Tuesday, December 18, 2018

Setting up common carrier tax

We can actually support this in NetSuite. Common Carriers Tax is like a sales tax levied to common carriers instead of VAT.

To do this:

1) Create a new tax control account for common carriers tax (Tax Account Type set to Sale) in Setup > Accounting > Tax Control Accounts

2) Create a new Tax Type for Common Carriers Tax and choose the tax control account created in Step 1 in Setup > Accounting > Tax Type

3) Create a tax code with tax rate of 3% under the tax type defined in step 2; make it available in Sales transactions only in Setup > Accounting > Tax Code

This new tax code will post to a liability account defined in step 1.

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