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Why is the tax rate showing in NetSuite off?

  1. Last updated
    07:24, 8 Nov 2016
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Overview

When calculating tax in Netsuite the tax rate being shown is incorrect but the tax amount is correct

Environment

Netsuite

Resolution

  • The way the tax rate field works is it takes the Taxable amount times it by X percent to get the tax
    • For example we are selling a 1$ product to Texas which is 80% taxable which comes to the tax amount of .07 cents
      • This would show in NetSuite as .80 ✖ Y = .07 
        • Because of this logic, Y would equal 8.75 the tax amount is correct, the rate shown is off.
        • This normally only happens with small values due to rounding