Philippines Help Topics

Overview

The following Help topics provide information about NetSuite features that are specific to Philippines business setting and requirements only. General NetSuite features are covered in other chapters and topics.

The NetSuite International edition can be configured to enable the following features and reports for companies doing business in Philippines.

General Setup

Functional Area	Feature	Description
Account Setup	Setting up Philippines-specific Features and Preferences	Enable features and preferences specific to Philippines business setting.
Choosing a Language for Your NetSuite User Interface	You can enable multiple languages in NetSuite. Set up English (International) for the user interface and Help Center.
Configuring Company Information Setting Personal Preferences	Enable your preferred number, date and currency formats, as well as time zone.
Mobile Devices	Configuring NetSuite for Mobile	Configure NetSuite localization settings for mobile devices

Functional Area

Feature

Description

Account Setup

Setting up Philippines-specific Features and Preferences

Enable features and preferences specific to Philippines business setting.

Choosing a Language for Your NetSuite User Interface

You can enable multiple languages in NetSuite. Set up English (International) for the user interface and Help Center.

Configuring Company Information

Setting Personal Preferences

Enable your preferred number, date and currency formats, as well as time zone.

Mobile Devices

Configuring NetSuite for Mobile

Configure NetSuite localization settings for mobile devices

Accounting

Functional Area	Feature	Description
Banking	Supported File Formats for Default Parsers	For importing bank account statements to use in bank reconciliation, NetSuite International Edition supports multiple formats for bank account statements.
Taxation	Philippines Tax Codes Accounting for Value Added Tax (VAT) - Philippines	NetSuite provides pre-configured VAT tax codes and rates and the capability to automatically calculate VAT in transactions. NetSuite also enables application of nondeductible tax on certain transactions, wherein input VAT is not reclaimable. See Recording Nondeductible Input Tax
VAT Reports - Philippines	NetSuites supports generation of the following VAT reports in PDF format: Monthly VAT Report (VAT Form 2550M) Quarterly VAT Report (VAT Form 2550Q) These reports can be used as reference for filling out the official form submitted to the Bureau of Internal Revenue. NetSuite also supports generation of the following VAT Reconciliation of Listings for Enforcement (RELIEF) reports: Summary List of Sales (SLS) Summary List of Purchases (SLP) These reports are required attachments to the Quarterly VAT Report (VAT Form 2550Q). They are available in CSV and PDF format, as well as in DAT format, suitable for electronic filing with the Bureau of Internal Revenue.
Setting Up Withholding Tax - Philippines Accounting for Creditable Withholding Tax - Philippines	NetSuite provides pre-configured expanded or creditable withholding tax codes and rates and the capability to automatically calculate withholding tax for transactions. Other withholding tax types such as final withholding tax and VAT withholding has to be manually configured if needed.
Withholding Tax Reports - Philippines	NetSuite supports generation of printable Certificate of Creditable Withholding Tax Withheld at Source (Form 2307). NetSuite also supports generation of the following withholding tax reports in PDF format: Monthly Remittance Return of Creditable Income Taxes Withheld (Expanded) (Form 1601-E) Quarterly Remittance Return of Creditable Income Taxes Withheld (Expanded) (Form 1601-EQ) These reports can be used as reference for filling out the official form submitted to the Bureau of Internal Revenue. NetSuite also supports generation of the following reports submitted as attachment to the withholding tax returns: Monthly/Quarterly Alphalist of Payees (MAP) Summary Alphalist of Withholding Tax Agents/Payors of Income Payments subjected to Creditable Withholding Tax at Source (SAWT) These reports are available in CSV and PDF format, as well as in DAT format, suitable for electronic filing with the Bureau of Internal Revenue. A Withholding Tax Code field is added to vendor, customer and item records. This is used for tracking and reporting withholding tax.
Philippines Tax Audit Files	NetSuite supports generation of electronic records or books of accounts required by Philippine Revenue Regulation 9-2009, which must be submitted to the Bureau of Internal Revenue (BIR), if requested, during tax audits. These are available in the required CSV format. General Ledger General Journal Sales Journal Purchase Journal Cash Receipts Journal Cash Disbursement Journal Inventory Book

Functional Area

Feature

Description

Banking

Supported File Formats for Default Parsers

For importing bank account statements to use in bank reconciliation, NetSuite International Edition supports multiple formats for bank account statements.

Taxation

Philippines Tax Codes

Accounting for Value Added Tax (VAT) - Philippines

NetSuite provides pre-configured VAT tax codes and rates and the capability to automatically calculate VAT in transactions.

NetSuite also enables application of nondeductible tax on certain transactions, wherein input VAT is not reclaimable. See Recording Nondeductible Input Tax

VAT Reports - Philippines

NetSuites supports generation of the following VAT reports in PDF format:

Monthly VAT Report (VAT Form 2550M)
Quarterly VAT Report (VAT Form 2550Q)

These reports can be used as reference for filling out the official form submitted to the Bureau of Internal Revenue.

NetSuite also supports generation of the following VAT Reconciliation of Listings for Enforcement (RELIEF) reports:

Summary List of Sales (SLS)
Summary List of Purchases (SLP)

These reports are required attachments to the Quarterly VAT Report (VAT Form 2550Q). They are available in CSV and PDF format, as well as in DAT format, suitable for electronic filing with the Bureau of Internal Revenue.

Setting Up Withholding Tax - Philippines

Accounting for Creditable Withholding Tax - Philippines

NetSuite provides pre-configured expanded or creditable withholding tax codes and rates and the capability to automatically calculate withholding tax for transactions. Other withholding tax types such as final withholding tax and VAT withholding has to be manually configured if needed.

