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NetSuite – Localization Package Romania - Balkan Services

NetSuite – Localization Package Romania

ERP software adapted to Romanian legislation

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

Balkan Services has developed and offers a Romanian localization package for NetSuite ERP.

Our company has also developed NetSuite ERP localization packages for Bulgaria, Serbia and North Macedonia that fully comply with local accounting standards and legislation.

With over 32 000 companies in more than 200 countries that use Oracle NetSuite, this is the world’s most preferred cloud-based ERP software.

NetSuite – Localization Package Romania

Services

The localization package covers:

VAT

  • Full coverage of the requirements of the VAT Act of the Republic of Romania;
  • 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 VAT rates and reasons for non-accrual of tax in one and the same document;
  • Printed forms in Romanian language of the tax documents (invoice/debit note/credit note), including a table with grouped tax rates, tax base, VAT accruals;
  • Import VAT under the customs declaration;
  • Reporting of deliveries, when the tax is due by the recipient (reverse charge);
  • Elaboration of declarations D300, D390 and D394 - printed forms of all official documents, export to PDF;
  • Preparing all electronic files (D300, D390 and D394) according to the formats (XML) defined in the VAT Act of the Republic of Romania;
  • Locking tax periods after submitting the registers;
  • Compatibility with Multibooking, including in cases where Secondary Accounting Book is used for local (Romanian) accounting purposes;
  • Compatibility with NetSuite OneWorld (the localization package works only with Romanian legal entities without changing the functional settings of the other companies in the multi-company environment).

 

Intrastat

  • Full coverage of the requirements of the Romanian legislation in terms of Intrastat reporting;
  • Keeping codes under the Combined Nomenclature;
  • Keeping an additional measuring unit and the relevant ratios;

 

  • Servicing the differences between the nomenclature of different countries for the purposes of Intrastat and the ISO 3166-1 alpha-2 standard used in NetSuite.
     

Exchange rates of the National Bank of Romania

Automatic update of the exchange rates to Romanian Leu in the system using actual rates from the official National Bank of Romania website.

SAF-T (RO) Bundle

  • Mapping of existing Chart of Accounts (COA) to Statutory Chart of Accounts (COA) according to local legislation.
  • All additional data requested for SAF-T report in Tax transactions, customers data, vendors data, units of measure, and materials.
  • Fully automated extraction of data and generation of D406 report in XML format.

 

Additional functionalities

  • 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;
  • 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.
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Borislav Mirchev, Viscom - client of Balkan Services
Borislav Mirchev
CEO and shareholder, VISCOM BG CORP.

 

It's too hard to cover the big picture through different systems. That's why we've decided to deploy a modern ERP system that integrates as much as possible all business processes and all of our companies."

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