Author: Meenumol Thomas

The client requires a consolidated report that provides complete visibility into asset-related journal activity. Specifically, the report should display the reversed journal entries (JE) associated with each asset record, along with the corresponding reversal required depreciation journal entries, presented together in a single, unified format. This will enable streamlined reconciliation, improved auditability, and more efficient… Continue reading FAM Custom report for Asset reversals

How RCM Works in NetSuite (India Localization) India Localization SuiteTax Engine NetSuite provides a free managed SuiteApp called India Localization SuiteTax Engine that supports GST compliance, including RCM. It integrates with transactions to apply GST rules based on Indian tax laws. RCM Configuration RCM is triggered when purchases are made from vendors where GST liability… Continue reading How RCM Works in NetSuite (India Localization)

Corporate Income Tax Foreign-owned companies, including subsidiaries of U.S. firms, are subject to 20% corporate income tax on net profits in Saudi Arabia. If the company is a joint venture with Saudi ownership, only the foreign share of profits is taxed at 20%, while the Saudi share is subject to Zakat. Zakat (if applicable) Zakat… Continue reading KSA Tax Set UP

What is a Lower Tax Deduction Certificate (LTDC)? In India, whenever you pay certain types of vendors (professionals, contractors, etc.), you’re required to deduct TDS (Tax Deducted at Source) at a fixed rate prescribed under the Income Tax Act (e.g., 10% under Section 194J for professional services). Sometimes, the vendor’s income level, exemptions, or business… Continue reading Lower Tax Deduction Certificate

When working with an invoice in NetSuite, the tax amount may change after you select Save. This happens due to how tax is calculated in NetSuite and Avalara. Environment: NetSuite Tax calculates automatically whenever a change is made to a transaction, such as an invoice, estimate, or credit memo. Selecting Save triggers tax calculation to… Continue reading Avalara Tax functionality

The Principles of Accounting are foundational concepts that guide the preparation and presentation of financial statements. They ensure consistency, reliability, and comparability in financial reporting. Here are the main accounting principles: 🔹 1. Accrual Principle Revenue and expenses are recorded when they are incurred, not when cash is received or paid. 🔹 2. Consistency Principle… Continue reading Principles of Accounting

The Golden Rules of Accounting are the fundamental principles that guide the recording of financial transactions in double-entry bookkeeping. These rules are categorized based on three types of accounts: 1. Personal Account Rule: Debit the receiver, Credit the giver Example: If you pay a supplier (a person or business), the supplier is credited, and cash… Continue reading Golden Rule of Accounting

Depreciation allocates cost of an asset to the period benefited in line with the Matching concept. To record depreciation, credit Accumulated Depreciation (contra-asset to PP&E on B/S) Methods of depreciation Straight Line Method (SLM) (HC – SV) × SLM% (SLM= 1/Useful life) Double Declining Balance (HC-Acc Dep) * DDB% (DDB%= 1/Useful life*2 Sum of the… Continue reading Depreciation of Assets

1.What is Inventory? Inventory refers to the goods a company intends to sell to customers. It’s an important asset for businesses that sell physical products (like retailers, wholesalers, and manufacturers). 2. Why is Inventory a Current Asset? Inventory is classified as a current asset because it is expected to be sold, used, or converted into… Continue reading Inventory