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SuiteWorld October 6 - 9, 2025: Agenda Builder is live!
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Read on for the latest updates including:
• Agenda Builder launch
• SuiteWorld On Air registration
• New NetSuite Prompt Studio Contest
• And more!
Check out this thread to learn more!
How to defer Consumption tax on amortization schedules?
In looking to roll out the amortization schedules for automated prepayments in Japan we have identified an issue. In the UK automated amortization has been used successfully since October 2022 and for VAT in invoices in the posting is made on the Bill in its entirety when the Bill is posted, as required under IFRS and UK tax.
In Japan the consumption tax (VAT equivalent) is treated differently in accordance to Japanese tax law and when a payment expense is deferred (i.e. prepaid) then the consumption tax recovery is also deferred. I cannot see how this is possible in the current set-up.
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