Tag: Suitetax

Vendor Exemption

Vendor Exemption    The Vendor Exemption tax rate rule is used to calculate the tax exemption for a vendor based on the Certificate Number.  you can assign default TDS section codes to items and accounts. The default section code for an item or account automatically populates in the India Tax Section Code field when you… Continue reading Vendor Exemption

India Localization SuiteTax Engine

India Localization SuiteTax Engine  Features:   Calculate and manage Goods and Services Tax (GST)   Calculate and manage Tax Deduction at Source (TDS)   Calculate and manage Tax Collection at Source (TCS)   Generate, certify, and send electronic invoices   Generate E-Way bills   Create statutory adjustment journals   Send customized email notifications based on scenarios for India localization features such as… Continue reading India Localization SuiteTax Engine

United States Specific Tax Settings

United States Specific Tax Settings   US Exemption Certificates    Sales Tax Exemption Certificates enable a purchaser to make tax-free purchases that would normally be subject to Sales Tax. The SuiteTax Engine provides support for tracking the tax exemptions allowed by respective US states. Exemption certificates are considered for tax determination  We can select the items… Continue reading United States Specific Tax Settings

SuiteTax Enablement Request sample

SuiteTax QUALIFYING QUESTIONNAIRE SUBMISSION PROCESS Completed questionnaires should be sent to NetSuite Support, attached to a NetSuite Support Case with these details o  Type = Enhancement o  Subject: SuiteTax Enable Hidden Feature o  Provide your name and NetSuite Account ID o  Product Area: Advanced Accounting and OneWorld o  Feature: Tax integrations o  Attach this Qualification Questionnaire, fully completed   Contact your… Continue reading SuiteTax Enablement Request sample

View TDS on an Unapproved Bill

TDS calculations are omitted in unapproved bills. To preview TDS values before approving a bill record, users can switch the Approval Status to Approved and utilize the “Preview Tax” button. This action will reveal TDS details under the Tax Details subtab, facilitating verification before approval. Subsequently, revert the status to Pending Approval and save the… Continue reading View TDS on an Unapproved Bill

Registering NetSuite case for SuiteTax Enablement request

The SuiteTax feature is hidden in the NetSuite enable features page by default. For the provision of the feature, we need to submit the SuiteTax enablement request to the NetSuite support team via an APS ticket. Navigate to SuiteAnswers and click on Contact Support in the top right corner. Select ‘Create Support Case‘. Enter ‘SuiteTax… Continue reading Registering NetSuite case for SuiteTax Enablement request

Separate GST and TDS in Saved Search

Requirement: Client would like to see GST and TDS in separate columns in the search. Using NetSuite Standard behavior, it is obtained as Amount (Tax) in search. Solution: Create a Transaction Search. In Criteria Subtab, -Add Type is Bill -Mainline is False In Results Subtab, Add necessary fields. For TDS, Field: Formula Currency, Function Absolute… Continue reading Separate GST and TDS in Saved Search

Setting Up Accounting Periods for India Localization SuiteTax Reports

Prior to report generation, you must set up the fiscal calender of your accounting periods as StandardFiscal Calendar. This is to ensure the reports data generated by the SuiteApp will be correct. Go to Setup > Accounting > Manage Accounting Periods On the manage accounting period setup a full fincial year. Select the Fiscal calendar… Continue reading Setting Up Accounting Periods for India Localization SuiteTax Reports