Tag: Tax

Recalculating Line Item Amounts When the Tax Code Changes

When you change the tax code on a line item, the system recalculates the amounts depending on the order of the columns on the form. If the Amount column is before the Gross Amt column, then whenever you change the tax code on the line item, the system updates the value in the Gross Amt column based on the tax rate… Continue reading Recalculating Line Item Amounts When the Tax Code Changes

Change Tax Applied on Shipping Method

To change the tax applied on the shipping method used: Go to Lists > Accounting > Shipping Items > Select the Shipping Method used > Click Edit > Shipping Rules tab > Charge Tax On This Shipping Portion Of Item Field > Select tax code to be used Moving forward, when this shipping method is selected, the Shipping Charges will follow the tax code on the Charge Tax On This Shipping… Continue reading Change Tax Applied on Shipping Method

Tax planning and managerial decisions in income tax

Tax planning and managerial decisions in income tax play a crucial role in optimizing a company’s financial position and ensuring compliance with tax laws. By making informed decisions, businesses can minimize their tax liability while maximizing after-tax profits. Here are key considerations for tax planning and managerial decisions in income tax: Entity Structure: The choice… Continue reading Tax planning and managerial decisions in income tax

SuiteCommerce VAT, GST, PST Tax Support

To enable the display of VAT/GST/HST in your Commerce web store: Select the website and domain to configure at Commerce > Websites > Configuration. On the Shopping Catalog tab, enable the option If the Information is Available to your Country, shows detailed taxes in the cart. Verify that the proper tax codes are entered on the… Continue reading SuiteCommerce VAT, GST, PST Tax Support

Why no Options are Available in Liability/Purchase Account and Asset/Sales Tax Account Dropdown Fields in Withholding Tax Type Page?

Withholding Tax is only be available for the Countries of Subsidiaries in the NetSuite account since basically, the reporting is only happen under the country of the respective Subsidiaries. Adding the Nexus under Nexuses subtab of the Subsidiary record does not resolve the situation. The Nexus has to be the Country of the Subsidiary to enable it in the Bundle. Navigate to Setup > Company > Subsidiaries > New Set the Country field: India Click Save button

Customer enabled the Multi shipping route feature, thus the system requires that per line taxes per transaction also be enabled, however, all their customer is tax exempt

Sales Order form and invoice transaction form should have the tax column enabled to show per line taxes On Setup > Accounting > Setup taxes: 1.    Enable Tax Lookup on Sales transaction = T 2.    Customers Default to Taxable = blank 3.    Charge out of district Sales taxes = blank 4.    Per Line Taxes on Transaction = T (but grayed out) 5.    Charge Sales tax on… Continue reading Customer enabled the Multi shipping route feature, thus the system requires that per line taxes per transaction also be enabled, however, all their customer is tax exempt

Setting Default India HSN and SAC Codes on Shipping Item Records

To assign a default India HSN or SAC code on a shipping item record: Go to Lists > Accounting > Shipping. Click Edit next to the shipping record. In the India Tax HSN or SAC Code field, select the default HSN or SAC code for this shipping item record. Depending on your shipping preference, this code applies to both shipping… Continue reading Setting Default India HSN and SAC Codes on Shipping Item Records

Calculation Logic for Sales Tax on Discount Items

Applying a Discount to all Items from the Discount Field  It is important to understand how using the different discount methods affect your tax calculation. In the screenshots, the items, tax, and value of the discount are the same, but the choice of discount method yielded different tax amounts. Discount Rate Across All Items In… Continue reading Calculation Logic for Sales Tax on Discount Items

Implications of unchecking Per Line Taxes On Transactions

The implications of unchecking Per Line Taxes on Transactions in the Set up Taxes Page are the following NetSuite applies the same tax code or tax group to the entire transaction. On changing the Per-Line Taxes on Transactions, this update will only take effect on new transactions. Transactions entered from Memorized Transaction (transactions set up to… Continue reading Implications of unchecking Per Line Taxes On Transactions