Luxembourg Account Setup

Setting up an account for an organization doing business in Luxembourg usually requires enabling several features and installing some additional SuiteApps.

Enabling Features for Luxembourg Account

Some features available in your NetSuite account can be useful for businesses in Luxembourg. Enable Company, Accounting, and SuiteCloud features to make your NetSuite account more suited to Luxembourg’s business requirements. For information about features and prerequisites for specific product areas, see Functional Areas.

Note:

If you do not have sufficient permissions to enable features, please contact your account administrator.

To enable features:

1. Go to Setup > Company > Setup Tasks > Enable Features.

2. On the Company subtab, check the Multi–language and Multiple Currencies boxes.

3. (Optional) On the Accounting subtab.

   1. On the Basic features subtab, check the GL Audit Numbering box.

   2. On the Advanced features subtab, check the Period End Journal Entries and Foreign Currency Variance Mapping boxes.

4. On the SuiteCloud subtab, check the box next to the following features:

   • SuiteBuilder

   • SuiteScript

   • SuiteGL

   • SuiteFlow

   For more information about SuiteCloud features, see SuiteCloud Features.

5. If your company is registered for EU One Stop Shop, on the Tax subtab, check the EU One Stop Shop box.

6. Click Save.

Available SuiteApps

Some additional features require installation of a specific SuiteApp. SuiteApps are applications that extend NetSuite for specific industry and business needs. For information about the required SuiteApps for specific product areas, see Functional Areas.

Luxembourg-specific features are currently available in the following SuiteApps:

Electronic Bank Payments	Payments	Enables bank payments of vendor bills, employee expenses, partner and employee commissions, customer refunds, and customer payments within Luxembourg.
International Tax Reports	Taxation (NetSuite accounts without SuiteTax)	Generates the French VAT reports in English or French, sales and purchase reports by tax code, EU sales list reports, and Intrastat reports (DEB). If the SuiteTax feature is enabled in your NetSuite account, do not install the International Tax Reports SuiteApp.
Supplementary Tax Calculation	Taxation (NetSuite accounts without SuiteTax)	Manages EU Reverse charges and supports the calculation of nondeductible input tax. For more information, see Recording Nondeductible Input Tax and Setting Up Tax Codes to Post Notional Tax Amounts. This SuiteApp also supports VAT on prompt payment discounts. For more information, see Recording Tax on Prompt Payment Discount. If the SuiteTax feature is enabled in your NetSuite account, do not install the Supplementary Tax Calculation SuiteApp.
Tax Audit Files	Taxation (NetSuite accounts without SuiteTax)	Enables you to generate an extract of general ledger data to a format that complies with government statutory requirements. If the SuiteTax feature is enabled in your NetSuite account, do not install Tax Audit Files SuiteApp.
SuiteTax Engine	Taxation (NetSuite accounts with SuiteTax)	For NetSuite accounts with the SuiteTax feature enabled, the SuiteTax Engine sets default tax codes based on local tax requirements.
SuiteTax Data Records	Taxation (NetSuite accounts with SuiteTax)	For NetSuite accounts with the SuiteTax feature enabled, the SuiteTax Data Records SuiteApp provides tax rates for the United States and for countries that use VAT/GST. This SuiteApp is used with the SuiteTax Engine SuiteApp. For more information, see Installing the SuiteTax Data Records Bundle.
Tax Reporting Framework	Taxation (NetSuite accounts with SuiteTax)	For NetSuite accounts with the SuiteTax feature enabled, the Tax Reporting Framework SuiteApp provides the Country Tax Reports page that enables you to generate tax reports required in Luxembourg.
SuiteTax EMEA Audit Files	Taxation (NetSuite accounts with SuiteTax)	Works with the Tax Reporting Framework SuiteApp to generate SAF-T type accounting data and master file extracts that can be submitted to a national tax authority or external auditors.
GL Matching	Accounting	Enables account reconciliation for balance sheet accounts. Account types supported by the GL Matching SuiteApp are not limited to Accounts Payable and Accounts Receivable types.

To install a SuiteApp:

1. Go to Customization > SuiteBundler > Search & Install Bundles.

2. Search for the SuiteApps that you would like to install using their names or their Bundle IDs.

3. On the Bundle Details page, click Install.

For more information about SuiteApps, see NetSuite SuiteApps.

For more information about SuiteApps installation, see Installing a Bundle.

Related Topics:

Setting Up Luxembourg-specific Preferences

Functional Areas

Luxembourg Account Setup

General Notices