Requirement
The Client requires a solution to ensure that TDS amounts in NetSuite Bill transactions are rounded up to the nearest whole number, as decimal figures are not acceptable for tax reporting purposes. The specific requirements are:
Rounding of TDS Amounts:
- Implement a method to adjust the total bill amount by adding a non-inventory resale item for rounding purposes.
- Ensure that the rounding is performed automatically as part of the transaction entry process.
Deliverables
The deliverables are described below based on discussions and understandings from email, virtual, and telephonic communications between the Client and the Implementer:
Creation of Non-Inventory Resale Item:
- Set up a non-inventory item for resale specifically designed to facilitate rounding adjustments on bill transactions.
Development of Rounding Mechanism:
- Develop and deploy a script or workflow to automatically add the non-inventory resale item to each bill transaction for rounding purposes.
- Calculate the necessary adjustment amount to round up the total bill to the nearest whole number.
Testing and Validation:
- Conduct unit testing to ensure the solution correctly calculates and applies the rounding adjustment.
- Facilitate user acceptance testing (UAT) in the sandbox environment to validate the solution with real-world scenarios.
Deployment:
- Deploy the finalized solution to the production environment after successful UAT sign-off.
Assumptions
The following assumptions are made based on the analysis of the requirement:
Tax Compliance Acceptance:
- The addition of a separate item line for rounding purposes is deemed acceptable by the relevant tax authorities and complies with Client’s internal tax compliance policies.
Audit and Reporting:
- The solution meets audit and reporting requirements by clearly documenting the rounding adjustment as a separate line item, ensuring transparency in financial records.
Impact on Financial Reports:
- The rounding adjustments made through the additional line item do not adversely impact financial reporting or accounting practices.
Stakeholder Buy-In:
- Key stakeholders, including finance, tax, and IT departments, have reviewed and approved the proposed solution, ensuring organizational alignment and support.
Custom Script Limitations:
- The proposed script for adding the rounding item is within the scope of NetSuite’s SuiteScript capabilities and does not exceed system limitations.