Luxembourg Help Topics

Overview

The following help topics contain information about NetSuite features that are specific to companies doing business in Luxembourg. The NetSuite International Edition can be configured with capabilities and reports specific to Luxembourg business settings and requirements.

To know more about localized editions of NetSuite, as well as setting up NetSuite accounts and subsidiaries, refer to the following Help topics:

• NetSuite Editions Overview

• Introduction to NetSuite OneWorld – for companies using NetSuite across multiple subsidiaries and countries.

• Set up NetSuite OneWorld

• Creating Subsidiary Records

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

General Setup

Luxembourg Account Setup – Provides an overview of NetSuite features to be enabled by users in Luxembourg and SuiteApps available for installation.

Setting Up Luxembourg-specific Preferences – Provides steps to set your NetSuite company and user preferences for Luxembourg, including date, currency, language, time zone, and support for Luxembourg number, phone, and address format.

Functional Areas

Users in Luxembourg can activate and get access to different features from the following functional areas:

• Accounting

• Taxation Features For Accounts Without SuiteTax

• Taxation Features For Accounts With SuiteTax

• Payments

• Banking

For information about SuiteApps installation, see Installing a Bundle.

For information about enabling NetSuite features, see Enabling Features.

Important:

If you have insufficient permissions to install SuiteApps or enable features, please contact your account administrator.

Accounting

Feature	Description	Prerequisites
Chart of Accounts	Enables you to modify the Chart of Accounts according to business requirements in Luxembourg. You can use the Chart of Accounts Import to add ledger accounts to the Account list record. For more information, see Chart of Accounts Import.	Check the Use Account Numbers box on the Accounting Preferences page. If you are using a OneWorld account, fill in the Subsidiaries field. You must map the Subsidiaries field in NetSuite to a field in your CSV file.
Accounting Contexts	For Luxembourg where the Chart of Accounts is statutory, an accounting context provides a solution if the main Chart of Accounts does not conform to the Luxembourg account numbering requirements. Through the Accounting Contexts subtab on the General Preferences page, you can create a Luxembourg Accounting Context, which allows mapping between the main accounts and the Luxembourg numbers	NetSuite OneWorld account
GL Audit Numbering	Applies gapless numbering sequences to all general ledger posting transactions. This is an optional feature.	Enable the GL Audit Numbering feature. For more information, see Enabling GL Audit Numbering and Setting Preferences.
GL Impact Locking	Enables you to lock the general ledger (GL) impact of a transaction to the GL. When you use this feature on a company or a subsidiary, any change to a GL 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 appear on the GL Impact subtab on the original GL impacted transaction.	Enable the GL Audit Numbering feature. For more information, see Enabling GL Audit Numbering and Setting Preferences. Check the GL Impact Locking box on the Company Information or Subsidiary page. For more information, 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. For more information, see Setup for Period End Journal Entries.
GL Matching	Lets you reconcile balance sheet accounts. It supports not only Account Payables and Accounts Receivables but also other types of balance sheet accounts.	Install the GL Matching SuiteApp. For more information, see Enabling Required Features for GL Matching and Installing the GL Matching SuiteApp.

Taxation Features For Accounts Without SuiteTax

The following table describes taxation features for companies in Luxembourg. These features are for NetSuite accounts without SuiteTax. If you are using SuiteTax, see Taxation Features For Accounts With SuiteTax.

