Accounting

Banking

Supported File Formats for Default Parsers

For importing bank account statements to use in bank reconciliation, NetSuite International Edition supports multiple formats for bank account statements.

Taxation

Philippines Tax Codes

Accounting for Value Added Tax (VAT) - Philippines

NetSuite provides pre-configured VAT tax codes and rates and the capability to automatically calculate VAT in transactions.

NetSuite also enables application of nondeductible tax on certain transactions, wherein input VAT is not reclaimable. See Recording Nondeductible Input Tax

VAT Reports - Philippines

NetSuites supports generation of the following VAT reports in PDF format:

• Monthly VAT Report (VAT Form 2550M)

• Quarterly VAT Report (VAT Form 2550Q)

These reports can be used as reference for filling out the official form submitted to the Bureau of Internal Revenue.

NetSuite also supports generation of the following VAT Reconciliation of Listings for Enforcement (RELIEF) reports:

• Summary List of Sales (SLS)

• Summary List of Purchases (SLP)

These reports are required attachments to the Quarterly VAT Report (VAT Form 2550Q). They are available in CSV and PDF format, as well as in DAT format, suitable for electronic filing with the Bureau of Internal Revenue.

Setting Up Withholding Tax - Philippines

Accounting for Creditable Withholding Tax - Philippines

NetSuite provides pre-configured expanded or creditable withholding tax codes and rates and the capability to automatically calculate withholding tax for transactions. Other withholding tax types such as final withholding tax and VAT withholding has to be manually configured if needed.

Withholding Tax Reports - Philippines

NetSuite supports generation of printable Certificate of Creditable Withholding Tax Withheld at Source (Form 2307).

NetSuite also supports generation of the following withholding tax reports in PDF format:

• Monthly Remittance Return of Creditable Income Taxes Withheld (Expanded) (Form 1601-E)

• Monthly Remittance Form of Creditable Income Taxes Withheld (Expanded) (Form 0619-E)

• Quarterly Remittance Return of Creditable Income Taxes Withheld (Expanded) (Form 1601-EQ)

These reports can be used as reference for filling out the official form submitted to the Bureau of Internal Revenue.

NetSuite also supports generation of the following reports submitted as attachment to the withholding tax returns:

• Monthly/Quarterly Alphalist of Payees (MAP)

• Summary Alphalist of Withholding Tax Agents/Payors of Income Payments subjected to Creditable Withholding Tax at Source (SAWT)

These reports are available in CSV and PDF format, as well as in DAT format, suitable for electronic filing with the Bureau of Internal Revenue.

A Withholding Tax Code field is added to vendor, customer and item records. This is used for tracking and reporting withholding tax.

Philippines Tax Audit Files

NetSuite supports generation of electronic records or books of accounts required by Philippines Revenue Regulation 9-2009, which must be submitted to the Bureau of Internal Revenue (BIR), if requested, during tax audits. These are available in the required CSV format.

• General Ledger

• General Journal

• Sales Journal

• Purchase Journal

• Cash Receipts Journal

• Cash Disbursement Journal

• Inventory Book