Note: If the tax control account is manually created this the tax account will be mapped to an "Other Current Asset" type of account instead.
Friday, October 19, 2018
PST Expenses Tax Account Displays Type as Expense Instead of Other Current Asset
In a Canada Edition, NetSuite automatically creates a PST (Provincial Sales Tax) control accounts. In a OneWorld account, it is created whenever a new Canada nexus is saved. The tax control account is set to 'Tax Account Type' = Purchase. Normally these types of control accounts are mapped to an "Other Current Asset" type of account. However, as per Canadian taxation Provincial taxes paid to a vendor are not recoverable. This is the reason why account like PST Expenses AB, PST Expenses NS and PST Expenses ON are mapped to an "Expense" type of account.
Note: If the tax control account is manually created this the tax account will be mapped to an "Other Current Asset" type of account instead.
Note: If the tax control account is manually created this the tax account will be mapped to an "Other Current Asset" type of account instead.
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