Discussions
Stay up-to-date with the latest news from NetSuite. You’ll be in the know about how to connect with peers and take your business to new heights at our virtual, in-person, on demand events, and much more.
Now is the time to ask your NetSuite-savvy friends and colleagues to join the NetSuite Support Community! Refer now! Click here to watch and learn more!
New AI Community Guidelines. Please review and follow them to ensure AI use stays safe, accurate, and compliant.
Stay in the Know
Be sure you're subscribed to NetSuite communication to stay in the know about monthly happenings, updates and announcements. Subscribe
Be sure you're subscribed to NetSuite communication to stay in the know about monthly happenings, updates and announcements. Subscribe
Why is 100% discount on an Cash Sales has wrong Tax GL impact?
Hello Gurus,
I am facing a very odd scenario and I would appreciate any insights on what the postings really mean or what i might be doing wrong.
1) I have created a tax group since i need to apply two different tax codes on one invoice.(16% and 2%).
2) i have created an invoice worth 300 gross. Meaning the Net amount is 254.24. This has been applied two VAT codes, i.e, 16% and 2%. See the screenshot below.
The GL Impact is as below:
3) I have gone ahead and applied a 100% discount on the invoice.
The GL impact afterwards is as follows:
Why do i still have an entry on the VAT accounts? The assumption here is once i apply 100% discount, the only entry should be the cost of sale and inventory.
Tagged:
0