New to NetSuite | Advanced Taxes: Tax Features

After gaining understanding about Nexus in the previous article, we will now explore additional tax aspects related to Advanced Taxes.

Tax Agency Vendors - these represent taxing authorities to whom you pay collected taxes. When a tax nexus is established, the system automatically creates default tax agency vendors, which can be edited to include details like address information. See Setting Up Tax Agencies as Vendors.

Tax Control Accounts - these accounts are used to record computed tax amounts, such as sales tax and VAT. They play a crucial role in defining tax types. It's important to note that inactivating a tax control account will restrict the associated tax codes from being selected during transaction creation or editing.