Tax Accounting Overview

NetSuite can help you track, calculate, and pay various types of taxes based on the sale or purchase of products and services. Read the following tax topics to understand how to enable and use the tax features provided by NetSuite.

Setting Up Tax Features

To understand the tax features that you can enable in your account, read the following topics:

VAT/GST Support on Intercompany Journal Entries

If your business has multiple subsidiaries, use the Intercompany Journal Entries feature to record the tax impact of intercompany transactions. Using this feature, you do not need to manually post those transactions on journal entries for each subsidiary.

You can transfer an item or asset from one subsidiary to another, even if the subsidiaries are from different nexuses or their tax rates are different. Intercompany journal entries post to both source and destination subsidiaries in one transaction. Tax values are automatically posted to appropriate tax accounts.

For information about intercompany journal entries, see Making Intercompany Journal Entries.

Tax Amounts on Transactions

Taxes on Discounts

For information about applying taxes on discounts on your transactions, read the following topics:

Nondeductible Input Tax

For information about applying nondeductible input tax and recording nondeductible tax amounts in the general ledger, read the following topics:

Tax Reporting

NetSuite provides tax reporting features for VAT, GST, and withholding tax. For information, read the following topics:

Paying Tax Liabilities

NetSuite can also help you pay tax liabilities. For information about posting journal entries for taxes and preparing tax payments, read the following topics:

Country-specific Tax Topics

For information about general international and country-specific tax topics, read the following:

General Notices