Real-Time Invoice Data Reporting

The Hungarian National Tax and Customs Authority requires all domestic invoice transactions with another VAT-taxable entity to be reported in real-time. Failure to meet the reporting obligation may incur penalties. Companies will have to make sure that their invoicing software is fully compatible with the requirements of NAV and capable of real-time data transfer.

This feature enables automatic creation of xml file containing the invoice data real-time. The invoice data will be sent to the Hungarian Tax Authority via the XML file created. The feature also returns success or failure response from Hungarian Tax Authority.

Exchange Rate Integration

This feature gets the exchange rates of the foreign currencies against HUF automatically based on the defined schedule. This updates the currency exchange rates list in NetSuite. The currency exchange rate is sourced from Magyar Nemzeti Bank.

Invoice / Credit Memo Layout

This feature ensures Invoice and Credit memo layouts follow requirements according to Hungarian VAT law. For example, According to Hungarian VAT regulations, If the product or service is exempt of VAT or the customer is obliged to assess and pay VAT this fact should be disclosed in the invoice referring to the corresponding section of VAT law. (e.g. “VAT Exempt” or “Reverse charge VAT”).

Financial Statement Layouts

Localization includes the following Financial Statement Layouts:

·         Balance Sheet

·         Profit and Loss Income Statements

English and Hungarian language layouts are included.

Staria implementation consultants will guide the users to map their Chart of Accounts to the layout.

Payment File Templates

Following EFT Payment File Templates as per ISO Standard are included:

• CitiBank – Domestic

• CitiBank – SEPA

• CitiBank – XBorder

• Raiffeisen – Domestic

Templates are utilized with NetSuite’s Electronic Bank Payments solution.

Payment file templates for additional banks can be added as billable work.

Hungary VAT Reports

This feature allows the user to preview the VAT reports in NetSuite and drill down to the transactions that contribute to the reports. The user can also download the report in .imp format. This format can be used to import the reports in the tax authority’s filing program (ÁNYK-AbevJava).

Data Disclosure for Tax Inspection

The feature "Adóhatósági Ellenőrzési Adatszolgáltatás" (Data Disclosure for Inspection by the Tax Authority) enables compliance with tax audit requirements by providing a built-in function in the NetSuite invoicing software to export invoice data to meet the demands of a tax authority audit.