Setting Up Accounts for Brazil Reports in NetSuite

TL;DR Opening

To generate accurate financial reports for Brazilian subsidiaries, you must properly configure account records in NetSuite with Brazil-specific information. This ensures compliance with local reporting standards and simplifies financial management.

What Are the Required Reports for Brazil?

To comply with Brazilian regulations using the Brazil Reports SuiteApp, set up accounts for the following reports:

• Balance Sheet
• Escrituração Contábil Fiscal (ECF)
• Escrituração Contábil Digital (ECD)
• Income Statement
• Trial Balance

Make sure to check the Use Account Numbers box in your Accounting Preferences. Each account for Brazilian subsidiaries must have a number assigned.

Steps to Set Up Accounts for Brazilian Reporting

Follow these steps to ensure your accounts can be included in Brazilian reports:

1. Navigate to Setup > Accounting > Manage G/L > Chart of Accounts.
2. Click Edit next to the account you want to configure.
3. If applicable, select the parent account under the Parent Account in the Brazilian Chart of Accounts field. The parent account must be a summary account as accounts in Brazil can be divided into various levels.
4. In the SPED Referential Chart of Accounts Code field, input the code assigned to this account type according to SPED referential charts.
5. Select the appropriate section of the income statement under the Income Statement Section field to ensure the account's balance is included.
6. Click Save to finalize your changes.

Important Considerations

• Ensure the parent account is a summary account; this is essential for accurate reporting in Brazil.
• Correct mapping of accounts to the SPED system is crucial for compliance.
• Missing section associations for income statement accounts will lead to exclusion from financial statements.

Who This Affects

• Administrators: Responsible for setting up account records appropriately.
• Accountants: Need accurate account information for financial reporting in compliance with Brazilian regulations.

Key Takeaways

• Proper account setup is essential for Brazilian financial reporting.
• Ensure compliance with SPED requirements by correctly coding accounts.
• Always associate accounts with the relevant income statement sections to prevent omissions.

Source: This article is based on Oracle's official NetSuite documentation.