Adding Tax Accounts to the Tax Types for Brazil

Note:

To access the SuiteTax Latam Engine - Brazil Records documentation in Brazilian Portuguese (Português do Brasil), see SuiteTax Latam Engine - Brazil Records.

The predefined tax type records provided by the SuiteTax Latam Engine - Brazil Records SuiteApp do not include any account information. Before you start using the SuiteApp to determine and calculate taxes in your transactions in Brazil, add the account information to the tax type records.

The accounts you select in the tax type records indicate where in the balance sheet NetSuite posts the tax amounts.

For the list of the predefined tax types, see Tax Codes and Tax Types for Brazil.

To add tax accounts to a tax type for Brazil:

1. Go to Setup > Tax > Tax Types.

2. Click Edit next to the tax type record you want.

3. In the Nexus column, select Brazil.

4. In the Payables Account column, select an account to which to post taxes on sale transactions.

   • For a tax due, select a liability account.

   • For a withholding tax, select an asset account.

   • For a tax paid on a cash basis, select the transitory account to which to post tax collected on payments.

5. In the Receivables Account column, select an account to which to post taxes on purchase transactions.

   • For a tax due, select an asset account.

   • For a withholding tax or a tax paid on a cash basis, select a liability account.

6. In the Complementary Account column, select an account to which to post transitory amounts or tax expenses.

   • For a tax paid on a cash basis, select the an asset account.

   • For other taxes, select the account to which to post tax amounts on sale transactions.

7. Click Add.

8. Click Save.

For more information about tax types in SuiteTax, see Understanding Tax Types and Tax Codes in SuiteTax.

Related Topics

Tax Codes and Tax Types for Brazil

Tax Type and Tax Code Creation for Brazil

General Notices