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.
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?
A common headache for our Client's accounting departments month end process is expense allocations. It's often time consuming and having to remember or keep track of the allocation methodology used each time. NetSuite has an Advance Financial tool that does just that automatically.
A challenge for Non For Profit NetSuite Clients are the numerous segmentations that can be applied in a transaction. A Donation, Pledge, or Grant record could require multiple segmentations to help the Client manage funds that are coming into the organizations; many funds have specific applications or restrictions on how it can be used. If used improperly, it can cause Client to lose the funds. SuiteKey is designed specifically to help the User more efficiently enter data on a transaction level.
Whether you have in house developers or working with NetSuite Partners, it is good to have some standards around testing implementations and new customizations. Generally, for brand new implementations or customizations, the testing advice is the same though the individual cases may be different.
If you are thinking of implementing NetSuite's Fixed Asset Management Bundle, you will most likely have existing assets that are currently being depreciating. These are the Mid Life Assets that you will need to bring into the Fixed Asset module. I want to share with you some tips and tricks that have helped me when I've uploaded assets for customers.
As much as we plan and prepare, most projects will run into situations that throw either budget, schedule, or both off tracks. Sometimes you can save the go live date or budget and sometimes you need to make a change. This is where the project manager is worth their weight in gold. Generally speaking, there are 3 stages a project manager goes through when a project is off track. How well a project manager handles each stage is a direct impact to the success of the project.
As a NetSuite Administrator, it's important to know tips and tricks of how to troubleshoot and manage system integrity. NetSuite provides an Administrator with a lot of auditing tools to help him or her do their job well. Below are a few more commonly used auditing functions.
NetSuite ERP has a powerful and robust database structure; it consumes data and outputs data in either it’s the rawest form or organized summaries. NetSuite users are used to massaging and manipulating data. VLOOKUP is a common EXCEL function that is used to map data together. If you want something better but just not at a Dba level, INDEX and MATCH are powerful EXCEL functions.