Author: Vishnu Mohan

GSP stands for GST Suvidha Provider. A GSP enables a GST taxpayer to comply with all the procedural provisions of the GST law through its web platform. ClearTax, an online tax filing platform has been granted the status of GSP. A GSP provides innovative methods or means of an effective interactive platform for taxpayers to… Continue reading India GSP Configuration

The Intercompany Time and Expense feature enables entry of intercompany time and expenses, and the transfer of time, expense, or both charges from one subsidiary to another. You can enable the Intercompany Time and Expense feature at Setup > Company > EnableFeatures,, on the Accounting subtab. OneWorld preferences at Setup > Accounting > Accounting Preferences > General subtab:… Continue reading Intercompany Time & Expense

In NetSuite, budgets are tied to a fiscal year and allow for the insertion of a sum per account for each of the year’s accounting periods. Budgets can supply data for reports like the Budget vs. Actual report from NetSuite. Budgets can be created using estimations of income and expenses for the purpose of financial… Continue reading Budget Creation

A tax jurisdiction is a nexus. The NetSuite Advanced Taxes function, necessary for using NetSuite OneWorld, includes Nexuses. There must be at least one nexus for each subsidiary. Based on the nation selected for the subsidiary’s address, the first nexus is automatically given to the subsidiary. Creating Nexus Go to Setup> Tax > Nexuses> New… Continue reading Creating Nexus

The forms can be restricted on the basis of roles created. Purchase order, sale order, invoice, cash sale, transfer order etc. can be restricted Go to Setup> User/ Role> Manage Role> edit the role which we want to restrict certain forms Select Forms subtab Select the type of form (ex: transaction) Uncheck the box corresponding… Continue reading Restricting Forms on Role basis

Tax rate rules can be set to each HSN/ SAC code we have created, based on the Tax rate rule we have provided for each HSN code the tax will be calculated in transactions. For Creating Tax rate rules: Go to Tax Rate Rules Page> New Tax Rate Rules Select subsidiary Registration Type> Regular Available… Continue reading Tax Rate Rules

Under the India GST law, all goods transacted in India are classified under Harmonized System of Nomenclature (HSN) code. HSN codes are used for taxation purposes in identifying the rate of tax applicable to a product. Similar to HSN codes, SAC codes are defined for each type of service provided. It is a unified code… Continue reading Creating HSN/ SAC code for products and Services

Prepare a CSV file with the following columns: Internal ID Name Note: Use the Internal ID of the Depreciation History record not the Internal ID of Fixed Asset record 2. Go to Setup > Import/Export > Import CSV Records. In the Import Assistant Step 1 – Scan & Upload CSV File screen: Import Type: select Custom Records Record Type: select FAM Depreciation History 3. In the Import… Continue reading Changing the Depreciation history name of Fixed Assets

To assign e-document packages to customers and vendors, perform the following steps: To assign e-document packages to customers: Go to Lists > Relationships > Customers. Select the customer from the list to assign an e–document package. Click the E–Document subtab and select an e–document package from the E–Document Package field. Click Save. To assign e-document… Continue reading Assigning E-Document Packages to Customers and Vendors

To assign e-document templates and sending methods to subsidiaries, perform the following steps: To assign e-document templates to subsidiaries: Go to Setup > E–Documents > E–Document Templates. Click Edit next to the e–document template for assignment. On the Subsidiary field, select the subsidiary. Click Save. To assign e-document sending methods to subsidiaries: Go to Setup… Continue reading Assigning E-Document Templates and Sending Methods to Subsidiaries