Withholding Taxes in SuiteTax

Please be aware of the following items regarding the current withholding tax capabilities:

• Withholding tax codes are not automatically provisioned. You must set them up manually.

• There are no automatically provisioned reports available for withholding taxes. You must create your own reports and searches using the available analytic tools.

• SuiteTax only supports the accrual basis of tax recognition. For withholding taxes recognized upon payment, you can assign a deferral tax liability or receivables account when you set up tax types. A manual reclassification journal to the actual withholding tax liability or receivables account must be done when the invoice or bill is paid. SuiteTax does not support deferral taxes (taxes posted upon payment).

To process withholding taxes in SuiteTax, you must set the following configurations:

• Withholding tax type. For more information, see Withholding Tax Type.

• Withholding tax code. For more information, see Withholding Tax Codes.

• Tax group containing withholding tax codes. For more information, see Withholding Tax Group.

• Default withholding tax group for entity, tax schedule, and nexus records. For more information, see Withholding Tax Defaults.

General Notices