Taxation

Tax Liability Payment Transaction in SuiteTax

Starting from 2024.2, you can record payments of tax liabilities to tax authorities using a new tax liability payment transaction type. This was not possible in SuiteTax before the Tax Liability Payment Transaction feature. To use this feature, you need to have an accountant role or a role with the Tax Liability Payment permission.

With the introduction of the Tax Liability Payment Transaction feature, you can now do the following when creating a tax payment transaction:

• Enter tax liability payments details

• Adjust the tax payable account prior to recording a tax payment

• Process payments to tax authorities only if there is a tax amount due to the tax authorities.

You can create tax payment transactions to settle U.S. Sales tax, VAT, and GST. You can also void and delete tax payment transactions.

To create a tax liability payment transaction, go to Transactions > Bank > Create Tax Liability Payment.