- Default Tax Code: This is used when you are processing payments that do not have a bill or invoice. For example, payments that were done by debit card. Then the tax is automatically calculated, unless you change the tax code on the line. If you do not wish to have tax calculated, select an Exempt tax code (usually E-XX, for example E-NL). For non-VAT nexuses, choose -Not Taxable
- Foreign currency tolerance %: We recommend to set to 0.02 (2%) or smaller
- if the difference <set% - Standard NetSuite functionality will be used to auto Write off currency difference to realised gain & loss account
- if the difference >set% - select custom payment difference reason
- Payment in Transit Account: Some NetSuite users create payment records to a payment in transit account. Selecting that account here will make the payments on this account show up in the Closed Transactions option in the popup on the bank statement.
Example: a NetSuite electronic payment EFT batch is created against a payment in transit account (no real bank account). When entering the bank statement with the EFT payments users will select the vendor/employee and wait for the popup to open. User will then select 'Show closed transactions'. The payments on the payment in transit account will now show and may be attached to the bank statement.
- Disable reconciliation warnings: will disable the yellow WARNING boxes after saving a bank statement.
- Japan tax rounding preference: Only required if you have a subsidiary in Japan