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Steps to Create the Chart of Accounts in NetSuite

Posted by Nicole Watson, Senior NetSuite Consultant on Oct 12, 2021 12:38:19 PM
Before NetSuite consulting, I worked in corporate accounting for several years as a CPA. From my NetSuite implementation experience, I have come to find it helpful to share the following information when thinking about and configuring a chart of accounts in NetSuite for the first time – or even if you are re-designing your chart of accounts. I hope you find the information below helpful when thinking about and creating your chart of accounts in NetSuite.
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Tags: NetSuite How To's, NetSuite Tips

Accounting 101: Intercompany PO and SO

Posted by Sara Duong, Consultant on Sep 30, 2021 10:04:43 PM
How do you know if you need intercompany transactions: Intercompany Sales Orders and Purchase Orders? Typically if you have multiple subsidiaries that provide goods and services between subsidiaries, you will need intercompany transactions in NetSuite. Many companies use spreadsheets to track the amounts to remove from financial statements so that the revenue or expenses are not double counted when multiple subsidiaries’ financial statements are consolidated. NetSuite has native functionality to help record, manage and reconcile these types of intercompany transactions automatically.
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Tags: Project Management, NetSuite How To's

NetSuite Drop Down vs List

Posted by Jesse Guzman, Consultant on Sep 15, 2021 2:30:00 PM
This article is geared towards NetSuite Administrators and NetSuite super users. Personally, I’ve worked on quite a few implementations and early on, one of the NetSuite behaviors that stumped me was how some environments had a drop-down list versus others had the predictive search text or double down arrow to open a list. Specifically on any transaction when entering items.
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Tags: Project Management, NetSuite How To's

Accounting: Debits and Credits 101

Posted by Sara Duong, Consultant on Sep 14, 2021 4:06:23 PM

As a NetSuite User, Administrator or Implementor, you don’t have to be a professional accountant. However, knowing some basic concepts helps you understand how your department or function impacts the company’s financials. With some basic accounting knowledge, you can validate if the item or transaction is configured correctly, meaning is it hitting your financial statements the way that it should. For the non accountants, there are 2 accounting concepts that are helpful: a basic accounting equation that always have to balance plus the use of debits and credits.

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Tags: Project Management, NetSuite How To's

Memorized Transactions

Posted by Kevin Suh, NetSuite Administrator on Aug 29, 2021 7:35:36 PM

A memorized transaction is a transaction you set up to recur in NetSuite. Memorizing transactions allows user to record transactions frequently depending on the frequency that the user has defined.

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Tags: NetSuite How To's, NetSuite Tips

Metrics for Warehouse Productivity

Posted by Kevin Suh, NetSuite Administrator on Aug 12, 2021 11:49:20 AM

Measuring warehouse productivity is very important. It is a measurement of how well you manage this conflict, together with factors like on-time delivery and warehouse utilization. Here are the top warehouse metrics for measuring success:

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Tags: Wholesale Distribution, Warehouse Management System (WMS)

Landed Cost on Inbound Shipment

Posted by Nicole Watson, Senior NetSuite Consultant on Aug 3, 2021 11:25:24 AM

Did you know that you can include landed costs on your inbound shipments? In this blog, I am going to build upon the prior Inbound Shipments blog, by sharing with you NetSuite’s functionality on how to include landed costs with inbound shipments.

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Tags: NetSuite How To's, NetSuite Tips

5 Ways NetSuite’s Warehouse Management System Help Improve Operations

Posted by Stephen Kavianian, Business Development Manager on Aug 2, 2021 4:27:47 PM

For distributors across the world, the warehouse is the most critical component of the supply chain. Sometimes a warehouse is solely look at a place where storage is kept, but that storage is revenue. Having a way to efficiently and effectively move product in and out of your warehouse is key to ensuring your company is running at its max potential.

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Tags: ERP, Project Management

Why Companies Looking to IPO Should Consider NetSuite

Posted by Stephen Kavianian, Business Development Manager on Jul 14, 2021 11:19:59 AM

2020-2021 was a tough year for many companies as the COVID-19 Pandemic instilled a level of uncertainty in today’s business climate. But even then, we saw a large number of innovators push through and successfully IPO during a pandemic.

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Tags: ERP, Project Management

Intercompany: How to create a paired intercompany invoice and vendor bill

Posted by Sara Duong, Consultant on Jul 6, 2021 8:26:42 AM

How many times have you created an intercompany bill and lost track of if you created the corresponding intercompany invoice to offset? Or you are doing your audits and take forever to find the corresponding intercompany transaction?

 

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Tags: Project Management, NetSuite How To's