Vendor exemption is a key configuration in NetSuite that allows businesses to define conditions under which a vendor is excluded from certain financial or compliance processes, most commonly tax withholding. This functionality is particularly useful for organizations managing large vendor networks, enabling them to streamline operations while maintaining regulatory compliance. Historically, NetSuite offered two distinct… Continue reading Vendor Exemption (India Localization SuiteTax Engine SuiteApp 2025.2)
Author: Antony Jose Manjaly
Understanding Deferred Revenue: The Liability Behind the Advance
In the world of accrual accounting, few concepts are as crucial—and often misunderstood—as deferred revenue. Also known as unearned revenue, it represents a company’s obligation to deliver goods or services for which it has already received payment. Though it may feel like income, deferred revenue is not yet earned and treating it as such prematurely… Continue reading Understanding Deferred Revenue: The Liability Behind the Advance
Updated Preview Tax
In NetSuite, end users can now preview TDS tax as well. Previously, the Indian localization bundle only displayed GST when the standard preview tax button was clicked. With the latest update, TDS is now included in the preview options. Previously clients had to use scripts to show the end user how much TDS would be… Continue reading Updated Preview Tax
Importance of Obtaining Crucial Audit evidence from ERP Software
Understanding ERP Systems as a Source of Audit Evidence ERP systems, such as SAP, Oracle, Microsoft Dynamics, and NetSuite, are designed to maintain comprehensive records of transactions, controls, and reporting. This centralized data repository offers auditors a robust and integrated source of information that supports all phases of an audit — from risk assessment to… Continue reading Importance of Obtaining Crucial Audit evidence from ERP Software
Sale and Lease Back
A leaseback is an arrangement in which the company that sells an asset can lease back that same asset from the purchaser. With a leaseback—also called a sale-leaseback—the details of the arrangement, such as the lease payments and lease duration, are made immediately after the sale of the asset. In a sale-leaseback transaction, the seller… Continue reading Sale and Lease Back
IAS 20 Accounting for Government Grants and Disclosure of Government Assistance
Government grants are transfers of resources to an entity by government in return for past or future compliance with certain conditions relating to the operating activities of the entity. Government assistance is action by government designed to provide an economic benefit that is specific to an entity or range of entities qualifying under certain criteria.… Continue reading IAS 20 Accounting for Government Grants and Disclosure of Government Assistance
Lower Deduction Certificate
A Lower Deduction Certificate is a document issued by the Income Tax Department that authorizes a deductor (in the case of TDS) or a collector (in the case of TCS) to deduct or collect tax at a rate lower than the prescribed statutory rate or even at zero, based on the taxpayer’s actual tax liability.… Continue reading Lower Deduction Certificate
Biological Assets – IAS 41
Biological assets are dealt with in International Accounting standards 41 (IAS 41). As per IAS 41, biological assets are any living plant or animal owned by the business. These are typically measured at fair values minus the selling costs. Recognition of Biological assets as per IFRS: An entity recognizes a biological asset when the entity… Continue reading Biological Assets – IAS 41
Recognition and Measurement of Guarantees
The process of recognizing and measuring guarantees in accounting is a nuanced task that requires careful consideration of various factors. Initially, when a guarantee is issued, it must be recognized as a liability on the balance sheet. This initial recognition is typically at fair value, which represents the amount that would be paid to transfer… Continue reading Recognition and Measurement of Guarantees
Edit access for Exchange Rate in Bill Payments
Full or Edit access to Currency permission is essential for different roles to modify the exchange rate during bill payments and invoice processing.