Feature	Description	Prerequisites
Luxembourg Tax Codes Tax Code Table for Luxembourg	Tax codes needed to calculate VAT on transaction records, and generate Luxembourg VAT reports.	Enable the accounting features that you would like to use. For more details, see Enabling and Setting Up Taxation Features. Depending on your selected features, you may need to install the following SuiteApps: International Tax Reports SuiteApp (see Installing and Setting Up International Tax Reports.) Supplementary Tax Calculation SuiteApp (see Setting Up Nondeductible Input Tax and Configuring the Supplementary Tax Calculation Plug-in.) Tax Audit Files SuiteApp (see Installing the Tax Audit Files SuiteApp.)
Luxembourg VAT Report What goes into each box - Luxembourg VAT report	NetSuite enables you to generate the Luxembourg VAT report in French or English, using the International Tax Reports SuiteApp. This Help topic shows how NetSuite uses the tax codes to get the values for the Luxembourg VAT Return.
Recording Nondeductible Input Tax	Enables you to handle the expenditures that are disallowed for VAT purposes. You can apply nondeductible tax on vendor bills, expense reports, checks, and vendor bill credits.
Sales and Purchase Reports Grouped by Tax Code	Customizable saved reports that can be used in Luxembourg.
EU Sales List (ESL) Report	Enables you to generate the EU Sales List (ESL) report using the International Tax Reports SuiteApp. ESL is a report that prints EU sales for both services and goods.
EU Intrastat Report	Enables you to generate the Luxembourg Intrastat Report for Arrivals and Dispatches in English, and French using a customizable template from the International Tax Reports SuiteApp. You can also export the report to a format acceptable for upload to the tax agency website.
Tax Audit Files	Enables you to generate an extract of general ledger data to the following compliant format: OECD Standard Audit File for Tax (SAF-T) XML file GL Data Extract
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.
EU Notional VAT (Reverse Charge VAT) Setting Up Tax Codes to Post Notional Tax Amounts Applying the Notional Tax Posting Feature to Transactions and Subsidiaries	For B2B sales and purchases, EU Notional VAT can be configured to reverse charges on goods and services within the European Union.
EU One Stop Shop (OSS)	A feature of the International Tax Reports SuiteApp that automatically provisions OSS tax codes when you assign an OSS nexus to a subsidiary in NetSuite OneWorld.
OSS Tax Code Provisioning for Regular NetSuite Accounts	Automatically provisions OSS tax codes for non-OneWorld NetSuite accounts.

Taxation Features For Accounts With SuiteTax

The following table describes taxation features for companies in Luxembourg. These features are for NetSuite accounts that have the SuiteTax feature enabled.

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.	Install the following SuiteApps: SuiteTax Engine SuiteApp (see Installing the SuiteTax Engine and Enabling the SuiteTax Plug–In.) SuiteTax Data Records SuiteApp(see Installing the SuiteTax Data Records Bundle.)
Editing Default Tax Codes for Nexuses	This Help topic 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	This Help topic 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).
EC Sales List	Enables you to generate the EC Sales List using the Tax Reporting Framework SuiteApp.	In addition to installing the SuiteTax Engine and the SuiteTax Data Records bundle, also install the Tax Reporting Framework SuiteApp (see Installing Tax Reporting Framework.)

Payments

Feature	Description	Prerequisites
Luxembourg Payment Formats Setting Up Company Bank Records in Luxembourg Setting Up Bank Records of Vendors in Luxembourg Setting Up Bank Records of Employees in Luxembourg Setting Up Bank Records of Customers in Luxembourg Setting Up Bank Records of Partners in Luxembourg	Enables you to generate payment files in formats specific to Luxembourg.	Install the Electronic Bank Payments SuiteApp. For more information, see Setting Up Electronic Bank Payments.
Importing Electronic Bank Payments Data	Enables you to import electronic bank payments data such as bank details of entities (vendors, employees, customers, partners) to NetSuite.

Banking

Feature	Description	Prerequisites
Manual bank reconciliation	Lets you manually mark bank transactions as reconciled. For more information, see Reconciling Bank Statements.	Assign the correct permissions for a role. For more information, see Permissions for Banking Features.
Reconciliation based on online bank statement upload	When bank data has been imported to NetSuite, you can match and reconcile transactions without the need for third-party tools. For more information, see Reconciling Bank and Credit Card Statements.
Reconciling your account statement from beginning to end by: Importing 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 to your NetSuite account. Use the Financial Connectivity Plug-in to automate your file uploads through sFTP.	For more information, see the following topics: Importing Data Using a Financial Institution Record — the following formats are supported: MT940 OFX QFX BAI2 CAMT053 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.
	Importing Data Using Default Parsers if you do not have financial institution records set up. The following 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, see Supported File Formats for Default Parsers.
	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.
Matching imported bank statement transactions with NetSuite transactions.	For more information, 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.
Confirming the transaction matches.	After matching the transactions, you can submit the matches and continue to the reconciliation process. For more information, see Submitting Matched or User-Cleared Transactions.
Reconciling the transactions.	For more information, see Reconciling Transactions.

Related Topics:

• Luxembourg Account Setup
• Setting Up Luxembourg-specific Preferences
• Overview

General Notices