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New to NetSuite | Advanced Taxes: Nexus
Building on our previous article about enabling Advanced Taxes in NetSuite, this article focuses on the crucial next step: creating and managing nexuses. Nexuses play a vital role in accurately calculating taxes for your subsidiary companies.
A nexus defines tax jurisdiction in which user collects/pay taxes. They are an essential part of the Advanced Taxes feature in NetSuite, especially for NetSuite OneWorld. Every subsidiary company must be linked to at least one nexus. When you set up a subsidiary, the system automatically assigns a nexus based on the country in the subsidiary's address. It's also possible for a subsidiary to have multiple nexuses, and these can be shared among different subsidiaries for managing related tax items efficiently.
Clarisa De Torres | Ask a Guru
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