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Date/Period Mismatch – Life-to-Date

Posted by Justin Myung, Consultant on Oct 6, 2022 9:45:05 AM

There are many reasons why a company may want to have dates and periods not match-up.  One common reason may be related to the month-end close processA company may want to enter the actual date (which is in a prior period) of a vendor bill, but since the previous period has already been closed, they will post to the current period for financial purposes.  NetSuite can allowtransaction dates outside of the posting periods through the company’s Accounting Preferences.  This can increase the risk of unwanted date/period mismatches as well as cause headaches for reconciliations between AR/AP Aging reports to the Balance Sheet.  One way to monitor this is through a Saved Search. 

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Tags: NetSuite, Reporting, NetSuite How To's, Accounting, NetSuite Tips, Accounting Periods, Saved Search, Transactions, Date Mismatch

Creating a Month-By-Month Balance Sheet for Last 3 Periods

Posted by Justin Myung, Consultant on Sep 20, 2022 9:00:00 AM

You want to review month over month movement of your Balance Sheet.  You will notice in order to see a month-by-month trend, you can add the Accounting Period on the columns, but it shows all the historical periods.  Are there times you would like a quick view of the Balance Sheet for recent periods.  Your options could be running it for all periods and deleting the columns you don’t need in excel or manually set the periods using custom periods.  The process below will help you run a dynamic balance sheet by month for the last 3 periods by changing the date on the Reports Page without having to go back to the customization page.  

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Tags: NetSuite, Reporting, NetSuite How To's, Accounting, NetSuite Tips, Trend, Balance Sheet, Statement

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

Get an Undeposited Funds as of Date Report

Posted by Justin Myung, Consultant on Sep 6, 2022 10:59:29 AM

Have you ever wondered if there was an easier way to get a detail report of Undeposited Funds for a previous Date?  If you have a lot of transactions that flow in and out of this account, it can be a daunting task if you don’t reconcile this right after month-end close or even if there happened to be back-dated transactions after you month-end bank reconciliation.   The following search will help you download a saved search report to solve that issue. 

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Tags: NetSuite, Reporting, NetSuite How To's, Accounting, NetSuite Tips, Financial, Bank Reconciliation, Bank Account, Saved Search, Transactions, Undeposited Funds

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 Resolve Period and Date Mismatches

Posted by Mariella Marquez, Consultant on Jul 12, 2022 1:30:00 PM

Have you ever noticed that your Balanced Sheet and Income Statement have different month end balances?

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Tags: NetSuite, Accounting, Accounting Periods, Saved Search, Transactions, Date Mismatch

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

Change in JP Morgan Chase Connections for U.S. Bank Feeds in NetSuite

Posted by Kevin Suh, NetSuite Administrator on May 4, 2022 2:27:54 PM

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.

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Tags: NetSuite, Reporting, NetSuite How To's, Accounting, NetSuite Tips, Financial, Bank Reconciliation, Bank Account, data, Excel, Bank Statements

Write Off Bad Debt

Posted by Mariella Marquez, Consultant on Apr 25, 2022 11:08:46 AM

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.

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Tags: NetSuite, Reporting, NetSuite How To's, Accounting, NetSuite Tips, Financial

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