Table of Contents
- Support for Taxes
- Support for FX Gains or Losses
- Support for Inter-company Journal Entries
- Detailed Breakdown of NetSuite
Ramp's International Accounting Support for NetSuite automates and streamlines global transactions. It accurately matches Ramp credit card transactions with the correct tax code, calculates foreign exchange (FX) fees, and generates inter-company journals when needed.
Support for Taxes
How it works
Support for FX Gains or Losses
How it works
Support for Inter-Company Journal Entries
Detailed Breakdown of NetSuite
Currency: Vendors in NetSuite have a primary currency (which is the default for that vendor) but they can also accept other currencies. Ex: Amazon's primary currency is USD but it may also accept GBP, CAD, etc.
A NetSuite OneWorld instance has a primary reporting currency. This currency is usually the currency of a corporation’s holding company, and is the currency in which all consolidated reporting is performed. By default, any new subsidiaries created within a NetSuite OneWorld instance will use this reporting currency if an alternative currency isn’t specified.
Subsidiaries have a functional currency in which local accounts are managed. It may be the same as the overall reporting currency or it may be different. When a subsidiary has a non-USD functional currency, Ramp will sync transactions in the original currency of the transaction, as long as the vendor accepts the currency, and that transaction amount will be converted to the functional currency of the subsidiary.
Tax codes in NetSuite are tied to a specific country in NetSuite. Additionally, you can see what tax code is the default by:
- Look up "page: tax codes" in the NetSuite search bar up top and selecting it
You will be navigated to a page that looks similar to the one below
- The right hand most column says "Default Code" with a Yes or No. Here is where you can see the default code per country (only one default code is allowed per country)
- Note: if this column is not visible, select "Edit View" button right below "Tax Codes" and add "Default Code" to the view (picture below)
This means that when someone syncs over a transaction or creates one within NetSuite, that tax rate will take effect on the transaction
- Ex: if default tax rate = 10%. We attempt to sync a $100 transaction and it will add a 10% tax rate to that transaction to have a total of $110 (which is incorrect).
How does Ramp handle FX Gain / Loss for Statement Payment syncing?