Netsuite Country Editions and Tax Information

Question 1

Through which features Netsuite provide tax functionality ?

Answer 1

Netsuite Edition and Advanced Taxes

Question 2

Explain the localized handling of taxes of Netsuite Country Edition

Answer 2

• The country of business determines the edition.
• In a single-instance account, the edition manages the taxes for the account.
• In a OneWorld account the subsidiaries may use different Netsuite Editions

Question 3

What are some the Advanced Taxes features ?

Answer 3

1. Manage and calculate taxes for different nexuses with the same Netsuite account.
2. Utilize tax schedule to define the tax treatment of items, in each nexus , meeting local business requirements.
3. OneWorld accounts , by default, utilize Advanced taxes

Question 4

Which tax features come and don’t come with Netsuite United States ?

Answer 4

Come with

• Pre-coded tax,
• State tax imports required

Don’t come with

• Separate tax reporting periods
• Foreign trade settling

Question 5

Which tax features come and don’t come with Netsuite Canada ?

Answer 5

Come with

• Pre-coded tax
• GST/PST

Don’t come with

• Separate tax reporting periods
• Foreign trade settling

Question 6

Which tax features come and don’t come with Netsuite United Kingdom ?

Answer 6

Come with

• Pre-coded tax
• VAT
• Separate tax reporting periods
• Provides full EU reporting
• Foreign trade settling

Question 7

Which tax features come and don’t come with Netsuite Japan ?

Answer 7

Come with

• Pre-coded tax
• Consumption tax
• Separate tax reporting periods
• Foreign trade settling

Question 8

Which tax features come and don’t come with Netsuite Australia ?

Answer 8

Come with

• Pre-coded tax
• GST
• Separate tax reporting periods
• Foreign trade settling

Question 9

Which tax features come and don’t come with Netsuite International ?

Answer 9

Come with

• Separate tax reporting periods
• Foreign trade settling

Don’t come with

• No pre-code tax
• The bundle need to be install to configure

Question 10

In Netsuite what is the definition of a Tax Periods ?

Answer 10

Are expressly for tax reporting in all Non-US and Non-Canada editions and set up is to set up of accounting periods

Question 11

In Netsuite what is the definition of a Nexus ?

Answer 11

Defines jurisdictions in which you collect and pay sales and/or purchase taxes; required component of Advanced Taxes functionality.

Question 12

In Netsuite what is the definition of a Tax Control Accounts ?

Answer 12

Define tax types and contain GL postings of indirect taxes such as sales and VAT

Question 13

In Netsuite what is the definition of Tax Types ?

Answer 13

Defines where the paid or collected tax is tracked on the balance sheet and used to define tax codes

Question 14

In Netsuite what is the definition of Tax Codes ?

Answer 14

Determine the amount of tax applied to each line item on your transaction.

Question 15

In Netsuite what is the definition of Tax Groups ?

Answer 15

Combine Several tax codes that can be applied to a transaction.

Question 16

In Netsuite what is the definition of a Tax Schedules ?

Answer 16

Determines how Netsuite calculates taxes for items in each Nexus

Question 17

In Netsuite what is the definition of a Tax Agency ?

Answer 17

Define a vendor record as the taxing authority to which taxes are paid behalf of customer

Question 18

What is the use of Tax Periods ?

Answer 18

1. Facilitates audits
2. Allows closing individual periods
3. Enable running tax reports whether monthly, quarterly or annually

Question 19

Tax reporting periods are available in all edition except

Answer 19

US and Canada

Question 20

What are the Tax Edition in Netsuite ?

Answer 20

1. Netsuite United State
2. Netsuite Canada
3. Netsuite United Kingdom
4. Netsuite Australia
5. Netsuite Japan
6. Netsuite International

Question 21

How a Nexus can Manually be set up ?

Answer 21

By using Advanced Taxes