1. Country-Specific Features
  2. Luxembourg Help Topics
  3. Setting Up Luxembourg-specific Preferences

Setting Up Luxembourg-specific Preferences

To set up your NetSuite account according to business requirements in Luxembourg, you must adjust your NetSuite company, and subsidiary settings.

Note:

If you do not have the permissions to set up company preferences specific to Luxembourg, please contact your account administrator.

To adjust NetSuite company settings:

  1. Go to Setup > Company > Setup Tasks > State/Provinces/Counties.

  2. Add a record for each of the following cantons:

    • Bertrange

    • Contern

    • Hesperange

    • Luxembourg

    • Niederanven

    • Sandweiler

    • Schuttrange

    • Steinsel

    • Strassen

    • Walferdange

    • Weiler-la-Tour

  3. Go to Setup > Company > Preferences > General Preferences

    1. In the Date Format field, select the format DD/MM/YYYY. In the Long Date Format field, select DD Month YYYY (J Mois AAAA).

    2. In the Number Format field, select the number format used in Luxembourg.

    3. On the Accounting Contexts subtab, create an accounting context (for example, you can call it Luxembourg) if your main Chart of Accounts is not the statutory Luxembourg Chart of Accounts. For more information, see Accounting Contexts.

    4. On the Languages subtab, select the languages to which you want to translate information that appears on your website or printed transactions. French (France), Deutsch, and English are available.

    For more information about localizing preferences in NetSuite, see General Personal Preferences.

  4. Click Save.

  5. Go to Setup > Company > Setup Tasks > Company Information

    1. Set the currency for Luxembourg. For more information, see Setting a Base Currency.

      This will be the currency of the top parent subsidiary if you have multiple subsidiaries.

    2. Enter the VAT registration number for the parent subsidiary.

    3. Select the time zone: (GMT+01:00) Brussels, Copenhagen, Madrid, Paris

  6. Click Save.

To adjust NetSuite subsidiary settings:

  1. Go to Setup > Company > Classifications > Subsidiaries

  2. Create a subsidiary record for each of your legal entities. For more information, see Creating Subsidiary Records.

  3. On the Subsidiary page:

    • (For NetSuite accounts without SuiteTax) On the VAT Registration No. field, fill in the VAT registration number.

      (For NetSuite accounts with SuiteTax) On the Tax Registrations subtab, add your VAT registration number, the country, nexus, and the tax agency of the country.

    • (Optional) Check the GL Impact Locking box to enable this feature on the subsidiary.

      This option is visible in NetSuite OneWorld and only when the GL Audit Numbering feature is enabled. 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 transaction with a GL audit number assigned automatically generates copy and reversal transactions. These transactions display on the GL Impact subtab of the original general ledger impacted transaction. For more information, see GL Impact Locking.

    • (Optional, if you have enabled the Period End Journal Entries feature) Check the Enable Period End Journal Entries box. Define additional settings for the Period End Journal Entries feature through the Subsidiary Settings Manager page. For more information, see Defining Subsidiary Settings for the Period End Journal Entries Feature.

      The Period End Journal Entries feature processes and posts subsidiary consolidation and income statement closing using a transaction type called Period End Journal. Period End Journals are generated automatically when you complete the Create Period End Journals task on the Period Close Checklist. For more information, see Period End Journal Entries.

  4. (Optional) If you have subsidiaries in different countries, which require different format settings such as date, number, time zone, and CSV column delimiter, set those preferences on the Preferences subtab.

    Note:

    If you have subsidiaries in different countries with different format settings, you can select language preferences for each subsidiary. Go to Setup > Company > Preferences > General Preferences and select the language in the Languages subtab. For more information, see Configuring Multiple Languages.

Adjusting NetSuite User Preferences

As a best practice, define preferences at the company or subsidiary level. User preferences usually take precedence over the other preferences set for role, subsidiary, or company. If a user is linked to a subsidiary, that user will inherit the settings set on the subsidiary record. For more information, see General Personal Preferences.

To set user preferences for Luxembourg Account:

  1. Go to Home > Set Preferences.

  2. Go to the General subtab:

    1. In the Localization subtab, set your language and time preferences.

    2. In the Formatting subtab, set the date and time formats.

  3. Click Save.

Related Topics:

Luxembourg Account Setup
Setting Up Luxembourg-specific Preferences
Functional Areas

General Notices