Articles tagged #TAX
Articles tagged
#TAX
Display Amount Net of Tax (Foreign Currency) on Transaction Searches
Currently, there is no standard field to show Amount Net of Tax (Foreign Currency) on Transaction Searches.Enhancement 207815has been filed to keep track of the process of making this functionality a part of standard NetSuite Features.This article will tackle how to expose the Foreign Currency Amount of Foreign Currency Denominated Transactions (Net of Tax) entered in NetSuite in a Transaction Saved Search. Also, this serves as an alternate solution for the aforementioned Enhancement.
Business Activity Statement: Transaction Date
Customer wants to know if the Business Activity Statement is picking up Invoice Date or Invoice Posting Period.
Tax Rate in Purchase or Sales Transaction (Non-US Nexus) Is Undefined
When creating a Sales or Purchase Transaction, Tax Code is undefined. Provided the following set up on the tax code:- Tax Code is Active
Audit trail for Tax Nexus
NetSuite does not have an audit trail for Nexuses added.
Journal Shows the Same Figures in Columns Net Amount and Tax Amount in the Business Activity Statement Total Sales Box G1 in a VAT/GST Report
Reports>VAT/GST>Business Activity Statement> Drilldown Total Sales Box G1 > Journals show the same Figures in Columns Net Amount and Tax AmountHere are few illustrations of the standard behavior when applying GST in Journal Entries.
GST Sales Tax Code is Appearing on Purchase by Tax Code Report
The user has a Tax Code which is specifically made for Sales Transactions. However, whenthe user runs the Purchase by Tax Code report, the said Tax Code is appearing on the report.
Shipping Tax Code Blanks After Changing Shipping Address
Shipping Tax Code becomes blank after user changes Shipping Address in new Sales Order.
Report Customization to show Amount Net of Tax and Tax Amount
Users want to customize Accounts Receivable Aging Report to show Amount Net of Tax and Tax Amount. By default, Amount Net of Tax and Tax Amount fields cannot be selected as columns in any reports in NetSuite.
Removing Restrictions for Tax Control Accounts
Note: This feature is available for all nexuses, except US and Canada.
Creating a Tax Control Account
Note: Tax types and tax codes are created separately. Changing the tax control account on the tax type record does not automatically update the tax control account shown on the tax code record. Transactions post tax to the tax control account shown on the tax code record. Editing the tax code record updates the tax control account fields.
Tax Types Overview
A tax type determines where the tax paid or collected is tracked on the balance sheet. The balance sheet account to which NetSuite posts the collection or payment of tax is called the tax control account.
Tax Control Accounts Overview
Tax control accounts are accounts in your general ledger or chart of accounts. These are the accounts to which the amounts computed for indirect taxes such as sales tax and VAT are posted.
Setting Up Tax Agencies as Vendors
In most countries, businesses are required to collect tax from sales. Then, the collected tax must be paid to the tax authority on behalf of the customers. Default tax agencies are automatically set up by the system when you create a subsidiary or nexus, but you must edit the tax agency vendor record to provide details such as address information.
Nexuses and Taxes in OneWorld
A nexus is a tax jurisdiction. Nexuses are part of the NetSuite Advanced Taxes feature, required for NetSuite OneWorld. Each subsidiary must be associated with at least one nexus. The first nexus is automatically assigned to a subsidiary based on the country entered for the subsidiary's address. A subsidiary can have more than one nexus. A nexus and its related tax items can be shared by multiple subsidiaries.
Adding or Removing Nexuses from a Subsidiary
Add a nexus to a subsidiary if the subsidiary has a valid registration to collect tax in that nexus (tax jurisdiction).
Creating Tax Nexuses
You can set tax preferences for each nexus in which you collect and pay taxes.
Enabling Advanced Taxes
Warning: If you enable Advanced Taxes, you cannot disable it in the future.
Resolve error "You have entered an Invalid Field Value XXX for the following field: tax1acct" when create customer payment
Transactions > Payables > Pay Single Vendor
Resolve Error: Update Transaction Failure: No Valid, Open, Tax Period for Date - Null When Approving Journal Entry with Reversal
User is unable to approve journal entry with reversal date next period due to notice: "Update Transaction Failure: No valid, open, tax period for date - null"