NExIL –Extended Italian Localization for NetSuite

 

NExIL – Extended Italian Localization for NetSuite” is the SuiteApp for Italian NetSuite’s Users.

NExIL is a joint effort of Air Reply and Extra, two closely collaborating NetSuite Providers operating in Italian and European Markets. The bundle meets fiscal requirements of Italian legislation and was developed in order to give to the end user the ease of usage and configuration. NExIL bundle is a must have for any company that wants to operate on Italian market.​

Installing this SuiteApp, one is able to respect all Italian’s accounting and fiscal requirements, such as the “Income Based System”, Multiple Numbering sequences and VAT Summaries, Multiple and Electronic Payments in Italy.​

• All-in-one Solution: one package to ​meet all Italian requirements natively integrated inside NetSuite.
• Easy and Speedy: install NExIL and you will be able to instantly use NetSuite following Italian requirements with a quick configuration.
• Always Updated: this NExIL will be always updated by our experts in Italian Accounting and in IT, to follow all the changes in Italian’s accounting and fiscal system and seamlessly integrate them into NetSuite.
• Full customization available: other similar SuiteApps can be set up only by experts. Only with NExIL for NetSuite you will be able to configure every aspect of the localization easily and clearly.​

Main Features available in NExIL

• Italian Accounting System: with NExIL, using GL Custom, NetSuite will follow the Income Based Method as requested by Italian laws. You’ll have the possibility to handle “Managements Accounts”, accounts that the system use in the transactions but that won’t be highlighted in Tax Documents.
• Review of Transaction Numbering: you will be able to define different numbering flows based on the type of transactions, to maintain all numbering sequences you need in your business. This feature is mandatory in order to maintain different sequences for Sales and Purchase transactions.(Domestic, EC, Extra EC).
• Vat Register, VAT Summaries and other Tax Documents: you will be able to print all Vat Registers and Vat Summaries you need based on the needs of your business, and all other fiscally required documents such as “Asset Form” and “Depreciable Asset Register”. Also the financial Reports has been reviewed to meet Italian requirements, like the “Profit & Loss” report and the “Balance Sheet”.
• Multiple Payments: you can easily set multiple payment terms for all transactions and control them. You will have the possibility to customize every payment term you need, from “Cash” to “30-60-90-120 days payment”, with a lot of options to set every detail you need.
• Electronic Payments: Extension and modification of Standard SEPA, CBI for Italian Requirements. Natively, NetSuite’s Electronic Payment’s system is not designed for the Italian system. With NExIL, you will be able to track all Bank Information you need about your company and your customers/vendors. Plus, and more important, you’ll track efficiently all Electronic Payments related to multiple installments for each invoice.
• Intrastat Declaration: Extension of standard NetSuite EU Intrastat Report in order to be compliant with the Italian law requirements.
• Reverse Charge: With NExIL you can record purchase invoices Intra EU and Extra EU properly and in compliance with the Italian requirements. The principle applied to these transactions is the reverse in EU bill transactions, and therefore will not be generated any transaction of Auto Invoice.
• Custom Bills: With NExIL you can record Custom bills correctly and fast in accordance with Italian regulations.
• Dunning Letters: Extension of NetSuite bundle of Dunning Letter managing multiple installments for each transaction.
• Advanced Payments down AP/AR: Adaptation and improvement of standard features for the advanced vendor and customers payment in advance. In Italy it’s mandatory to post either a vendor bill or an invoice for each payment in advance.
• Closing/Opening Balance: For each Fiscal year it is mandatory to post a Closing Journal Entry including each account and an Opening Journal Entry for the new fiscal year. This fiscal requirement has an important impact in all standard KPI (i.e. Sales, Revenues) and Standard Reports (Income statement).
• Customer and Vendor "Letter of Intent": creation and logging of the letters of intent where the usual exporters declare that they are VAT exempt