Charts of Accounts EXPLAINED!

Chart of accounts is something we already use and it’s all about different opinions from different clients depending on their size, and where they come from. But, the big question is: What is ‘Charts of accounts’?

LatamReady, with its many years of experience, is always prepared to solve all doubts you may have about tax requirements within NetSuite. Don’t be afraid to innovate. Keep reading and discover what we have for you!  

Let’s dig to the center of the core! 

‘Charts of Accounts’ is an accounting concept. If you have an accounting ERP, you need to use accounts, which are basically codes and names. You can have either a corporate or a local chart of accounts. This last one is normally regulated and mandatory by tax authorities.

In Latin America, local tax authorities for each country design the correct structure, names, types and more for their specific needs.

Stop suffering! Here are some examples so you can understand better

For example, in the case of Mexico and Peru, you have a legal chart of accounts. It means that the companies in those countries have to use that specific account for legal purposes. You will need to present all your accounting using this official format.    

In the case of Brazil and Colombia, it depends on many factors such as the type of configuration that the company has. In this case, can find two different scenarios.

In the first scenario, you can choose to have a multi-booking feature or not in order to have multiple accounting principles in the same instance. In the second scenario you can upload your chart of accounts using that legal name and number. You can have the legal chart of accounts according to the tax authority without needing the Multi-booking feature.

LatamReady SuiteApp is an unbreakable shield 

As you may know, the LatamReady SuiteApp is an excellent Tax Compliance solution in the Latin American region within Oracle NetSuite. We’re the perfect solution for all the tax compliance issues your subsidiaries in  Latin America may have, solving problems in tax calculation, tax determination and tax rules.  

LatamReady works non-stop every day to provide the best tool with the ultimate solution to all international corporations experiencing tax compliance problems. E-invoicing, E-payments, Legal Ledgers, and many other issues that can be dealt via LatamReady, all within NetSuite!

Be aware of the changes that are happening regarding tax compliance not only in Brazil, but in  Argentina, Mexico, Colombia, and 18+ other countries in the Latin American space. Please check www.latamready.com or feel free to call us at +1-786-600-2641 to avoid any more problems!

LEARN MORE!|The first stone in the path… LatamReady destroys it with its all-powerful weapon

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