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.
You might have received a notice last month regarding the news that JP Morgan Chase (JPMC) is moving away from Screen Scraping technology and will no longer support connections to their credential-based sites. Per notification, this change is part of JPMC’s transition to Open Banking technology which aims to improve security and ensure smooth bank feeds connection. If you are using the NetSuite Bank Feeds SuiteApp which may be importing data from the JP Morgan Chase & Co. (JPMC) financial institution, you might have encountered the bank data import errors on or after April 21, 2022.
Have you noticed small increments of one or two pennies in your A/R Aging report? Do you have some bad debt that you need to write off your books due to unresponsive clients? The following process will walk you through how to enter a Journal and process the customer payment to remove these from your Accounts Receivable reporting.
In a previous blog we explored Netsuite Purchase Request vs. Purchase Requisition. In this blog we’ll explore the complexity of chart of accounts redesign. We provide some tips and learnings from a previous chart of accounts redesign project.
Are you nearing the end of your NetSuite implementation and diving into the data migration of GL history and open transactions at Go Live? Are you wondering how open Accounts Receivable (AR), open Accounts Payable (AP), Inventory balances and outstanding checks will be migrated into NetSuite without duplicating the GL impact from GL history? As an accountant who implements NetSuite, I’d like to share some best practices on this with you.
This article is geared towards use cases where recurring billing is needed. The need for billing schedules is becoming a bigger necessity as more businesses move to subscription type billing. While in this case we are not leveraging the contracts module in NetSuite, we can leverage the standard billing schedules functionality on the sales order form by following these steps.
Maybe you’ve read my last blog, 5 Symptoms of a Siloed Ecommerce & Back End System, and concluded – “yes, this is me. I have siloed systems”. The next question is always going to be “So what should I do about it?”
You’ve invested in a fantastic ecommerce solution to be the online face of your company. You make it to look nice and provide your customers with the online shopping experience that they are looking for during the digital age. It also gives you the unique ability to reach your customers when your products are top of mind - when they are looking to make a purchase. And during the COVID-19 pandemic, or any similar crisis in the future, it’s the ONLY way for you to reach your customers.
Accounting Software is supposed to make running and managing your business easier, more efficient, and should give you visibility into your business. However, many owners are trying to run a sophisticated and complex business on rudimentary software. Their accounting team become frustrated and take too much time getting basic information. This costs owners money and does not give them real-time visibility into their business.
The cell phone industry has a lot of moving parts. Whether you’re a unit, parts, or accessories distributor or you do cell phone repairs, you’ve got a lot of items to keep track of. Not only do you have to handle all the standard business functions – marketing, sales, accounting, customer management, etc. – but you also have a lot of different kinds of inventory in multiple locations to keep track of.