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Sara Duong, Consultant

Sara Duong, Consultant
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Recent Posts

Charge Rules: Deeper Dive Into Time-Based Charges

Posted by Sara Duong, Consultant on Dec 1, 2022 12:00:56 PM

In a previous blog (https://blog.concentrus.com/charge-rule-overview) we walked through a high overview of NetSuite’s Project Charge Rules.  In this article, we will dive a little deeper into more complex Time-Based rules.  

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Tags: NetSuite, NetSuite How To's, NetSuite Tips, Billable Time, T&M, Time and Material, Project, Charges, Invoicing

Charge Rule Overview

Posted by Sara Duong, Consultant on Nov 29, 2022 9:11:27 AM

If you are a service based or project based business, NetSuite provides flexibility in how to track charges and invoice customers.  Besides standard invoicing functionality (simple unit times price per unit), NetSuite provides a project based billing called Charge Rules.  

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Tags: NetSuite, NetSuite How To's, NetSuite Tips, Fixed Asset, Billing, T&M, Time and Material, Expenses, Project, Charges

Fixed Asset Management Tips and Tricks

Posted by Sara Duong, Consultant on Nov 3, 2022 12:40:27 PM

Once assets are loaded in NetSuite’s Fixed Asset Management module (“FAM”), besides initiating monthly depreciation, there are some ongoing troubleshooting or maintenance.  This blog will share some common tips and tricks.  

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Tags: NetSuite, Reporting, NetSuite How To's, NetSuite Tips, FAM, Fixed Asset, Troubleshoot, Asset Transfer, Locked Period, Fixed Asset Management

Fixed Asset Management: Troubleshooting Net Book Value

Posted by Sara Duong, Consultant on Oct 21, 2022 11:13:34 AM

NetSuite’s Fixed Asset Management Module (“FAM”) is a great tool to manage the full life of an asset.  It gets a little tricky when you load in assets at mid-life.  Several things can throw off your balances and values.  Let’s say it’s been a few months since you’ve implemented the FAM module and you’ve run a few deprecation transactions with the module. You notice that the cumulative deprecation from your asset records do not match the cumulative depreciation on your Balance Sheet. Below are a few tips on how to troubleshoot and fix the issue.  

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Tags: NetSuite, NetSuite How To's, NetSuite Tips, Fixed Asset, Troubleshoot, Net Book Value, Cumulative Depreciation

Common Project Time Entry Troubleshooting

Posted by Sara Duong, Consultant on Oct 12, 2022 11:55:08 AM

Time entry is important for many different businesses, particularly project based businesses.  For instance, service companies charge their clients by the hour.  Therefore, tracking and billing the correct number of hours by project determines the profitability of a company Ultimately, it helps companies track costs or billable time is the source of their revenue.   

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Tags: NetSuite, NetSuite How To's, NetSuite Tips, Project Time Entry, Troubleshoot, Errors, Time Entry, Billable Time

How to Set Up Vendor Prepayments

Posted by Sara Duong, Consultant on Sep 13, 2022 9:21:44 AM

What are Vendor Prepayments? When Vendor requests a deposit or payment before a Purchase Order is approved or before a Vendor Bill is issued, you can record this payment as a Vendor Prepayment in NetSuite.  

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Tags: NetSuite, NetSuite How To's, Accounting, NetSuite Tips, Financial, Transactions, Vendor, Vendor Payments, Bills, Bill Payment

Best Practice for Reclassing General Ledger Account Segmentation

Posted by Sara Duong, Consultant on Sep 1, 2022 12:13:44 PM

What is Segmentation in Netsuite? Segmentation or classification are ways to categorize entity (Vendor, Customer, Item) records and transactions amounts in NetSuite.  For instance, you may want to see your Income Statement separated out by Location; Location will be a classification field on your transactions.  There is native reporting function that will automatically break up your Financial Statements in segmentations.  

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Tags: NetSuite, Reporting, NetSuite How To's, Accounting, NetSuite Tips, Segmentation, Financial, Transactions, Classification, Income Statement, Journal Entry, Trial Balances, Reclass

How to Add a Field and Custom Segment to Fixed Asset Record

Posted by Sara Duong, Consultant on Jun 30, 2022 1:55:32 PM

So you are getting ready to implement the Fixed Asset Management (FAM) module in NetSuite. After configurations and set up, you are ready to load your assets. Looking at the Asset Record, you realize there are some additional fields you want to add or some existing fields you want to move around. Below is a quick How To on customizing the Asset Record entry form to best suit your company’s needs.

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Tags: NetSuite, NetSuite How To's, Accounting, NetSuite Tips, Financial, Customize, FAM, Fixed Asset, Asset Record

How to Upload InterCo Open Balances

Posted by Sara Duong, Consultant on Jun 20, 2022 8:53:07 AM

Congratulations! You are ready to go live with NetSuite! Before you start entering live transactions, the Opening Balance Sheet needs to be entered; this is your starting balance for your financial statements. Normally, this is a simple Journal Entry upload of your last closed period’s Balance Sheet. However, if you have Intercompany Accounts with balances, then a simple one step Journal Entry will not be enough. Intercompany Accounts require additional set up and separate Journal Entries for each customer or vendor.

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Tags: NetSuite, NetSuite How To's, Accounting, NetSuite Tips, Financial, Intercompany Accounts, Go Live, Open Balance Upload, Open Transaction Upload

Excel Tip – Solver Add On

Posted by Sara Duong, Consultant on May 3, 2022 12:37:13 PM

You find yourself working with columns and columns of data for a client. In this particular scenario, you need to find a combination of transactions that total a certain amount. As you can imagine, this can be endless amounts of combinations to iterate through. There is a data trick using an Excel add-in called Solver. Here’s how it works...

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Tags: NetSuite, NetSuite How To's, NetSuite Tips, data, Calculate Total, Excel

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