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

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

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).

The Staria Latvia Localization SuiteApp includes integration with ECB which can retrieve available exchange rates on-demand or via a schedule. This feature updates the standard Currency Exchange List in NetSuite with the exchange rates coming from ECB on the configured currencies.

Localized Invoice and Credit Memo PDF Templates

The SuiteApp includes advanced PDF templates for the following transaction types in NetSuite:

• Invoice

• Credit memo

These templates display the relevant information. The templates are available in both Latvian and English language based on the preferred language per customer record.

Financial Statements Layouts

The SuiteApp includes the following Financial Statement Layouts which can be used as a template: 

• Income Statement 

• Full Balance Sheet 

Chart of accounts will be mapped during the implementation process.

Compatibility

• The SuiteApp supports Legacy Tax.

• The SuiteApp supports OneWorld accounts.