Tax groups in NetSuite are a common way to manage different types of taxes. They are useful for businesses because they allow you to apply a group of tax codes to a single transaction. When you use tax groups, you can apply different types of taxes to transactions. By enabling the relevant subsidiaries, you can easily organize and track your different types of taxes. However, when using this feature, you need to be an administrator. 

Before setting up tax groups, you must create your tax code. If you want to add a new tax code, you need to edit the default one. The default value is 1. If you have multiple countries, you can create multiple Tax Codes. If you have a UK subsidiary, you should make sure that you have two or three tax codes per branch. After that, you can import the list to Rydoo. 

Next, you need to create nexuses in NetSuite. Nexuses are the provinces in which you will be remitting taxes. You can choose one or more nexuses if you plan to remit taxes from Canada. If you have more than one province in your company, you should use different methods for collecting taxes. To create a tax code, you need to go to the “Nexuses” section of NetSuite. 

You can also create new tax codes in NetSuite. This is useful if you have multiple locations or a business that has different taxes. For example, you may need to use a separate account for QST on purchases. This account is used to track the tax you pay on your purchases. You can also create other current liability accounts to store the tax codes. Then, add your tax groups and assign them to the appropriate Tax code. 

To create Tax Codes in NetSuite, first set up your Tax endpoints. Select the tax code you need for your company. If you’re using a single-country sales model, you should use a single tax code for each country. Then, select the countries you want to be able to charge. In NetSuite, you can also create multiple Tax Codes, depending on the amount of sales you have. 

Once you’ve set up a Tax Code, you need to configure the Tax module. Once this is done, you can import Tax Codes in NetSuite. Once you’ve imported your tax codes, you’ll need to set up tax groups for each region. Then, choose the tax group you want to import. In addition to creating a Tax Code, you should also create Tax Groups for your sales.