Denmark Help Topics

Chart of Accounts Management

Provides a template of the Denmark Chart of Accounts, which you can modify and add legal names.

Install Denmark Localization SuiteApp (see Prerequisites and Installing the Denmark Localization SuiteApp).

Accounting Context

Provides a solution if your main Chart of Accounts does not follow the Danish account numbering requirements. Through the Accounting Contexts subtab on the General Preferences page, you can create a Danish Accounting Context, which allows mapping between the main accounts and the Danish numbers.

Available in all OneWorld accounts.

GL Audit Numbering

Requires the GL Audit Numbering feature.

When you use GL Impact Locking for a company or a subsidiary, any change to a general ledger impacted field or entity field on a GL numbered impacting transaction after running a GL audit numbering sequence automatically generates copy and reversal transactions. These transactions display on the GL Impact subtab on the original general ledger impacted transaction.

Enable the GL Audit Numbering feature; see Enabling GL Audit Numbering and Setting Preferences.

Check the GL Impact Locking box on the Company Information or Subsidiary pages; see GL Impact Locking.

Period End Journal Entries

An optional feature that enables you to create the income closing journals, balance sheet opening and closing journals as a task in the Period End Checklist.

Enable the Period End Journal Entries Feature and perform additional setup tasks; see Setup for Period End Journal Entries.

Denmark Tax Codes

• Tax Code Table for Denmark

Provides a list of tax codes that are needed to calculate VAT on transaction records, and generate Denmark VAT reports.

Enable the accounting features that you want to use. For more details, see Enabling and Setting Up Taxation Features.

Depending on your selection of features, you may need to install the following SuiteApps:

• International Tax Reports (see Installing and Setting Up International Tax Reports)

• Supplementary Tax Calculation (see Setting Up Nondeductible Input Tax)

• Tax Audit Files (see Installing the Tax Audit Files SuiteApp)

Denmark VAT Report

• What goes into each box – Denmark VAT Report

Enables you to generate the Denmark VAT report in Danish or English using the International Tax Reports SuiteApp.

Shows how NetSuite uses the tax codes to get the values for the Denmark VAT Return.

Denmark Tax Reports

Lets you generate the Denmark Standard Audit File for Tax (SAF-T) report.

Automatic Tax Code Provisioning

A feature of the International Tax Reports SuiteApp that automatically creates nexus and VAT/GST tax codes when you add a new subsidiary country.

Sales and Purchase Reports Grouped by Tax Code

Customizable saved reports that can be used by any country.

EU Sales List (ESL) Report

Provides information on how to generate the EU Sales List (ESL) report -this report prints EU sales for both services and goods.

EU Intrastat Report

• Intrastat Report for Denmark

Provides information about the Intrastat report for Arrivals and Dispatches.

EU Notional VAT (Reverse Charge VAT)

Provides information about the reverse charges on goods and services within the European Union (EU). For more information about configuration, see Setting Up Tax Codes to Post Notional Tax Amounts and Applying the Notional Tax Posting Feature to Transactions and Subsidiaries

Install International Tax Reports (see Installing and Setting Up International Tax Reports) and Supplementary Tax Calculation.

Recording Nondeductible Input Tax

Enables to apply nondeductible tax on vendor bills, expense reports, checks, and vendor bill credits in NetSuite. For more information, see Setting Up Nondeductible Input Tax.

EU One Stop Shop Tax Code Provisioning

OSS tax codes are automatically created when an OSS nexus is assigned to a subsidiary using the International Tax Reports SuiteApp in NetSuite OneWorld.

Install International Tax Reports (see Installing and Setting Up International Tax Reports).

OSS Tax Code Provisioning for Regular NetSuite Accounts

Automatically provisions OSS tax codes for non-OneWorld NetSuite accounts.

Tax Audit Files

The file enables tax payers to provide their electronic records to tax auditors in support of their tax returns, and for auditors to review accounting records. This is not currently legally mandated in Denmark.

Install International Tax Reports (see Installing and Setting Up International Tax Reports) and Tax Audit Files (see Installing the Tax Audit Files SuiteApp).

Automatic Tax Record Provisioning for VAT Countries

Creates tax records when you select SuiteTax as your tax engine.

SuiteTax enables you to use different tax engines per nexus. To begin provisioning your tax records, assign a tax registration to the subsidiary or company in SuiteTax.

Your NetSuite account administrator must submit a SuiteTax enablement request and enable the SuiteTax feature in your NetSuite account. See Enabling the SuiteTax Feature.

Install the following SuiteApps:

• SuiteTax Engine (see Installing the SuiteTax Engine)

• SuiteTax Data Records (see Installing the SuiteTax Data Records Bundle)

Editing Default Tax Codes for Nexuses

Guides you through the process of updating tax codes for each nexus. This procedure is a best practice after the SuiteTax Engine automatically provisions tax codes.

Setting Up Compliance Text on Reverse Charge Sales Invoices

Provides steps in setting up the compliance text in nexus preferences and invoice templates.

This procedure is necessary to configure the language of the text, and enter the text itself, which is a required information for invoices where customers are liable for tax (sale is subject to reverse charge mechanism).

Importing Electronic Bank Payments Data

Provides information on how to transfer electronic bank payments data such as entity bank details (vendors, employees, customers) to NetSuite.

• Electronic Bank Payments (see Setting Up Electronic Bank Payments)

• Denmark Localization

Banking and Electronic Payments

Denmark BBAN/IBAN Nordea

Denmark Localization

Manual Bank Reconciliation

Lets you manually mark bank transactions as reconciled. For more information, see Reconciling Bank Statements

You must have the proper permissions assigned to your role. For details, see Permissions for Banking Features.

Reconciling Bank and Credit Card Statements

When bank data has been imported to NetSuite, you can match and reconcile transactions without the need for third-party tools.

To reconcile your account statement, from beginning to end:

• Import your bank statement file. You have two options when using online banking:

  • download the account statement from your financial institution or credit card company and then import the statement into NetSuite account.

  • use the Financial Connectivity Plug-in to automate your file uploads

Importing Data Using a Financial Institution Record – the following formats are supported:

• MT940

• OFX

• QFX

• BAI2

For more information about these formats, see Bank Statement Parsers SuiteApp.

Install the Bank Statement Parsers SuiteApp. For more information, see Installing the Bank Statement Parsers SuiteApp. This SuiteApp provides parser plug-ins for the supported formats.

Importing Data Using Default Parsers –the following file formats are supported:

• BAI2 TXT with UTF-8 encoding

• CAMT.053.001.06 XML with UTF-8 encoding

• CSV with UTF-8 encoding

• OFX

• QFX

For more information on file formats, see Supported File Formats for Default Parsers.

Auto Bank Statement Import SuiteApp which uses the Financial Connectivity Plug-in to automatically import bank data via sFTP from your financial institution. The Auto Bank Statement Import SuiteApp is usually used together with the Bank Statement Parsers SuiteApp.

Install the Auto Bank Statement Import SuiteApp. For more information, see Installing Auto Bank Statement Import SuiteApp.

Install the Bank Statement Parsers SuiteApp. For more information, see Installing the Bank Statement Parsers SuiteApp.

• Match imported Statement Transactions with NetSuite Transactions

See Matching Bank Data.

See Permissions for Banking Features for the proper permissions to use the Match Bank Data and Reconcile Account Statement pages.

If you want to use these pages for an account, check the Use Match Bank Data and Reconcile Account Statement Pages box on the Edit Account page. For more information, see Editing an Account.

• Submit the transaction matches

See Submitting Matched or User-Cleared Transactions.

• Reconcile the transactions

See Reconciling Transactions.