Staria Lithuania Localization

Lithuania Localization SuiteApp

Bundle ID: 262578 Latest Bundle-Version: 2.0.8

 

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There is no scheduled update for Q1 2022
Lou Dizon posted on Feb 02, 2022

There is no schedule Staria Lithuania Localization SuiteApp new version update for Q1 2022 (January - March 2022)

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Overview

Staria’s Lithuania Localization SuiteApp further extends Oracle NetSuite’s functionalities in order to meet the local requirements in Lithuania.

Features

Lithuania SAF-T Report

SAF-T is the standard accounting data file that contains the entity’s accounting data for the reporting year or shorter periods. Entities registered in Latvia are required to submit SAF-T Report that contains standard accounting data file that contains the entity’s accounting data for the reporting year or shorter periods. The Staria Lithuania localization can generate the SAF-T report on demand. The SAF-T file is generated in XML format compliant with the SAF-T technical specification (XSD Version 2.01).

✅ Ensure compliance – Generate reports that align with the latest tax authority requirements.
✅ Reduce risk of errors – Data is sourced directly from NetSuite, minimizing manual adjustments.
✅ Save time – Automate report generation instead of manually compiling data.
✅ Improve accuracy – Users can review the report in NetSuite before submission.
✅ Full audit trail – Keep track of changes for compliance and internal controls.

 

VAT Declaration

Entities registered in Latvia are required to submit a VAT return in order to report the taxable transactions. VAT filing in Lithuania is due on the 25th day of the month following the period being reported. This feature allows users to generate the FR0600 Value Added Tax Declaration (PVM Deklaracija) in XML format based on the records in NetSuite. Generate VAT Reports report in XML format directly from NetSuite, following the official structure set by the tax authority. Users can generate the report on demand, with data sourced directly from NetSuite records. Updates align with the latest regulatory requirements.

✅ Ensure compliance – Generate reports that align with the latest tax authority requirements.
✅ Reduce risk of errors – Data is sourced directly from NetSuite, minimizing manual adjustments.
✅ Save time – Automate report generation instead of manually compiling data.
✅ Improve accuracy – Users can review the report in NetSuite before submission.
✅ Full audit trail – Keep track of changes for compliance and internal controls.

 

Report on the Supply of Goods and Services to the Other Member States of the European Union

Lithuanian VAT registered businesses selling goods or services to other VAT registered companies in EU are required to submit an EC Sales List return. These may also be known as recapitulative statements and can be submitted by using Form FR0564. This feature allows users to generate report in XML format directly from NetSuite, following the official structure set by the tax authority. Users can generate the report on demand, with data sourced directly from NetSuite records. Updates align with the latest regulatory requirements.

✅ Ensure compliance – Generate reports that align with the latest tax authority requirements.
✅ Reduce risk of errors – Data is sourced directly from NetSuite, minimizing manual adjustments.
✅ Save time – Automate report generation instead of manually compiling data.
✅ Improve accuracy – Users can review the report in NetSuite before submission.
✅ Full audit trail – Keep track of changes for compliance and internal controls.

 

i.SAF

For tax periods starting from 1 October 2016, companies and branches of foreign companies will be obliged to submit to the Lithuanian Tax Authority‘s system “i.SAF” data on VAT invoices issued and received under its Lithuanian VAT number in a standard file (“the i.SAF file”) in XML format on the monthly basis (by the 20th day of the following month). The first submission date is 21 November 2016.

Generate report in XML format directly from NetSuite, following the official structure set by the tax authority. Users can generate the report on demand, with data sourced directly from NetSuite records. Updates align with the latest regulatory requirements.

In addition, users are able to generate the following:

  • Registers of received and issued VAT invoices

  • Register of received VAT invoices

  • Register of issued VAT invoices

✅ Ensure compliance – Generate reports that align with the latest tax authority requirements.
✅ Reduce risk of errors – Data is sourced directly from NetSuite, minimizing manual adjustments.
✅ Save time – Automate report generation instead of manually compiling data.
✅ Improve accuracy – Users can review the report in NetSuite before submission.
✅ Full audit trail – Keep track of changes for compliance and internal controls.

 

Foreign Exchange Rate Integration with European Central Bank (ECB)

Generally, foreign currency transactions in Lithuania should be valued at the exchange rates provided by the European Central Bank (ECB).

This feature automatically retrieves exchange rates for foreign currencies against Hungarian Forint from the European Central 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.

✅ Ensure compliance – Uses official rates from the European Central Bank to meet regulatory requirements.
✅ Reduce risk of errors – Automates exchange rate updates, eliminating manual data entry mistakes.
✅ Save time and effort – Removes the need for manual retrieval and entry of foreign exchange rates.
✅ Improve financial accuracy – Ensures transactions and financial statements use the correct exchange rates.

 

Localized Invoice and Credit Memo Layout

Businesses in Lithunia 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 Latvia 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 Lithuania).

  • Standardized format to streamline invoicing and credit memo generation.

✅ Ensure compliance – Meets local tax authority requirements for invoice and credit memo formatting.
✅ Faster implementation – Ready-to-use templates reduce the need for extensive customization.
✅ Professional and standardized documents – Improves document clarity for customers and tax authorities.
✅ Multilingual support – Generates invoices and credit memos in English or Lithuania based on customer preference.
✅ Automated VAT summary – Ensures accurate VAT breakdowns and easier reconciliation.

Important: This serves as a template. Further customizations to meet specific requirements typically will be out of scope.

 

Localized Balance Sheet Report

Companies in Lithunia 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.

✅ Time Savings – Automates Balance Sheet generation, reducing manual effort.
✅ Minimizes Errors – Reduces the risk of miscalculations.
✅ Flexible Output – Provides various export options (Excel, PDF, CSV, Word).
✅ Regulatory Compliance – Ensures adherence to local accounting standards.

 

Localized Income Statement Report

Companies in Lithunia must prepare an Income Statement that complies with local accounting regulations. The Income 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.

✅ Time Savings – Automates Income Statement generation, reducing manual effort.
✅ Minimizes Errors – Reduces the risk of miscalculations.
✅ Flexible Output – Provides various export options (Excel, PDF, CSV, Word).
✅ Regulatory Compliance – Ensures adherence to local accounting standards.

 

Compatibility

Note: The features of the Lithuania Localization SuiteApp work only with NetSuite OneWorld accounts using Legacy Tax.

NetSuite OneWorld is supported

Legacy Tax is supported

NetSuite single instance / non-OneWorld is not supported

Multi-book is not supported

SuiteTax is not supported