Question

How can NetSuite be update to incorporate revised US state tax rates?

A. Rerun the tax import for the affected state
B. Create new Tax Groups with the new rates
C. The system automatically updates tax rates
D. Revise the Tax Codes with the new tax rates.

Answer 1

To update NetSuite with revised US state tax rates, you can rerun the tax import, create new tax groups, and revise tax codes.

Step-by-step explanation:

To update NetSuite to incorporate revised US state tax rates, you can follow these steps:

1. Rerun the tax import for the affected state: This involves importing the updated tax rates for the specific state into NetSuite.
2. Create new Tax Groups with the new rates: You can create new tax groups in NetSuite and assign the updated tax rates to them.
3. Revise the Tax Codes with the new tax rates: Modify the tax codes in NetSuite to reflect the revised tax rates.

These steps ensure that NetSuite accurately calculates and applies the revised tax rates for the respective US states.