VALID_PRD_REQD – Insert Transaction failed: no valid open tax period for date x/xx/xxxx. Please visit Setup->Manage Tax Periods to setup a new tax period.

The above error may get when you try to save a transaction and there is no Tax Period for the same. You may get as below.

{“status”:”FAILURE”,”reason”:{“type”:”error.SuiteScriptError”,”name”:”VALID_PRD_REQD”,”message”:”Insert Transaction Failure: No valid, open, tax period for date – 2022-01-03.  Please visit Setup > Manage Tax Periods to set up a new tax period.”,”stack”:[“Error\n    at RecordInvoker.save …

Solution

1. The mere existence of a UK Subsidiary requires users to setup Tax Periods.
2. The Tax Period is a required value when Users enter a transaction.
3. The Tax Period is automatically set at the backend by NetSuite. Tax Period is an important tag for users to be able to generate Tax Reports for UK and other European subsidiaries.
4. Create Tax Periods that will correspond to the Transaction Date used on the Transaction.

Navigate to Setup > Accounting > Manage Tax Periods

5. For US Subsidiaries, the Tax Period is not required since the Tax Reports are dependent on the Accounting Periods.