Staria Latvia Localization SuiteApp

Latvia Localization SuiteApp

Bundle ID: 262455 Latest Bundle-Version: 1.6.10

Search

Announcements

Blog stream

Create a blog post to share news and announcements with your team and company.

Navigation

Recently Updated

Show More Please wait

 

Overview

Staria’s Latvia Localization SuiteApp has localized features for business needs that are specific to Latvia. These features will help your company adapt to business practices and comply with business regulations or requirements.

Features

VAT declaration for the tax period

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

This feature allows users to generate Latvian VAT reports in electronic format. This information are sourced from the transactions record in NetSuite based on the tax code mapping.

In addition to the declaration part, the following appendixes are supported:

  1. PVN1I

  2. PVN1II

  3. PVN1III

  4. PVN2

✅ 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 Latvia 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 PDF Templates

Businesses in Latvia 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 Latvia).

  • 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 Latvian based on customer preference.
✅ Automated VAT summary – Ensures accurate VAT breakdowns and easier reconciliation.

Further customizations on these templates generally are out-of-scope of the standard package.

 

Localized Full Balance Sheet Report

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

The Full 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 Full Balance Sheet Report

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

The Income Statement 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 Latvia 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