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!
Release 2020.1: Tax Point Date for Country Tax Report
Terms:
- Tax Point for a transaction is the date the transaction takes place for tax purposes.
- Tax Point Date may be different from the transaction date which determines the GL impact.
Tax Point or Time of Supply is when Tax becomes due. This can happen on Invoice Date, Delivery Date or other factors depending on the company or country practices. This is to determine when tax will be reportable.
In 2020.1, the Tax Point Date feature is introduced where a new Date Field is now available for Tax Point on Taxable transactions. This is available on SuiteTax enabled accounts only.
This enables businesses to meet Tax Reporting compliance globally. Users can now run
Tagged:
0