Now that UAE has moves to the new VAT regime, NetSuite customers holding their breath for months are heaving a sigh of relief. Yes, it worked with NetSuite!
The migration was easy enough though it took a lot of translation of tax concepts like reverse charge, intra-GCC, out-of-scope VAT, non-recoverable VAT and a few other tough sounding words making their rounds between tax consultants, NetSuite consultants and NetSuite accountants.
If you are like some Erudita customers who were gleefully using NetSuite for years in the UAE hiding the tax rates or using the ‘undef’ code to get past the NetSuite rate fields, then you would have run the International Tax Reports bundle and gone live painlessly. And if you adopted the NetSuite suggested tax codes, you are in good shape already.
For any niggling doubts about your tax invoices, here are a few things to keep in mind as you modify layouts:
1. Show your own Tax Registration Number
2. Show the customer’s Tax Registration Number
3. Show the base amount before VAT
4. Show the discount on the pre-VAT account
5. Mention the disclaimer about VAT
6. If it’s a foreign currency invoice, display an AED translation
7. Don’t forget to mention the Tax Rate
And remember to link Credit Memos to the original invoice if you generate Credits for customers.
The big thing for accountants to remember this period closing will be tax periods. Don’t forget to close tax periods after you close your accounting period!
If you are still struggling with your VAT implementation by any chance, write to us at info(at)eruditacloudsolutions.com. We’ll be happy to give you an hour worth of consulting for free.
And, we thank the product engineers and subject matter experts at the NetSuite Platforms Group for making our lives so much easier. Kudos on the great job, as always.
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