Establishing an Accounting List
Accounting lists are vital tools for organizing values related to accounting across various records, including transactions, items, budgets, customers, projects, and vendors. This article outlines how to review existing values, add new values, and provides an overview of the different types of accounting lists that may be available in your NetSuite account.
Reviewing Existing Values
To review the values available for different accounting lists, navigate to Setup > Accounting > Setup Tasks > Accounting Lists (Administrator). Here, the values are organized alphabetically by list name and then by value description, making it easy to find specific entries.
Adding a Value to an Accounting List
To add a new value to an accounting list, follow these steps:
1. Go to Setup > Accounting > Setup Tasks > Accounting Lists > New.
2. Click on the desired list.
3. Complete the required fields.
4. Click Save.
If you need to add another value, simply click the New button and repeat the process.
Overview of Available Accounting Lists
Billing Class
Billing class values are used on employee records to set billable time rates for service items.
Budget Category
Available if the Multiple Budgets feature is enabled, budget categories are used to categorize types of budgets, indicating whether budgeting is done locally in the subsidiary’s currency or globally using the root subsidiary’s currency.
Charge Type
Charge type lists define the type of service for subscription plan items that use a specific charge plan.
Cost Category
Available with the Landed Cost or Standard Costing feature, cost categories track standard costs for items and categorize expenses on bills and item receipts.
Customer Category
Customer categories are used on customer records to categorize them, often by the source of each customer.
Customer Message
Customer message values can be selected on transaction records to include standardized messages to customers. For example, you might include a message like “Thank you for your order!” on an invoice.
To create a customer message, go to **Setup > Accounting > Accounting Lists and click New. Then, click the Customer Message link, complete the fields, and save.
Distribution Category
Available with the Distribution Resource Planning feature, distribution categories help set up a distribution network for supply planning.
Incoterm
Available with the Purchase Contracts or Blanket Purchase Orders features, Incoterms are standardized three-letter trade terms used in international transactions, specifying where the customer takes ownership of the product.
Order Type
Available with the Warehouse Management feature, order types associate attributes with order transactions.
Other Name Category
These values categorize records for people or companies who are not vendors, customers, or employees. Examples include charities or equity partners.
Payment Method
Payment method values specify how payment was received on transactions such as cash sales and customer payments. Examples include cash, check, credit card, money order, or PayPal™.
Price Level
Available with the Multiple Prices feature, price levels allow setting multiple prices for each item, including quantity-based prices if the Quantity Pricing feature is enabled.
Pricing Group
Available with the Multiple Prices feature, pricing groups enable customer-specific pricing for items.
Project Status
Available with the Projects feature, project statuses indicate the progress of projects.
Project Type
Available with the Projects feature, project types categorize project records and allow for a hierarchy of project types by identifying subtypes.
Revenue Allocation Group
Available with the Advanced Revenue Management (Revenue Allocation) feature, revenue allocation groups are used in the GroupSum function in fair value formulas.
Term
Term values specify payment due dates on invoice and customer records. These can be set on a customer record to apply to all invoices for that customer or on individual invoices.
Transaction Deletion Reason
Available with the Use Deletion Reason feature, these values specify reasons for transaction deletions and can be inactivated if no longer needed.
Vendor Category
Vendor categories are used to categorize vendors on their records.
1099-MISC Category
Values used for 1099 forms issued to vendors. New values cannot be added to this list.
By understanding and utilizing these accounting lists, you can efficiently manage and categorize various accounting-related data in NetSuite, enhancing your financial operations and reporting capabilities.