If your organization has set up Tax Codes in Netsuite to track the tax on sales ( viz., VAT, GST) and submit a report to the Government, you would want to leverage these codes in Fyle while an employee is creating their expense. It would also help export Fyle's expenses with the correct tax and GL code to Netsuite.
Follow the steps below to start using Tax codes from Netsuite in Fyle. Before configuring the Tax options in your Fyle- Netsuite integration, kindly update your Fyle-Netsuite Suite Bundle by following this guide.
Importing Tax codes from Netsuite to Fyle
1. Log in to your Fyle- Netsuite integration using your Fyle Admin credentials.
2. If this is your first time accessing the Integration, kindly follow the steps here to complete the Onboarding.
3. If you have been using the Fyle-Netsuite Integration for a while and are looking to set up Taxes head to Configurations > General > Import Netsuite Tax details
4. Enable the option to Import Tax codes from Netsuite as Tax groups in Fyle. Note that, currently, the Integration supports only the import of Tax code from Netsuite and not Tax groups.
5. All the Tax codes from Netsuite would now be available in Fyle as Tax groups under Admin settings > Expenses > Taxes. If you wish to rename or disable a Tax group, you could do so from the Admin settings page.
Mapping Tax groups from Fyle to Tax codes in Netsuite
If you have already created Tax groups in Fyle and now wish to map them to their counterparts in Netsuite, you could achieve this in the Tax Group Mapping section of the Fyle-Netsuite Integration.
6. To map a Fyle Tax group to Netsuite Tax code, head to Tax Group Mapping and hit New Tax Group Mapping.
7. Select the Tax Group from Fyle and its counterpart in Netsuite to complete the mapping.
8. Now, all the expenses that carry the tax group value created in Fyle will be exported to Netsuite with a corresponding Tax code as per the mapping established in the Tax Group Mapping section.
Some points to note:
The option to Import Tax code and Map Tax group would be available only if you have established the Integration with a non-US subsidiary of Netsuite.
If you have created any negative Tax rates in Netsuite, they cannot be imported or mapped to a Fyle Tax Group.
If the Import Tax option is enabled in the Integration, but the Fyle expense does not carry any Tax group, then the export from Fyle to Netsuite would be mapped to a default Tax rate of 0% in Netsuite for that Subsidiary.
Sample Expense exports from Fyle to Netsuite showcasing Tax code
Journal Entry in Netsuite
Expense Report in Netsuite
Bill in Netsuite
If you need assistance in setting this up, do not hesitate to contact us at [email protected].