Setting Up Tax Codes to Post Notional Tax Amounts

Important:

Supplementary Tax Calculation SuiteApp is not compatible with the SuiteTax feature. If the SuiteTax feature is enabled in your NetSuite account, please do not install this SuiteApp.

You can set up a tax code to post accounting entries for notional tax amounts for EU countries and nexuses.

Prerequisites

To use the notional tax amounts feature, make sure the following prerequisites are either installed or enabled on your account:

• International Tax Reports SuiteApp (Bundle ID: 43003)

• Supplementary Tax Calculation SuiteApp (Bundle ID: 123426)

  Note:

  For more information on how to install a SuiteApp or bundle, see Installing a Bundle.

• Go to Setup > Company > Enable Features and check the box for the following features on the SuiteCloud subtab:

  • Custom Records

  • Client SuiteScript

  • Server SuiteScript

  • Custom GL Lines

To set up tax codes to post notional tax amounts:

1. Create or edit a tax code record. For more information, see Creating Tax Codes and Editing Tax Codes.

2. On the Tax Code page, check the Post Notional Tax Amount property.

   Note:

   This property is available only on tax code records for EU member states if a value is set for the Notional Rate Derived From field.

3. In the Notional Tax Debit Account and Notional Tax Credit Account fields, select the debit and credit account for notional tax amounts.

   Note:

   The Notional Tax Debit Account and Notional Tax Credit Account must be associated to the tax code subsidiary.

4. Click Save.

Related Topics:

Posting Notional Tax Amounts

Applying the Notional Tax Posting Feature to Transactions and Subsidiaries

EU Notional VAT

Tax Code Properties

General Notices