With the new year beginning and accounting teams working busily to close the prior year financials one of the biggest errors we see is offsetting journal entries stuck on your A/P Aging report. If you are posting offsetting journals that post to your Accounts Payable transaction without first adding an “A/P Clearing Vendor” you might be asking how to clean up your reporting. Below we will walk you step by step on how to clear up your A/P Aging and remove these transactions entirely.
Tags: NetSuite, ERP, Reporting, NetSuite How To's, Accounting, Financial, General Ledger, GL, Accounting Periods, Transactions, Journal Entry, Transaction Lines, Financial Report, Accounts Payable, AP Aging
In NetSuite manually creating statistical journal entries is like manually creating general financial journals with the exception that you do not provide financial specific data. Instead, you areutilizing the unit of measures we previously set up to allocate fees such as monthly rent per department or shipping cost by items sold. When manually creating statistical journals, you are also given the opportunity to make an absolute balance for multiple statistical accounts at the same time.
Having trouble with the error: “Ambiguity error on logical key multi-match”? This article helps you to add multiple line items with the same item on a transaction via CSV Import or you would like to add new line items to existing transactions using CSV file uploads.
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 process. A 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.
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.
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.
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.