VAT Errors Eliminated: NetSuite Updated for EOPT Law Compliance

Key Results

After Stockton10 reconfigured the NetSuite setup, the finance team saw major improvements in how Value-Added Tax (VAT) was handled under the new EOPT law:

After Stockton10 reconfigured the NetSuite setup, the finance team saw major improvements in how Value-Added Tax (VAT) was handled under the new EOPT law:

After Stockton10 reconfigured the NetSuite setup, the finance team saw major improvements in how Value-Added Tax (VAT) was handled under the new EOPT law:

 Automation  eliminated most mistakes from manual VAT entry

 Previous VAT transactions remain accurate, while the new changes apply only on a prospective basis.

NetSuite now ensures complete VAT traceability, making invoices the definitive source of truth for financial records.

Visual representation of simplified reporting for Stockton10, highlighting clear data trends and user-friendly analysis.

Chart showing gross sales compliance metrics for Stockton10, highlighting key performance indicators and trends.

Client Overview

In Business Since: 2021

Industry: Telecommunication and Construction

Challenge

When the EOPT Act was released, businesses across the Philippines had to rethink how VAT was recognized and reported. This meant reworking old NetSuite setups that weren’t built for the new rules.

The biggest hurdles were:

When the EOPT Act was released, businesses across the Philippines had to rethink how VAT was recognized and reported. This meant reworking old NetSuite setups that weren’t built for the new rules.

The biggest hurdles were:

When the EOPT Act was released, businesses across the Philippines had to rethink how VAT was recognized and reported. This meant reworking old NetSuite setups that weren’t built for the new rules.

The biggest hurdles were:

Solutions

Stockton10 reviewed the NetSuite environment and applied changes that kept reporting accurate while ensuring full compliance with the new rules.

The solutions implemented were:

A graphic showing five compliance measures related to VAT in the Philippines.  Script review: Investigated VAT recognition scripts to identify compliance gaps.  Accrual adjustment: Shifted VAT recognition to invoicing stage to align with new tax regulations.  Prospective application: Disabled VAT recognition tied to official receipts; applied changes only to new transactions, leaving past records intact.  Template update: Updated invoice templates to match BIR’s required format and wording for EOPT compliance.  Gross Sales compliance: Configured NetSuite reports to follow BIR’s consolidated “Gross Sales” standard for PH VAT.

Stockton10 reviewed the NetSuite environment and applied changes that kept reporting accurate while ensuring full compliance with the new rules.

The solutions implemented were:

A graphic showing five compliance measures related to VAT in the Philippines.  Script review: Investigated VAT recognition scripts to identify compliance gaps.  Accrual adjustment: Shifted VAT recognition to invoicing stage to align with new tax regulations.  Prospective application: Disabled VAT recognition tied to official receipts; applied changes only to new transactions, leaving past records intact.  Template update: Updated invoice templates to match BIR’s required format and wording for EOPT compliance.  Gross Sales compliance: Configured NetSuite reports to follow BIR’s consolidated “Gross Sales” standard for PH VAT.

Stockton10 reviewed the NetSuite environment and applied changes that kept reporting accurate while ensuring full compliance with the new rules.

The solutions implemented were:

A graphic showing five compliance measures related to VAT in the Philippines.  Script review: Investigated VAT recognition scripts to identify compliance gaps.

Accrual adjustment: Shifted VAT recognition to invoicing stage to align with new tax regulations.

Prospective application: Disabled VAT recognition tied to official receipts; applied changes only to new transactions, leaving past records intact.

Template update: Updated invoice templates to match BIR’s required format and wording for EOPT compliance.
Gross Sales compliance: Configured NetSuite reports to follow BIR’s consolidated “Gross Sales” standard for PH VAT.

Don’t let new tax rules slow you down.

Stay compliant and error-free with Stockton10.

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