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NetSuite – Localization Package North Macedonia - Balkan Services

NetSuite – Localization Package North Macedonia

Adapted to the legislation of the Republic of Northern Macedonia ERP system

Balkan Services has developed and successfully implements the NetSuite cloud-based ERP system localization package for the Republic of North Macedonia, which fully complies with the local accounting standards and legislation.

Our company is an official Oracle NetSuite partner with a “Solution Provider” status, which gives us the right to implement the software in 6 countries in the Balkans, including on the territory of the Republic of North Macedonia.

Balkan Services has also developed NetSuite cloud ERP localization packages for Bulgaria, Romania and Serbia that fully comply with local accounting standards and legislation.

With over 32 000 companies in more than 200 countries that use Oracle NetSuite, this is the world’s most preferred cloud-based ERP solution.

NetSuite – Localization Package North Macedonia

The localization package for the Republic of North Macedonia covers:

Value Added Tax (VAT)

Full coverage of the requirements of the VAT Act of the Republic of North Macedonia;
Possibility for unlimited number of VAT rates and reasons for non-accrual of tax in one and the same document;
Printed forms in Macedonian language of the tax documents (invoice/debit note/credit note), including a table with grouped tax rates, tax base, VAT accruals;
Import VAT under the customs declaration;
Reporting of deliveries, when the tax is due by the recipient (reverse charge);
Preparing VAT 04 declaration in PDF;
Locking tax periods after submitting the registers;
Compatibility with Multibooking, including in cases where Secondary Accounting Book is used for local (Macedonian) accounting purposes;
Compatibility with NetSuite OneWorld (the localization package works only with Macedonian legal entities without changing the functional settings of the other companies in the multi-company environment).

Exchange rates of the National Bank of North Macedonia

Automatic update of the exchange rates to Macedonian Denar in the system using actual rates from the official National Bank of North Macedonia website.

Additional functionalities

Delivery-cost allocation folders - an extension of the NetSuite “Landed Cost” standard functionality with the ability to merge multiple delivery documents and several documents for accompanying expenses, adjustments according to the exchange rates and cost allocation on the source delivery documents;
Definition of custom Electronic Bank Payments export format according to specific bank requirements (if Advanced Electronic Bank Payments module is used in Netsuite);
Development of Financial institution parser scripts for parsing the electronic bank statements files as part of Netsuite “Match bank data” procedure.

Borislav Mirchev, Viscom, Balkan Services' client

Borislav Mirchev

CEO and shareholder, VISCOM BG CORP.

It's too hard to cover the big picture through different systems. That's why we've decided to deploy a modern ERP system that integrates as much as possible all business processes and all of our companies."