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

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

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 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.

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

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.

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

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.  

Tags: NetSuite, Accounting, Segmentation, Financial, COA, General Ledger, Chart of Accounts, GL

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. 

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

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.

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

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?”

Tags: ERP, Accounting, eCommerce, Retail

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.

Tags: NetSuite, Accounting, eCommerce, Warehouse Management System (WMS)