Withholding Tax Reports - Philippines

NetSuite supports generation of printable Certificate of Creditable Withholding Tax Withheld at Source (Form 2307).

NetSuite also supports generation of the following withholding tax reports in PDF format:

Monthly Remittance Return of Creditable Income Taxes Withheld (Expanded) (Form 1601-E)
Quarterly Remittance Return of Creditable Income Taxes Withheld (Expanded) (Form 1601-EQ)

These reports can be used as reference for filling out the official form submitted to the Bureau of Internal Revenue.

NetSuite also supports generation of the following reports submitted as attachment to the withholding tax returns:

Monthly/Quarterly Alphalist of Payees (MAP)
Summary Alphalist of Withholding Tax Agents/Payors of Income Payments subjected to Creditable Withholding Tax at Source (SAWT)

These reports are available in CSV and PDF format, as well as in DAT format, suitable for electronic filing with the Bureau of Internal Revenue.

A Withholding Tax Code field is added to vendor, customer and item records. This is used for tracking and reporting withholding tax.

Philippines Tax Audit Files

NetSuite supports generation of electronic records or books of accounts required by Philippine Revenue Regulation 9-2009, which must be submitted to the Bureau of Internal Revenue (BIR), if requested, during tax audits. These are available in the required CSV format.

General Ledger
General Journal
Sales Journal
Purchase Journal
Cash Receipts Journal
Cash Disbursement Journal
Inventory Book

Order Management

Functional Area	Feature	Description
Billing and Invoicing	Philippines Localization Philippines Invoicing with SuiteTax	The Philippines Localization SuiteApp supports Philippines invoicing in accounts with SuiteTax. The SuiteApp includes Standard Philippines Forms, Philippines Document Types, and PDF/HTML templates for invoicing.
Philippines Invoicing	Philippines invoicing features are also included in the Southeast Asia Localization SuiteApp. The SuiteApp includes localized templates for printing VAT invoice, VAT official receipt and credit memo. The SuiteApp also includes features for generating and adding the following to documents: Philippines document numbering Inclusive serial numbers PTU (Permit To Use) Number details ACCN (Acknowledgment Certificate Control Number) details
Payment Processing	Payment Gateway	Integration with local payment gateway service providers AsiaPay and AsiaPay External Checkout for accepting credit card payments from customers.

Functional Area

Feature

Description

Billing and Invoicing

Philippines Localization

Philippines Invoicing with SuiteTax

The Philippines Localization SuiteApp supports Philippines invoicing in accounts with SuiteTax. The SuiteApp includes Standard Philippines Forms, Philippines Document Types, and PDF/HTML templates for invoicing.

Philippines Invoicing

Philippines invoicing features are also included in the Southeast Asia Localization SuiteApp. The SuiteApp includes localized templates for printing VAT invoice, VAT official receipt and credit memo.

The SuiteApp also includes features for generating and adding the following to documents:

Philippines document numbering
Inclusive serial numbers
PTU (Permit To Use) Number details
ACCN (Acknowledgment Certificate Control Number) details

Payment Processing

Payment Gateway

Integration with local payment gateway service providers AsiaPay and AsiaPay External Checkout for accepting credit card payments from customers.

Required SuiteApps

SuiteApp	Description
International Tax Reports	Supports VAT and GST reporting and online filing for more than 42 countries across Europe, Asia, and Latin America, all generated in the local format for ease and accuracy of submission. Includes EU Sales List reports, Intrastat reports, sales and purchase reports by tax code, and pre-configured tax codes when a new nexus is created.
Withholding Tax Overview	Tracks withholding tax on sales and purchase transactions, and records it on the general ledger either at the time of accrual or at the time of payment, depending on the country's taxation rules. Provides summary and detailed withholding tax reports.
Tax Audit Files	Generates extracts of general ledger and sub ledger data from NetSuite, to be used by tax authorities to audit transaction data. Includes Singapore IAF, Mexico DIOT, OECD SAF-T, Portugal SAF-T PT, and Philippines RR09-2009 audit files.
Setting Up Nondeductible Input Tax Configuring the Supplementary Tax Calculation Plug-in	Enables management of nondeductible input taxes on vendor bills, expense reports, checks, and vendor bill credits in NetSuite.
Payment Gateway	Enables integration with various regional payment gateways to provide international credit card processing and merchant services

SuiteApp

Description

International Tax Reports

Supports VAT and GST reporting and online filing for more than 42 countries across Europe, Asia, and Latin America, all generated in the local format for ease and accuracy of submission. Includes EU Sales List reports, Intrastat reports, sales and purchase reports by tax code, and pre-configured tax codes when a new nexus is created.

Withholding Tax Overview

Tracks withholding tax on sales and purchase transactions, and records it on the general ledger either at the time of accrual or at the time of payment, depending on the country's taxation rules. Provides summary and detailed withholding tax reports.

Tax Audit Files

Generates extracts of general ledger and sub ledger data from NetSuite, to be used by tax authorities to audit transaction data. Includes Singapore IAF, Mexico DIOT, OECD SAF-T, Portugal SAF-T PT, and Philippines RR09-2009 audit files.

Setting Up Nondeductible Input Tax

Configuring the Supplementary Tax Calculation Plug-in

Enables management of nondeductible input taxes on vendor bills, expense reports, checks, and vendor bill credits in NetSuite.

Payment Gateway

Enables integration with various regional payment gateways to provide international credit card processing and merchant services

Certification

Companies using a computerized accounting system in the Philippines are required to apply for a permit to use Computerized Accounting System (CAS) from the Bureau of Internal Revenue (BIR). For more information, refer to the Bureau of Internal Revenue website.

General Notices