Name: Shearwater Asia Localization for South Korea
Author: Shearwaterasia Co.,Ltd

Shearwater Asia Localization for South Korea

The Shearwater Asia Localization SuiteApp for South Korea allows for seamless integration with the Korea National Tax System, which is mandatory for operating an accounting system in South Korea. It generates the upload files in the NTS format for invoices, and provides a tool to upload and match bills in NetSuite with the bills in the NTS system.

Overview

Compliance for NetSuite in Korea

In 2011, Korea introduced an electronic tax invoice system (e-Tax), making the electronic issuance of VAT invoices mandatory for Korean companies. This tax invoice system reduces accounting costs by enabling the online issuance and distribution of eVAT invoices and their web-based transmission to the Korean tax authority, the National Tax Service (NTS).

The Shearwater Asia Localization SuiteApp for South Korea provides you with the necessary fields and export formats to operate in Korea along with the National Tax System.

Key Benefits

The Shearwater Asia Localization SuiteApp for South Korea is necessary to use NetSuite as the primary ERP and accounting system in Korea. It allows for full compliance with the National Tax System.It also adds a tool to verify that all bills coming from the National Tax System are also available and correct in NetSuite.

Who uses it?

All companies operating on NetSuite in Korea are required to use the National Tax System. Although it is possible to key-in manually invoice data into the National Tax System, it becomes costly and risky beyond a few dozen invoices per months. The SuiteApp is geared toward SMB issuing more than 10 invoices per month. Very large customers with high volume might use another SuiteApp leveraging API.

Features

Tax invoices

The Shearwater Asia Localization SuiteApp for South Korea adds a specific screen to generate the tax invoices data in the required format, for directly uploading into the National Tax System website.

The user can select specific customers, tax codes or periods to match their operations.

Mandatory fields

The Shearwater Asia Localization SuiteApp for South Korea set-ups the necessary fields to hold the data used to generate the Tax invoices, such as customer tax number, company tax ID, branches and others.

Bills

The Shearwater Asia Localization SuiteApp for South Korea creates a specific upload and screen to hold the data for the bills coming from the National tax system. The standard bills can then be matched one by one, or all at once, in the system or through an excel format.