Category: NS Financials

SuiteTax is a new tax calculation engine introduced by Oracle to support multi-jurisdictional tax requirements, including India GST. It provides better automation, improved reporting, and flexibility.  A. Key Features of SuiteTax for GST  ✅ Supports real-time tax rate updates   ✅ Automatically applies CGST, SGST, and IGST based on location   ✅ Integrated GST reporting (GSTR-1, GSTR-3B) … Continue reading GST in SuiteTax Engine

GST in Legacy Tax Engine (Standard Tax Engine)  The Legacy Tax Engine in NetSuite was the primary method for handling taxes before SuiteTax. It used Tax Codes, Tax Groups, and Tax Schedules to calculate GST.  A. How GST Works in Legacy Tax?  ✅ Uses Tax Codes for CGST, SGST, and IGST   ✅ Uses Tax Groups… Continue reading GST in Netsuite Legacy tax engine

1. Adyen A global enterprise-level payment processor used by companies like Netflix, Spotify, and Uber. Supports multi-currency, fraud detection, and omnichannel payments. Directly connects to Visa, Mastercard, and local payment methods. 2. AltaPay Specializes in e-commerce and omnichannel payments. Focused on European markets with support for various local payment methods. 3. CyberSource A Visa-owned payment… Continue reading Most used payment gateways or payment processing platforms

NetSuite provides a robust payment processing system that allows businesses to efficiently handle transactions, streamline billing, and provide seamless payment options for customers. These features enhance automation, security, and flexibility when managing payments in invoices, sales orders, and quotes. Key Payment Processing Features in NetSuite 1. Credit Card Payments ✅ Enables businesses to accept credit… Continue reading NetSuite’s Payment Processing Features

We are discussing the setup of TCS in NetSuite and its implementation for items and customers in invoice preparation. Below are the steps for the process. To set up Tax Collection at Source (TCS), configure the customer and item records that are eligible for TCS and create TCS tax rate rules. To complete TCS setup,… Continue reading TCS Setup in NetSuite: Implementation for Items and Customers in Invoice Preparation

Currently, there is no alternative solution available for calculating TDS (Tax Deducted at Source) on customer payments, as it is being addressed under Enhancement #537790. However, in NetSuite, we can check the available options and process TDS on the customer side using the following steps. When creating a Sales Order (SO), after selecting the customer… Continue reading TDS Calculation in NetSuite: Processing Customer-Side TDS and Sales Transactions

We are discussing the process of setting up and managing amortization in NetSuite. Step 1: Create an Amortization Template Navigate to Amortization Templates Go to Lists > Accounting > Amortization Templates > New. Define Template Details Name: Give a descriptive name. Type: Choose Expense or Revenue as applicable. Amortization Method: Choose Straight-Line or another method.… Continue reading Step-by-Step Guide to Setting Up and Managing Amortization in NetSuite