Omitting Remitted Tax in NetSuite Connector Setup

Omitting remitted tax is crucial for maintaining accurate financial records in NetSuite, particularly when marketplaces collect and remit tax on your behalf. Ensuring that orders sync correctly as non-taxable avoids overstating revenue by including tax that businesses don’t actually receive.

How to Omit Remitted Tax

To automate the omission of remitted tax when posting Amazon orders, follow these steps:

1. Log in to app.farapp.com.
2. Select the relevant connector and account you want to configure.
3. Navigate to Settings and then Orders.
   • This action opens the Order Settings page.
4. Click on Advanced Options.
5. Check the box labeled Omit Remitted Tax When Posting Amazon Orders.
6. Finally, click Save to confirm your settings.

Why It Matters

By ensuring taxes are omitted in the order sync process, businesses can accurately reflect their revenues in NetSuite, avoiding potential compliance issues. Correct tax reporting is essential not just for accounting accuracy, but also for complying with tax regulations that can vary by state.

Who This Affects

This feature primarily impacts:

• Administrators: Responsible for configuration settings in the NetSuite Connector.
• Accountants: Ensures financial reports reflect accurate revenue that excludes remitted tax.

Key Takeaways

• Syncing orders from marketplaces as non-taxable prevents revenue overstatement.
• Follow a simple process in the NetSuite Connector settings to automate tax omission.
• Accurate tax handling is crucial for compliance and effective financial reporting.

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