Hi SuiteTax people,
We have enabled SuiteTax. As ...
# taxesm
Merk
03/01/2024, 12:40 PMHi SuiteTax people,
We have enabled SuiteTax. As you know SuiteTax doesn't support Tax Periods. However, if a period is Closed and user creates a posting transaction in the closed period, then Posting will be the next open accounting period. However, the Tax Point Date will remain as the transaction date. Therefore, imagine if you have already done the Tax Return, NetSuite posts tax to that period. Please see below an example:
• Accounting preferences: Allow Transaction Date Outside of Posting Period is ALLOW.
• Period closed: Jan 2024
• Tax Return submitted for Jan 2024
• After tax return user creates an invoice with VAT which is dated 15/01/24. The posting period defaults to Feb2024. Tax Point Date defaults to 15/01/24.
It means users can post transactions in the period where tax return has already been submitted. Is there anything we have missed?
Merk
03/04/2024, 3:47 PMHere's the solution.
Tax Point Date is initially set to transaction date. This is regardless of whether a period is closed or not. There are two ways we can change the Tax Point Date – (a) Override Button or (b) or Check the Use fulfilment to modify tax point date box on the Nexus setup page.
In terms of reports, there is a preference to use period or transaction date,
1. Go to Set Up > Tax Reporting > Country Tax Reports Preferences
2. Select the Subsidiary and Nexus
3. Go to Period Filters tab
4. Uncheck Use Tax Point Date box to the VAT report.
5. Click Save. Repeat the same for all other subsidiaries if necessary.
Clear this box if you want to use accounting periods (Start Period and End Period) on your period filter instead of tax point dates (Start Date and End Date). The selection date will be based on period.
When generating the report for example it is posted in Feb 2021 but the tax point date is 1st January 2021.
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