and Regulations implementing the VAT Act;
  • One-click validation of customer/ vendor VAT number via EU VIES portal. Auto fill company name and official address into respective NetSuite fields;
  • Possibility for unlimited number of tax codes, VAT rates, and reasons for applying zero VAT or VAT exemption in one and the same document;
  • Printed forms in Bulgarian language of the tax documents (invoice/debit note/credit note/protocol), including a table with grouped tax rates, tax base, and reasons for applying zero VAT or VAT exemption;
  • Transcription in words of the total value of the documents (“amount in words”) in Bulgarian;
  • Intra-Community transactions (intra-Community purchases, intra-Community sales);
  • VAT reverse charge protocol under Article 117 of the VAT Act, automatic GL posting, printed protocol forms in Bulgarian language;
  • Import VAT according to customs declaration;
  • Cash regime VAT;
  • Deliveries when the tax is required by the recipient (Art.163а of the VAT Act);
  • Deferred import tax accrual (Art.167а of the VAT Act);
  • VAT reverse charge protocol in other cases;
  • Preparing VAT registers, a declaration and a VIES declaration — printed forms of all official documents, export to PDF;
  • Preparing all electronic files according to the formats defined in the Regulations implementing the VAT Act;
  • Locking tax periods after submitting the registers;
  • Compatibility with Multibooking, including in cases where Secondary Accounting Book is used for local (Bulgarian) accounting purposes;
  • Compatibility with NetSuite OneWorld (the localization package works only with Bulgarian companies without changing the functional settings of the other companies in the multi-company environment).

 

Intrastat

  • Full coverage of the requirements of the LAW on Statistics of the intra-Community trade of goods (Intrastat);
  • Maintenance of the Combined Nomenclature codes;
  • Maintenance of the additional measurement unit and corresponding ratios;
  • Covering the differences between the nomenclature of different countries for the purposes of Intrastat and the ISO 3166-1 alpha-2 standard used in NetSuite;
  • Maintaining any additional nomenclatures necessary to create declarations that are not standard on the cloud ERP system;
  • Automatic distribution of the difference between reported and statistical value;
  • Possibility to define and use standard weight per product unit, as well as to change the calculated weight for each item;
  • Possibility to automatically fill in the country of origin per unit, as well as to change it in the document for all items or for each item individually;
  • Electronic files generating for Arrivals and Dispatches according to the established XML formats.

 

Exchange rates of the Bulgarian National Bank (BNB)

Automatic update of the exchange rates to BGN in the system using actual rates from the official BNB website, immediately upon their publishing by the BNB.

 

Additional options

  • Automated connection between reporting documents by accountable persons and the Expense Report module of NetSuite;
  • Item accounting characteristics. Automatic completion of accounts, depending on the characteristic upon creating the new item;
  • Delivery-cost allocation folders—an extension of the NetSuite “Landed Cost” standard functionality with the ability to merge multiple delivery documents and several documents for accompanying expenses, adjustments according to the exchange rates and cost allocation on the source delivery documents;
  • Trial balance (modified and expanded reference of NetSuite Trial Balance with opening balances, debit/credit turnover and closing balances for the period according to the Bulgarian accounting practice);
  • Accounting and Tax Depreciation Schedule based on the data from the FAM module of the cloud ERP software, exportable to MS Excel and PDF;
  • Module for printing and for generating PDF to objects not included in the standard NetSuite printing options (debit cash order, income order, etc.);
  • Definition of custom Electronic Bank Payments export format according to specific bank requirements (if Advanced Electronic Bank Payments module is used in Netsuite);
  • Development of Financial institution parser scripts for parsing the electronic bank statements files as part of Netsuite “Match bank data” procedure.

 

Balkan Services has also developed NetSuite ERP localization packages for Romania, Serbia and North Macedonia that fully comply with local accounting standards and legislation.

Send inquiry
Silvia Ranova from ENERY - Balkan Services' client
Silvia Ranova
Accountant, Enery

The Balkan Services team is made up of professionals. I like the speed with which different cases are solved. I am very satisfied with the work together."

View project

Reference projects

  • VISCOM BG CORP.

    For the company's business in Bulgaria, the cloud ERP solution NetSuite was deployed. The system covers the entire "Order to Cash" process.

    Read more
  • STAMH LTD

    The cloud solution for complete business management - NetSuite, is implemented. The system covers entire "Lead to cash" proccess.

    Read more
  • Maria DB

    For the purposes of the project, Bulgarian localization for NetSuite has been implemented in the Bulgarian company of Maria DB.

    Read more