Amazon Tax Remittance Management in NetSuite Connector

Starting with the regulations in certain states, Amazon is required to collect and remit sales tax on taxable marketplace sales. It is important to understand how this process integrates with your financial system, particularly in NetSuite, to avoid overstating your revenue.

To ensure accurate accounting, you can configure the NetSuite Connector to automatically omit tax for orders where Amazon has already remitted tax on your behalf. This practice is essential for accurately reflecting your revenue since including this tax you never receive could distort your financial records.

How to Omit Tax from Amazon Orders

Follow these steps to automatically omit remitted tax in the NetSuite Connector:

1. Log in to app.farapp.com.
2. Select the connector and your relevant account.
3. Navigate to Settings > Orders.
   • This will take you to the Order Settings page.
4. Click on Advanced Options.
5. Check the Omit Remitted Tax When Posting Amazon Orders box.
6. Click Save.

Following these steps will setup your NetSuite Connector to exclude tax from orders, ensuring that your accounting records remain accurate and compliant with Amazon's tax remittance processes.

Related Topics

• Managing the Amazon Connector in NetSuite Connector
• Troubleshooting Amazon Connector Issues
• Amazon Connector FAQ

By utilizing this feature, you streamline your order processing and maintain transparent and accurate financial reporting. Remember to regularly review the local tax regulations applicable to your sales through Amazon to ensure compliance.

Key Takeaways:

• Amazon collects and remits sales tax in specific states.
• Configuring NetSuite to omit remitted tax is critical to avoid overstating revenue.
• Follow a step-by-step process to set up tax omission in the NetSuite Connector.

Source: This article is based on Oracle's official NetSuite documentation.