Author: Divya Unnikrishnan

Asset types Import template  NetSuite Fields  TAB  NOTES  EXAMPLE  Name  MAIN  Asset type name  IT  Description  MAIN  Asset type description  IT Equipments including Laptops, computers etc.  Accounting Method  MAIN  Method used when depreciating this asset type  Straight Line  Asset life time  MAIN  Expected lifetime of assets in this asset type, in months [IT-36; Intangible and… Continue reading FAM – Asset types Import template

 Import Preference for New Assets If we are importing mid-life assets, set these preferences as follows:  In Setup > Import/Export > CSV Import Preference, check the Run Server SuiteScript and Trigger Workflows box.  In Fixed Assets > Setup > System Setup, clear the Run Server Script on CSV Import box.  Guidelines for Importing Mid-life Asset Records We… Continue reading FAM – Migration of Mid-life Assets

Import Preference for New Assets If we are importing new assets, set these preferences as follows:  In Setup > Import/Export > CSV Import Preference, check the Run Server SuiteScript and Trigger Workflows box.  In Fixed Assets > Setup > System Setup, check the Run Server Script on CSV Import box.  Guidelines for Fixed Asset Import  Import… Continue reading FAM – Migration of New Fixed Assets

TDS Limitations  The Tax Deduction at Source (TDS) feature does not support the overriding of tax details on vendor bills. Checking the Tax Details Override box and editing tax information under the Tax Details subtab of a vendor bill transaction will result in an error.  Section codes 194 LBB** and 194 LBC*** are not supported. **Section… Continue reading Limitations of India localization SuiteTax Engine

SuiteTax is a non-reversible feature and when enabled, it can no longer be disabled. Please consider any incompatible features before deciding to implement SuiteTax in your account.  Product-related limitations  SuiteTax currently does not support some NetSuite products such as NetSuite CRM, NetSuite CRM+, NetSuite JCurve, NetSuite Small Business, OpenAir etc.  Feature-related limitations  If promotions need… Continue reading Limitations of SuiteTax

Setting Up Tax Deduction at Source Tax Rate RulesThe Tax Deduction at Source (TDS) tax rate rules are used to calculate tax on bill transactions. On the transaction record, a section code is assigned to each line item. The section code determines the TDS tax rate rule to apply to the transaction for tax calculation.There… Continue reading TDS – Tax rate rules

Setting Up Section Code for Tax Deduction at SourceThe section code determines the Tax Deduction at Source (TDS) tax rate rule that will apply to a transaction. The India Localization Tax Engine SuiteApp already includes the common section codes for TDS. However, the administrator can create new section codes if required. Only Administrators can create,… Continue reading TDS – Set up India tax section codes for TDS

Assigning Tax Accounts to Tax Deduction at Source Tax TypesTax Deduction at Source (TDS) tax type determines where TDS tax is tracked in the chart of accounts. We must specify the tax accounts to which NetSuite should post the collection or payment of tax.The India Localization Tax Engine includes four tax types for TDS calculation:… Continue reading TDS – Assign the tax account for each TDS tax type

Setting Up of Tax Information on VendorWe must enter tax information on vendor records to calculate TDS on vendor bills.To set up tax information on a vendor record: Go to Lists > Relationships > Vendor. Click Edit next to the vendor. Click the Financials subtab. Under the Tax Information section: In the PAN Availability field,… Continue reading TDS – Setting Up of Tax Information on Vendor

The India Localization Tax Engine SuiteApp enables us to calculate Tax Deduction at Source (TDS) on vendor bill transactions. Under the Indian Income Tax Act of 1961, this concept was introduced to collect tax from the very source of income. Tax is then deducted when the invoice or actual payment is issued, whichever happens first.According… Continue reading Tax Deduction at Source (TDS)