How do you know if you need intercompany transactions: Intercompany Sales Orders and Purchase Orders? Typically if you have multiple subsidiaries that provide goods and services between subsidiaries, you will need intercompany transactions in NetSuite. Many companies use spreadsheets to track the amounts to remove from financial statements so that the revenue or expenses are not double counted when multiple subsidiaries’ financial statements are consolidated. NetSuite has native functionality to help record, manage and reconcile these types of intercompany transactions automatically.

Tags: Project Management, NetSuite How To's

This article is geared towards NetSuite Administrators and NetSuite super users. Personally, I’ve worked on quite a few implementations and early on, one of the NetSuite behaviors that stumped me was how some environments had a drop-down list versus others had the predictive search text or double down arrow to open a list. Specifically on any transaction when entering items.

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As a NetSuite User, Administrator or Implementor, you don’t have to be a professional accountant. However, knowing some basic concepts helps you understand how your department or function impacts the company’s financials. With some basic accounting knowledge, you can validate if the item or transaction is configured correctly, meaning is it hitting your financial statements the way that it should. For the non accountants, there are 2 accounting concepts that are helpful: a basic accounting equation that always have to balance plus the use of debits and credits.

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A memorized transaction is a transaction you set up to recur in NetSuite. Memorizing transactions allows user to record transactions frequently depending on the frequency that the user has defined.

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Did you know that you can include landed costs on your inbound shipments? In this blog, I am going to build upon the prior Inbound Shipments blog, by sharing with you NetSuite’s functionality on how to include landed costs with inbound shipments.

Tags: NetSuite How To's, NetSuite Tips

How many times have you created an intercompany bill and lost track of if you created the corresponding intercompany invoice to offset? Or you are doing your audits and take forever to find the corresponding intercompany transaction?

 

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A common headache for our Client's accounting departments month end process is expense allocations. It's often time consuming and having to remember or keep track of the allocation methodology used each time. NetSuite has an Advance Financial tool that does just that automatically.

 

Tags: Project Management, NetSuite How To's

NetSuite and Salesforce are two powerhouses in the cloud business tools industry. In some ways they compete for customers. NetSuite can provide many of the same tools as Salesforce, however, there are many organizations who decided NetSuite will be the system of record for financials, manufacturing, inventory, order processing, etc yet rely on the power of Salesforce for CRM.

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A challenge for Non For Profit NetSuite Clients are the numerous segmentations that can be applied in a transaction. A Donation, Pledge, or Grant record could require multiple segmentations to help the Client manage funds that are coming into the organizations; many funds have specific applications or restrictions on how it can be used. If used improperly, it can cause Client to lose the funds. SuiteKey is designed specifically to help the User more efficiently enter data on a transaction level.

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If you maintain inventory that has variable attributes (commonly size, color, or style) in NetSuite, then you are probably familiar with matrix items. Matrix items are an excellent option for organizations that sell products which are fundamentally similar in form (i.e. t-shirts) but differ in one or two categories (i.e. size and color), as they allow you to group all of the related the child items under a common parent. While these capabilities are extremely useful for products with options that need to be tracked distinctly, there are some cases where item options need to be captured on transactions for informational purposes and are not actually separate products. In these scenarios, transaction item options might be a better fit. In this blog post, I’ll provide an overview of transaction item options to help you decide if it’s the right approach for your requirements.

Tags: Project Management, NetSuite How To's