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

Generally, foreign currency transactions in Hungary should be valued at the exchange rates provided by the Magyar Nemzeti Bank (MNB).

This feature automatically retrieves exchange rates for foreign currencies against Hungarian Forint from the Magyar Nemzeti Bank based on a defined schedule. The system then updates the currency exchange rate list in NetSuite, ensuring that the latest rates are applied without manual intervention.

The feature includes:

• Automated retrieval and update of exchange rates.

• Configurable scheduling to define when rates are fetched.

• Option to fetch exchange rates before the effective date to allow pre-validation.

Invoice / Credit Memo Layout

Businesses in Hungary must ensure that invoices and credit memos include all legally required details, such as VAT breakdowns, invoice numbering, and other mandatory fields. NetSuite’s standard templates do not always meet these local compliance requirements, requiring customization.

The SuiteApp provides pre-configured HTML/PDF layouts for invoices and credit memos, ensuring they meet Hungarian VAT compliance standards. The feature includes:

• Predefined invoice and credit memo templates that display all required fields.

• VAT-detailed summary for clear tax reporting.

• Language selection based on the customer's preferred language (English or Hungarian).

• Standardized format to streamline invoicing and credit memo generation.

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”)

Localized Balance Sheet Report

Companies in Hungary must prepare a Balance Sheet that complies with local accounting regulations.

The Balance Sheet Report feature allows users to generate a Balance Sheet in multiple formats:

• Excel

• PDF

• CSV

• Word

This report is built using NetSuite’s Report Builder, enabling users to leverage native reporting functionalities while ensuring local compliance.

Localized Profit and Loss Report

Companies in Hungary must prepare a Profit and Loss Report that complies with local accounting regulations.

The Profit and Loss Report feature allows users to generate a Profit and Loss Report in multiple formats:

• Excel

• PDF

• CSV

• Word

This report is built using NetSuite’s Report Builder, enabling users to leverage native reporting functionalities while ensuring local compliance.

Payment File Templates

Businesses in Hungary must use specific payment file formats when processing electronic funds transfers (EFTs) with local banks. NetSuite's native Electronic Bank Payments (EBP) solution does not include localized Hungarian bank templates, requiring a customized solution.

Staria collaborates with your team to develop file templates to allow support for this business process.

Hungary VAT Reports

Entities registered in Hungary are required to submit a VAT return in order to report the taxable transactions.

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 invoicing software (NetSuite) shall have a built-in function called “adóhatósági ellenőrzési adatszolgáltatás” (data disclosure for inspection by the tax authority) that runs independently integrated into the program, designed to export data of invoices:

a) issued within a specific period designated by entering the opening and closing date (year, month, day), or

b) within a specific range of serial numbers designated by entering the number of the first and last invoice in that range.

All entities can be subjected to the audit, this requirement is not dependent on the entity’s size or revenue. This is a requirement since 1st January 2016. Thus feature is needed if you receive an audit from tax authority and the tax auditor requires it (there is no guarantee if the tax auditor will ask for the report). In general when a company receives tax audit there is a deadline for providing the requested information and documentation. This deadline is included in the notification/resolution of tax audit, it depends on the type of the tax audit but usually 3-8 days.

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.