Associating Revenue Codes with Tax Assessments in NetSuite

TL;DR Opening

Starting in NetSuite 2025.2, the ability to associate revenue codes with tax assessments was introduced specifically for Brazil. This feature is important as it enhances the accuracy and relevance of tax bills by ensuring that the appropriate revenue codes are used based on specific tax assessments.

Overview of Revenue Code Association for Brazil

The new feature allows users to link tax revenue codes directly to tax assessments, which streamlines how these codes are utilized in tax billing. By associating revenue codes with relevant tax assessments, businesses can ensure compliance and accuracy in their tax reporting processes.

Steps to Associate Revenue Codes with Tax Assessments

To set up revenue codes with tax assessments in Brazil, follow these steps:

1. Navigate to Lists > Brazil Reports > Revenue Codes.
2. Locate the tax revenue code you wish to configure and click Edit.
3. In the Default Tax Assessment field, review the tax assessments that are associated with this revenue code by default.
4. In the Tax Assessment field, select any additional assessments to which you want to associate this revenue code.
5. (Optional) In the Effective Until field, enter a date if you wish to specify when the revenue code will no longer be effective.
6. Click Save.

Important Considerations

• Tax bill display: Only revenue codes currently associated with an active tax assessment will appear on tax bills, thus expired or outdated revenue codes will not show up.
• Predefined associations: NetSuite comes with certain predefined tax revenue codes associated with tax assessments. However, businesses can customize and add new associations as their needs change.

Related Documentation

• Brazil Reports Setup
• Tax Assessment for Brazil
• Tax Bills for Brazil

Who This Affects

• Administrators responsible for tax configuration.
• Accountants dealing with tax reporting.
• Finance Team ensuring compliance with local tax laws.

Key Takeaways

• The new feature enhances tax reporting accuracy in Brazil by associating revenue codes with specific tax assessments.
• Expired revenue codes will not appear on tax bills, helping to maintain clean and accurate financial documents.
• Users must navigate through the Brazil Reports section to set up these associations effectively.