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NetSuite OneWorld Implementation 2011 R2 by Thomas Foydel

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Advanced taxes

Turning on Advanced Taxes for calculating sales tax is nearly a universal requirement for OneWorld customers. Even a service company operating under multiple legal entities in a single country, such as the US, requires multiple nexuses. You turn on the Advanced Taxes option by navigating to the Setup | Company | Enable Features | Accounting tab, and clicking on the Advanced Taxes option.

The advantages of Advanced Taxes include the ability to have multiple nexuses, each of which might treat a sales item's taxability differently, by virtue of tax schedules, and the ability to calculate complex sales taxes, such as the VAT taxes of Europe and Canada.

Essentially, when you turn on Advanced Taxes, the system allows you to generate multiple ...

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