Advanced Taxes
The Advanced Taxes feature enables you to manage and calculate taxes for multiple nexuses within the same NetSuite account. This is done through the use of tax schedules which enable items to be taxed differently in each nexus to meet local business requirements.
The Advanced Taxes feature also links tax control accounts to a nexus to more effectively manage tax postings in your ledger.
This feature is already enabled in OneWorld accounts.
To begin using Advanced Taxes, read the following topics:
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Enabling Advanced Taxes describes how to enable this feature in your account.
Warning:If you enable Advanced Taxes, you cannot disable it in the future.
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Creating Tax Nexuses describes how to set up the tax nexuses, or jurisdictions, in which you must pay taxes.
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Adding or Removing Nexuses from a Subsidiary describes how to associate a nexus with a subsidiary, and how to remove a nexus from a subsidiary.
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Deleting Tax Nexuses describes how to delete a nexus from the system.
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Creating Tax Schedules describes how to apply taxes in each nexus.
For general information about nexuses and subsidiaries, read the following topics:
For information about setting default tax items on records, read the following topics:
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Setting Tax Codes or Tax Schedules on Item Records - For example, setting a default tax code or tax schedule to be applied to a particular item, or (for U.S. editions without Advanced Taxes) setting an item to be either taxable or not taxable.
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Setting Default Tax Items on Vendor Records - For example, defining a default tax code that applies to vendor bills and purchase orders for a particular vendor.
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Setting Default Tax Items on Customer Records - For example, defining a customer as tax-exempt.
Note:On customer records in U.S. edition accounts without the Advanced Taxes feature, the tax lookup determines that a customer is not taxable only if the Taxable box is not checked and the Tax Item field is empty.