Setting Up the Israel Localization SuiteApp
After you set up your NetSuite Account, you should download the Israel Localization SuiteApp before you create any Israeli subsidiaries.
To create subsidiaries for Israel:
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Go to Setup > Company > Subsidiaries.
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Click the New Subsidiary button.
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In the Name field, enter the name of your subsidiary.
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From the Country list, select Israel.
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From the Currency list, select ILS. For more information, see Creating Currency Records.
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Click Save. After you save the new subsidiary, the Israel Localization SuiteApp adds the following subtabs to the subsidiary record:
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Israeli Subsidiary Details
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Israeli OF Details
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IL Preferences
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To update the Israeli subsidiary information:
The IL Preferences subtab defines the check format. Most companies in Israel will use the new check format, unless they have an old stock of check papers. The new regulation for check formats was introduced in 2019.
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Go to Setup > Company > Subsidiaries.
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Click the Edit link next to your Israeli subsidiary.
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Fill out the relevant details on the Israeli Subsidiary Details subtab and the Israeli OF Details subtab.
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On the IL Preference subtab, the IL New Check Tab is checked automatically.
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Click the Israeli Subsidiary Details tab.
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Fill out the relevant details on the Israeli OF subtab. The open format is used for Audit purposes and is requested by the IRS. It covers all business activities. Information needs to be populated in Hebrew. To see the translation from Hebrew to English, see the table below:
Hebrew
English
שם חברה באנגלית
Company Name in English
מספר במס הכנסה
IRS Number
מספר בביטוח לאומי
Social Security Number
מספר תיק ניכויים
Withholding Tax Number
מספר עוסק אילת
Special Business Area Tax Number
מוסד כספי
Financial Institution Check Box
כתובת מייל ל856
Email Address for 856
מספר באיחוד עוסקים
Consolidated VAT Number
כתובת חברה באנגלית
Company Address in English
סוג עוסק
Business Type Code
מעמד המשלם
Payer Type Code
Israeli OF requires the Withholding Tax Clearing Account to be set up.
To set up the Withholding Tax Clearing Account
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Go to Setup > Accounting > Accounting Preferences.
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Go to the Items/Transactions subtab.
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Select 9090 Withholding Tax – Clearing Account IL from the Purchase/Discount Account list.
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Click Save.