HSN & SAC Codes in GST In India’s Goods and Services Tax (GST) system, HSN and SAC codes are classification systems used to identify goods and services for taxation purposes. 1. HSN (Harmonized System of Nomenclature) Code Used for goods (physical products). A globally accepted classification system developed by the World Customs Organization (WCO). In… Continue reading HSN/SAC CODES
Author: Ann Maria Wilson
ITC (INPUT TAX CREDIT)
ITC(INPUT TAX CREDIT) ITC stands for Input Tax Credit, which is a key feature of the GST (Goods and Services Tax) system in India. It allows businesses to reduce the tax they owe on output supplies by claiming credit for the tax they have already paid on inputs (purchases). Here’s a detailed explanation: What… Continue reading ITC (INPUT TAX CREDIT)
Manufacturing an Assembly item
Manufacturing an assembly item in NetSuite involves a structured process that integrates inventory management, bill of materials (BOM), and work orders to build the final product. Below are the steps to manufacture an assembly item in NetSuite ERP: 1. Enable Required Features Ensure the necessary features are activated in your NetSuite account: Go to Setup… Continue reading Manufacturing an Assembly item
What is Equity?
Equity represents the ownership interest in a company. It is the residual value left in the business after deducting all liabilities from the company’s total assets. Equity shows how much of the company’s assets belong to its owners or shareholders, rather than creditors. Formula for Equity: Equity=Assets−Liabilitiestext{Equity} = text{Assets} – text{Liabilities}Key Components of Equity: Owner’s… Continue reading What is Equity?
what is meant by splitship
Split Shipments (SplitShip) refers to the process of dividing a single sales order into multiple shipments to accommodate various logistical, inventory, or customer requirements. This functionality is commonly used in e-commerce and supply chain operations to ensure flexibility and timely delivery. In NetSuite and similar systems, Split Shipments allow businesses to: Ship Items Separately: When… Continue reading what is meant by splitship
difference between Lot numbered inventory item and serialized inventory item in netsuite
The primary difference between Lot Numbered Inventory Items and Serialized Inventory Items in NetSuite lies in how they track and manage inventory. Here’s a detailed comparison: 1. Granularity of Tracking Serialized Inventory Item: Tracks individual units of an item with unique serial numbers. Each unit has its own distinct serial number (e.g., SN001, SN002). Ideal… Continue reading difference between Lot numbered inventory item and serialized inventory item in netsuite
When to use Intercompany Transfer Orders
If you need to transfer inventory to another subsidiary in NetSuite (for OneWorld accounts), you should use: ✅ Intercompany Transfer Orders This is the correct option for subsidiary-to-subsidiary inventory transfers because it ensures: Proper accounting entries between subsidiaries. Intercompany transactions that reflect in both subsidiaries’ financials. Approval workflows, if needed. Tracking of stock movement between… Continue reading When to use Intercompany Transfer Orders
GDPR and HIPAA regulations
GDPR (General Data Protection Regulation) and HIPAA (Health Insurance Portability and Accountability Act) are two distinct regulations aimed at protecting personal data, but they apply to different domains and have unique scopes. GDPR (General Data Protection Regulation) Jurisdiction: Applies to the European Union (EU) and European Economic Area (EEA). It also applies globally if a… Continue reading GDPR and HIPAA regulations
Accounting Period Management in NetSuite
Accounting period close management in NetSuite is a structured process designed to ensure accuracy and compliance with accounting standards. Here’s an overview of how it is done: 1. Accessing the Accounting Period Close Feature Navigate to Setup > Accounting > Manage Accounting Periods. This page provides a list of accounting periods for the company, including… Continue reading Accounting Period Management in NetSuite
What is a Cash Sale in NetSuite?
What is a Cash Sale in NetSuite? A Cash Sale in NetSuite represents a transaction where a customer purchases goods or services and pays immediately at the time of the sale, instead of being billed later. This is commonly used in retail or other scenarios where payment is made upfront. How a Cash Sale is… Continue reading What is a Cash Sale in NetSuite?