Author: Chinchu Sadanandan

Netsuite support for Making Tax Digital of HMRC-UK

Making Tax Digital (MTD), the HMRC initiative that requires UK businesses to submit their tax returns and payments online while also keeping digital records of their taxes, becomes mandatory from 1st April 2019 with businesses required to submit from a list of HMRC compliant software (of which NetSuite is one) or an API-enabled spreadsheet. The… Continue reading Netsuite support for Making Tax Digital of HMRC-UK

How to Setup India Tax Bundle in NetSuite

If you want to set up India GST and TDS taxation in your NetSuite account, you should have the SuiteTax feature. Step 1: Request for Suite Tax feature in Netsuite & Ask support to share required bundles First, you need to request for SuiteTax feature from your account in order to install India tax bundles. … Continue reading How to Setup India Tax Bundle in NetSuite

How to set up Tax Engine for TDS calculation

How to set up Tax Engine for TDS calculation As part of the TDS functionality you will be able to Capture TAN,PAN maintenance on the subsidiary and vendor records Support TDS and tax on tax calculation and adjustment on the bill generation support vendor exemption for TDS support tax return reports and tax details saved… Continue reading How to set up Tax Engine for TDS calculation

Features of India localization tax bundle

Supported Features The India Localization SuiteTax Engine provides the following features that are specific to India business tax requirements: ■ Manage and calculate Tax Deduction at Source (TDS) The TDS feature of the SuiteApp lets you perform the following processes: □ Create tax records for TDS calculation such as tax codes (Section Code and Challan… Continue reading Features of India localization tax bundle

VAT 100 Report Shows Incorrect Amounts

VAT 100 Report shows incorrect amounts. Scenarios1. Amounts have increased for the period.2. Amounts for the previous periods have changed.3. The VAT 100 report may show net amount as VAT and the gross amount as Net Amount.4. Drill down reports may also show incorrect values. A possible reason for this is if the account is still using the… Continue reading VAT 100 Report Shows Incorrect Amounts

Reports – UK VAT 100 There are No Values on the Boxes when Select Tax Period and Refresh

1. Create a saved search of Transactions to verify the tax period assigned on the transactions. The transactions that are supposed to show on the report: Via Lists > Search > Saved Search > Transactions On Criteria: enter filter for Type = select invoice, cash sales or bills On the Results tab: make sure that Tax Period is selected as a Column Preview the search 2.… Continue reading Reports – UK VAT 100 There are No Values on the Boxes when Select Tax Period and Refresh

Intercompany bill automation

Proposal summary QIMA  group would like to automate the bill creation from invoice in the Intercompany Process Requirement  QIMA group would like to eliminate the PO and SO creation and other manual process on Intercompany transaction. They need to directly create Invoice and, on a trigger, the bill should be created automatically. Our Solution As… Continue reading Intercompany bill automation

“Please Enter a Value(s) for: Tax Code”

This kind of error may come when intercompany transactions are performed. The standard Intercompany transaction process start with the creation of Purchase order. Using the option of Manage intercompany Sales order(Transaction>sales>Manage intercompany Sales order),Sales order is automatically creating in this flow. Here the error happens. solution: Kindly make the following changes in the setup 1.Go… Continue reading “Please Enter a Value(s) for: Tax Code”

Balancesheet monthwise-report customization

Balancesheet report shows the data for the ‘as of’ specification at the footer of the page.Client need the balance sheet data for specified period monthwise. Solution:We can customize the standard balance sheet report. 1.Alternative period range Type=Relative to report date 2.Check mark on cumulative value 3.Alternative period range=This fiscal year 4.Range segment=Accounting period Save.The report… Continue reading Balancesheet monthwise-report customization