NetSuite Suite Foundation Certification Practice Test 2025 – Complete Prep Guide

To make items taxable in a OneWorld account, assigning a tax schedule on the item record is essential. This step links the item to a specific tax structure that determines how tax is applied during transactions.

Each tax schedule contains the necessary details about the tax rates and rules applicable to the item, ensuring that the correct amounts are calculated based on the current taxation laws and business policies. Without this assignment, the item lacks the critical information required to assess taxes accurately at the point of sale.

It's also important to note that setting the taxable flag on the item to "Yes," creating tax schedules for groups of items, and adding the item to the appropriate tax schedule may contribute to the overall tax functionality, but the fundamental requirement lies in the direct assignment of a tax schedule to the item record itself. This establishes a clear link between the item and its tax treatment in the accounting system.