You can download a financial statement file from your bank or financial institution and manually upload it to NetSuite for reconciliation or expense tracking. During processing, NetSuite encrypts financial data files for security. Once processing is complete, the files are deleted and not retained. When you import data for bank or credit card reconciliation, NetSuite applies reconciliation rules to automatically match the imported bank lines with corresponding account transactions.
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UPS has a new regulatory requirement for shipping to Germany. Starting January 1, 2025, shipments weighing 10 kilograms or more will require clear weight labeling to meet compliance laws.
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Using Multiple Units of Measure alongside Serialized Inventory or Lot Tracking gives you greater flexibility in handling sales, purchases, and inventory transactions for items in various units.
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The Multiple Units of Measure feature allows you to define different units for stocking, purchasing, and selling inventory items, as well as tracking non-monetary accounts.
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When an in-stock item is sold, NetSuite decreases the inventory asset account balance and increases the Cost of Goods Sold (COGS) account balance. If an out-of-stock item is sold, NetSuite adjusts the on-hand value of that item with what's known as a "system COGS adjustment," which can appear on financial reports or within transactions.
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Item records allow you to track and manage the goods and services your company buys and sells in the course of doing business. This can be done by using two files during the upload: one is for Primary, the other is for Item Members. Below are the steps:
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A fulfillment request serves as an intermediary transaction between a sales order and the actual fulfillment process in the order fulfillment workflow. Essentially, it is a request to fulfill a sales order. This process allows employees at a fulfillment location, typically a store, to manage orders that need to be shipped to or picked up by customers. At the store, employees can view, accept, reject, and process fulfillment requests to complete the order.
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The Trial Balance is a report that displays the balance of each active account as of a specific date, typically the end of the month. The account balances are listed in both debit and credit columns. Accountants generate this report before creating financial statements to ensure that the debits and credits are balanced. Once the trial balance is in equilibrium, the financial statements can be prepared. To view the Trial Balance report, follow these steps: Navigate to Reports > Financial > Trial Balance.
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NetSuite allows you to import current sales tax codes for the states where you apply sales tax. Every month, NetSuite refreshes its database with the latest tax rates for all U.S. states. The Version field on the State Tax Import page shows the date when the tax rate change becomes effective. NetSuite sources these tax updates from Wolters Kluwer, and you can find more information on their website at wolterskluwer.com.
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You can use the Mass Updates feature to locate multiple records with outdated information and update all their fields at once.
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