Setting Up Tax Periods for GCC States

Setting up tax periods requires the Manage Tax Reporting Periods permission.

When you set up tax periods, it is best to use months for posting tax, even if you'll only run quarterly or annual reports. Go to the Manage Tax Periods page, select the Set Up Full Year option, and choose the Calendar Months format.

You can also create periods individually using these options: New Year Only, New Quarter Only, and Base Period. But if you set up tax periods individually, you could end up with incomplete or incorrect rollups if you aren't careful. Always review rollups on the Manage Tax Periods page to make sure each tax year is complete and correct.

Note:

If you set up quarters without months, you can only run quarterly tax reports. If you set up years without children, you'll only be able to run annual reports. During internal or external audits, you won't be able to run monthly tax reports unless you have tax periods set up as months.

Important:

If you're currently using quarters or years as your lowest tier of tax periods instead of months, or if you have set up periods in mixed mode, be aware that as of NetSuite 2013.2, a new Is Posting box has been added to the tax period record for quarters and years. You'll be required to define the quarter or year as either posting or non-posting. If there's a quarter or year without children (months or base periods), and you want to use it for tax reporting, then you must make sure that the Is Posting box is checked on the tax period record. For more information, see Tax Period Posting Changes.

On the Manage Tax Periods page, you can identify posting periods by their status icons. Non-posting periods don't have status icons.

Month periods are always posting. To define a quarter or year as posting, check the Is Posting box on the tax period record. You can't check the Is Posting box for quarters and years that have children. Posting periods can't have children.

Note:

The following steps are for setting up tax periods without the Multiple Calendars feature enabled. If you're using the Multiple Calendars feature, see Setting Up Tax Periods Using a Fiscal Calendar.

To set up tax periods for a full year that has sub-periods:

Go to Setup > Accounting > Taxes > Manage Tax Periods.
Click Set Up Full Year.
In the First Fiscal Month field, select the first month in your company's fiscal year.
In the Fiscal Year End field, enter the year for which you're setting up tax periods.
In the Period Format field, select one of the following to divide the year into:
- Quarters – three-month long sub-periods. These quarters have the Is Posting box checked by default.
- Calendar Months – twelve sub-periods.
Click Save.

To set up a tax reporting year:

Go to Setup > Accounting > Taxes > Manage Tax Periods.
Click New Year Only.
In the Period Name field, enter a name for this year.
Enter or select a start date for this year.
Enter or select an end date for this year.
Check the Is Posting box to enable NetSuite to post tax to this year period. If the Is Posting box isn't checked, then you must set up either quarters or months as sub-periods of this year.
Click Save.

To set up a tax reporting quarter:

Go to Setup > Accounting > Taxes > Manage Tax Periods.
Click New Quarter Only.
In the Period Name field, enter a name for this quarter.
Enter or select a start date for this quarter.
Enter or select an end date for this quarter.
Check the Is Posting box to enable NetSuite to post tax to this quarter period. If the Is Posting box isn't checked, then you must set up months as sub-periods of this quarter.
In the Sub-period of field, select the year that this quarter belongs to. The parent period must be already set up. Otherwise, it won't appear in the dropdown list. Note that you can add sub-periods to a non-posting year only.
Click Save.

To set up a base tax period:

Go to Setup > Accounting > Taxes > Manage Tax Periods.
Click Base Period.
In the Period Name field, enter a name for this base period.
Enter or select a start date for this base period.
Enter or select an end date for this period.
In the Sub-period of field, select the parent period that this base period belongs to. The parent period must be already set up. Otherwise, it won't appear in the dropdown list. Sub-periods can be added to a non-posting parent period only.
Click Save.

General Notices