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.
Tags: NetSuite, NetSuite How To's, NetSuite Tips, Fixed Asset, Billing, T&M, Time and Material, Expenses, Project, Charges
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.
Tags: NetSuite, Reporting, NetSuite How To's, NetSuite Tips, FAM, Fixed Asset, Troubleshoot, Asset Transfer, Locked Period, Fixed Asset Management
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.
Tags: NetSuite, NetSuite How To's, NetSuite Tips, Fixed Asset, Troubleshoot, Net Book Value, Cumulative Depreciation
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.
Tags: NetSuite, NetSuite How To's, NetSuite Tips, Project Time Entry, Troubleshoot, Errors, Time Entry, Billable Time
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.
Tags: NetSuite, NetSuite How To's, Accounting, NetSuite Tips, Financial, Transactions, Vendor, Vendor Payments, Bills, Bill Payment
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.
Tags: NetSuite, Reporting, NetSuite How To's, Accounting, NetSuite Tips, Segmentation, Financial, Transactions, Classification, Income Statement, Journal Entry, Trial Balances, Reclass
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.
Tags: NetSuite, NetSuite How To's, Accounting, NetSuite Tips, Financial, Customize, FAM, Fixed Asset, Asset Record
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.
Tags: NetSuite, NetSuite How To's, Accounting, NetSuite Tips, Financial, Intercompany Accounts, Go Live, Open Balance Upload, Open Transaction Upload
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...
Tags: NetSuite, NetSuite How To's, NetSuite Tips, data, Calculate Total, Excel
What is Integration Governance? Integration Governance helps manage the multiple 3rd party integration calls or internal script requests. It is very likely you may run into a concurrency issue if your NetSuite environment is heavily customized with scripts, have several API or EDI connections such as marketplace integrations (Amazon, eBay, HomeDepot, etc), and/or have 3PL connections. NetSuite limits the number of simultaneous calls into NetSuite at one time. When this happens, your call will fail and result in an error.
Tags: NetSuite, NetSuite How To's, NetSuite Tips, NetSuite Integrations, SuiteCloud, NetSuite Administrator, Concurrency, Performance, Connectors
