Denmark Help Topics

Overview

These help topics cover NetSuite features that are specific to companies doing business in Denmark. You can set up the NetSuite International Edition with features and reports tailored for Danish business needs.

To learn more about localized NetSuite editions and how to set up your account and subsidiaries, see the following help topics:

Please note that general NetSuite features are covered in other chapters and topics.

General Setup

Denmark Account Setup: Gives you an overview of NetSuite features you can enable as a user in Denmark and SuiteApps you can install.

Setting Up Denmark-specific Preferences: Set up your NetSuite company and subsidiary preferences for Denmark, including date, currency, language, time zone, and support for Danish number, phone, and address format.

Functional Areas

Danish users can activate and get access to different features from the following functional areas:

Accounting

Feature

Description

Prerequisites

Chart of Accounts Management

Gives you a template for the Denmark Chart of Accounts that you can modify and add legal names to.

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

Accounting Context

Provides a solution if your main Chart of Accounts doesn't 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

This optional feature lets you create income closing journals and 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.

Taxation Features for Accounts Without SuiteTax

The following table describes taxation features in Denmark:

Feature

Description

Prerequisites

Denmark Tax Codes

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:

Denmark VAT Report

Lets you generate the Denmark VAT report in Danish or English with 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 you can use for 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

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

Lets you 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 you assign an OSS nexus 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

This file lets taxpayers provide their electronic records to tax auditors for tax returns and lets auditors review accounting records. It's not legally required in Denmark right now.

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

Taxation (Accounts with SuiteTax)

Important:

The Denmark Localization SuiteApp isn't compatible with SuiteTax.

The following table describes taxation features in Denmark:

Feature

Description

Prerequisites

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:

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

Shows you how to set up compliance text in nexus preferences and invoice templates.

You need to do this to set the language and enter the required text for invoices where customers are liable for tax (sale is subject to reverse charge sales).

Payments

Feature

Description

Prerequisites

Importing Electronic Bank Payments Data

Explains how to transfer electronic bank payment data, like bank details for vendors, employees, and customers, to NetSuite.

Banking and Electronic Payments

Denmark BBAN/IBAN Nordea

Important:

The payment templates contained in the Localization SuiteApp currently require the License Client SuiteApp and the Advanced Electronic Payment functionality.

Denmark Localization

Bank Reconciliation

Feature

Description

Prerequisites

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 start to finish:

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

    • Download the account statement from your bank or credit card company, then import it into your 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.

Note:

If you develop new formats in addition to the supported ones, you must create a Financial Institution Parser Plug-in implementation. For more information, see Financial Institution Parser Plug-in Interface Overview

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.

The Auto Bank Statement Import SuiteApp which uses the Financial Connectivity Plug-in to automatically import bank data through 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.

Note:

If you develop new formats in addition to the supported ones, you must create a Financial Institution Parser Plug-in implementation. For more information, see Financial Institution Parser Plug-in Interface Overview.

  • 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.

Related Topics:

General Notices