Enabling Taxation Features in OneWorld Accounts and Accounts With Advanced Taxes
The Advanced Taxes feature is already enabled in NetSuite OneWorld accounts.
You can enable Advanced Taxes in accounts that are not OneWorld. However, after you enable Advanced Taxes, you cannot disable it.
In the Canada edition or the United States edition without Advanced Taxes, you can create nexuses for other provinces or states you pay taxes in.
If you have Advanced Taxes enabled, Canada edition accounts can create U.S. nexuses, and U.S. edition accounts can create Canada nexuses.
If you are using a OneWorld account, you can create nexuses in other countries. And then, you add the nexuses to subsidiaries.
When the Advanced Taxes feature is enabled, the system creates tax schedules for each tax code, and links tax control accounts to a nexus.
When you enable Advanced Taxes, you must set up the following:
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Subsidiaries and tax nexuses – When you create a subsidiary, if a nexus does not yet exist for the subsidiary's country, the system creates it for you when you save the subsidiary record. A subsidiary can have more than one nexus (for example, U.S. has a nexus in each state, and Canada has a nexus in each province). Multiple subsidiaries can share a single nexus, as well as its related tax items (for example, the parent company may have a subsidiary company in the same country). See the following topics:
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Tax Agency Vendors – See Setting Up Tax Agencies as Vendors
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Tax Control Accounts – See Tax Control Accounts Overview
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Tax Types – See Tax Types Overview
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Sales Tax Tables (for U.S. only) – If you have a U.S. subsidiary with several nexuses (each state has its own nexus), you must periodically update tax rates by importing the state sales tax table. For information, see Importing the State Sales Tax Table.
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Tax Periods (for all except U.S. and Canada) – See Working with Tax Periods
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Tax Codes – See Tax Codes Overview
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Tax Groups – See Tax Groups Overview
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Tax Schedules – See Creating Tax Schedules.
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Tax preferences for each nexus – Each country nexus has its own tab at Setup > Accounting > Taxes > Set Up Taxes (Administrator). The Set Up Taxes page for each nexus includes preferences for default tax codes, and tax codes to be used for international sales. To select the correct tax codes, be sure to review your tax code descriptions at Setup > Accounting > Taxes > Tax Codes. See Set Up Taxes.
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Tax field labels on transaction forms for each nexus – Optionally, you can customize the tax field labels that appear on transaction forms for each nexus. See Customizing Tax Fields on Transaction Forms.
For information about the available NetSuite SuiteApps for tax, see Taxation Features Provided by SuiteApps from NetSuite.