▲ 1 r/Netsuite
Fix Tax on Credit Memo in Closed Period
Hello All,
A user accidentally used a taxable address on a Credit Memo when the address on the invoice was non taxable. The credit memo generated tax and was applied to a customer payment months ago in a now closed period (invoice didnt have tax so the CM was overstated). What is the best practice for reversing out this credit memo tax amount? Journal entry in the current period to reverse out the tax amount?
u/DrHenryKillingerr — 8 days ago