India Localization SuiteTax Engine Best Practices

The following list contains best practices for using the India Localization SuiteTax Engine SuiteApp:

If you allow transactions outside of posting periods, enable this preference by going to Setup > Accounting > Accounting Preferences > General, then check the Allow Transaction Date Outside of Posting Period box.
To ensure proper tax calculation for your shipping or handling rates, enable the Charge for Shipping or Charge Handling Separate From Shipping preference.
If you have vendor bills with multiple tax rate rules with different tax rates in a financial year, then you should delete them.
If vendor bills are already created for a vendor, then you should not edit PAN Availability and Vendor Type field values.
To ensure invoices and vendor bills are saved successfully, set the Maximum Entries in Dropdown field value to 50 or higher. To manage this preference at the company level, go to Setup > Company > Preferences > General Preferences. To manage this preference at the user level, go to Home > Set Preferences.
If you are using the electronic invoicing features, then you should consider the following best practices:
- Install the Electronic Invoicing and NetSuite SuiteApps License Client SuiteApps.
- Contact ClearTax for webservice URL, connection token, and owner ID details.
- Configure webservice URL and connection token in the India GSP Configuration record. You should configure owner ID details in the subsidiary record.
- Verify if the e-document templates are already installed in your account. If the templates are not installed, go to Setup > India Localization > India Localization Components and manually install them.
- Assign subsidiaries to e-document templates and sending methods by going to Setup > E–Documents.
- In customer records, assign an e-document package and update e-document email recipients.
- In transaction records, select an e-document template and select email as the e-document sending method.
- After generating an e-document, certify the document and send it to customers.
  
  Note:
  If you have created a custom form, ensure that the form includes the required fields for generating, certifying, and sending e-documents.
To generate an e-document, ensure that the name and description of an item is not split into multiple lines. Also, ensure that the name and description does not contain any special characters.
To apply a vendor exemption rule to transactions falling under the exemption criteria, you should create the rule before creating transactions in an accounting period. By doing so, the rule is applied to all applicable transactions in an accounting period.
You should not edit an invoice if the invoice is already approved and tax has been calculated on the invoice.
You should use the Localization Assistant SuiteApp to install the required and recommended SuiteApps, and to manage the localization components of the SuiteApps. For more information, see Managing the Localization SuiteApps.
TDS calculation method for tax rules with document threshold is updated in India Localization SuiteTax Engine SuiteApp version 5.00.0. To apply the updated TDS calculation method to existing bills (for which only document threshold has reached), you should create new bills or modify existing bills.

Related Topics