Tax Code Management

• Tax schedules are then linked to items and customers.

• SuiteTax dynamically determines the correct tax code for each transaction based on rules, location, and tax registration.

Entering Tax Information on Transactions

• Users select the appropriate tax code or tax schedule on each transaction line.

• The system applies the tax rate based on the selected code/schedule.

• SuiteTax automatically determines and applies the correct tax code and rate based on tax details (e.g., location, item, customer, tax registration).

• Tax Details records are system-generated records that capture granular tax calculation data for each transaction.

• They provide a breakdown of how tax is calculated for each line item on a transaction (such as sales orders, invoices, or purchase orders).

• Each Tax Details record includes information such as the tax code, tax rate, taxable amount, tax amount, tax jurisdiction, and other relevant attributes.

Tax Point date field

• The Tax Point Date field did not exist in NetSuite’s Legacy Tax engine.

• SuiteTax introduced the tax point date field. It can automatically determine and populate the Tax Point Date based on transaction events and configuration.

NetSuite Tax Reporting Basis

• Transaction Date

• Tax Point Date

Tax Registration Number

• Tax registration numbers are stored in the subsidiary record and the Entity records as a simple text field (e.g., VAT Registration Number).

  • Only one tax registration number per subsidiary per country is supported.

• Tax registration numbers are managed in a dedicated Tax Registration subtab on the subsidiary record.

  • Supports multiple tax registrations per subsidiary, allowing for different countries, jurisdictions, and tax types.