NetSuite Changelog
SuiteAnalyticsRelease NotesNew FeatureSuiteAnalyticsTaxBilling

Philippines Invoicing Enhancements in NetSuite 2024.2

NetSuite 2024.2 enhances Philippines Invoicing with NON-VAT introductions and EOPT compliance features, streamlining invoicing processes.

·2 min read·NetSuite 2024.2·From NetSuite Release Notes PDF

TL;DR Opening

Starting in NetSuite 2024.2, enhancements to the Philippines Invoicing functionality have been introduced, focusing on supporting NON-VAT taxpayers and ensuring compliance with Ease of Paying Taxes (EOPT) invoicing requirements. These changes are significant for companies operating in the Philippines, improving accuracy in documentation and reporting.

What's New

The latest updates in the Southeast Asia Localization SuiteApp version 6.02.0 introduce several key enhancements to the Philippines Invoicing functionality:

NON-VAT Taxpayers

  • New Capability: Users can now specify whether a seller is a VAT or NON-VAT registered company. This identification is crucial for proper tax compliance and reporting.
  • Implementation: The relevant field is accessible under the Document Setup subtab within the Subsidiary Record for Philippine subsidiaries, labeled as the PH Seller Type list.
  • Printed Documents: When printed, the seller type (either VAT or NON-VAT), Tax Identification Number (TIN), and branch code will display prominently in the header of the Philippines documents, enhancing clarity and compliance with local regulations.

Ease of Paying Taxes (EOPT) Compliance

  • The updated invoicing functionality includes improved EOPT compliance, helping businesses more easily fulfill tax obligations.
  • This enhancement not only assists with regulatory adherence but also improves the overall invoicing process efficiency.

Exempt Transactions

  • The update addresses exempt transactions, providing frameworks and options for instances where tax exemptions apply. This creates flexibility in managing various transaction types and ensuring that invoices reflect appropriate taxation.

Who This Affects

  • Administrators: Responsible for configuring subsidiary records and ensuring compliance with local invoicing requirements.
  • Developers: Involved in customizing reports and invoices to accommodate the new functionalities.
  • Accountants: Users who handle taxation and invoicing processes will directly benefit from improved features and compliance tools.

Key Takeaways

  • The Philippines Invoicing functionality in NetSuite 2024.2 includes significant enhancements tailored for local compliance needs.
  • NEW capability to specify VAT or NON-VAT status for sellers boosts accurate tax reporting.
  • Enhanced compliance with EOPT standards aids in seamless tax obligation management.
  • Improved handling of exempt transactions offers flexibility in invoicing processes, crucial for various business scenarios.
Source: Philippines Invoicing — NetSuite Release Notes PDF. This article was generated from official Oracle documentation and enriched with additional context and best practices.

Was this article helpful?