Author: Retsy Ann Roy

Revenue Management begins with the approval of a revenue source such as a sales order, cash sale,  return authorization, credit memo, cash refund, invoice, project, custom event, a subscription when  SuiteBilling is present, or a journal entry. From the approved transaction, a revenue arrangement  can be automatically created. Revenue arrangement is a transaction that represents a revenue contract. It contains the details  on how  revenue is going to be recognized. Revenue elements are attached as lines on a revenue  arrangement.  A revenue element represents a line on the source transaction. Each revenue  element has a forecast  revenue plan and one or more actual revenue plans that control the  posting of revenue.  Revenue recognition plans indicate the posting period that revenue  should be recognized, and the  amount to be recognized in each period. With multielement sales, the sales prices of the elements may not be the same as their fair value.  That’s when ARM uses revenue allocation. This process distributes revenue from a sale across  its elements in proportion to their fair value amounts. An actual revenue recognition plan is only created when a triggering event occurs. This could  happen  when the revenue arrangement is created, upon billing, fulfillment, or when a project  milestone occurs, and for certain events. The revenue recognition plans provide the information required to recognize revenue. The actual  revenue plans then become the basis for creating revenue recognition journal entries and revenue  reclassification journal entries during monthend processing. And NetSuite offers numerous reports  that help accurately analyze  forecast an actual  revenue.

This transaction is available when the Expense Report feature is enabled at Setup > Company > Setup Tasks > Enable Features, on the Employees subtab. The imported employee expense record is scriptable in both client and server SuiteScript. The imported employee expense record is fully scriptable — it can be created, updated, copied, deleted, and… Continue reading Imported Employee Expenses

A phantom assembly is typically a non-stocked assembly that groups the components needed to produce a subassembly. They are called phantoms because they are not counted as inventory items but are created to fulfil the requirements of a higher-level assembly.  To create a phantom assembly: 1.Go to Lists > Accounting > Items > New2.Select Assembly/Bill of Materials from… Continue reading Phantom Assembly in NS Manufacturing

Automatic Location Assignment (ALA) is a feature that lets you manage how NetSuite assigns fulfillment locations to sales order lines automatically. Enable the Feature To enable the feature, go to Setup > Company > Enable Features. On the Transactions subtab, under the Shipping & Receiving section, check the Automatic Location Assignment box. Setting Up Automatic Location… Continue reading Auto Location Assignment in NetSuite

Manufacturing in NetSuite has 2 types of Work Orders. Work Order Processing(WIP) WorkOrder Processing(Non-WIP) Work Order Process with WIP option has 3 additional Steps. They are 1.Work Order Issue 2. Work Order Completion 3. Work Order Close Assembly Build VS WIP Work Order(non-WIP) does not has the 3 process in Building the Assembly

NetSuite’s accounting period management feature allows you to  Create, Manage, and Close Accounting Periods.Accounting periods allow you to select past or future dates for every transaction  and to recognize financial impact in a timely manner.  NetSuite provides the following functionalities in Period Management. They are 1.Set up Accounting Periods.2.Closing Accounting Period.3.Reopening an Accounting Period.4.Utilize the Quick Close Feature.5.Year End Closure Set up Accounting Period Use the Setup feature to create accounting periods.  You can create all accounting periods for a full year with one  click of a button or create periods individually. A recommended practice is to use Set Up Full Year to generate all periods and the rollup hierarchy for… Continue reading Accounting Period Management

NetSuite automatically generates journal entries when you record posting transactions. You can also create an approved journal entries, using NetSuite’s easy to use .NetSuite enforces double  bookkeeping with journal entries that post changes to accounts using offsetting debits and creditsEach journal entry includes at least one debit and one credit amount. Reverse & Memorize Journal Entry NetSuite supports both the reversal and memorize the journal entries. Enter a reversal date on the journal entry to automatically create the reversal journal entry, and link  it to the original. Journal entries can also be memorized and scheduled so that they are automatically created at regular  intervals in  future periods. If you need to generate a reversal entry, enter the reversal dateBoth the journal entry and the reversal entry will be generated when the journal is saved. But the reversal entry will post on the date you… Continue reading Journal Entry in NetSuite

The Project 360 Dashboard SuiteApp provides project managers with consolidated metrics, reports, and resources on a central location to manage and complete projects on time and within the budget. Setting Up Project 360 Dashboard SuiteApp You must complete the following steps before you can start managing projects:1.Enable the required features.2.Install the Suite App.3.Configure the Roles… Continue reading Project 360 Dashboard

Introduction Cash 360 lets you effectively manage cash flow by providing a real-time view of your company’s cash position and the ability to generate fast and accurate near-term forecasts. Cash 360 is a public and managed SuiteApp. As a managed SuiteApp, it is automatically updated when enhancements or new features are added. Cash Management Dashboard The… Continue reading Cash 360 in NetSuite

In the Project Management Module, the Time Sheets and Expenses are entered by the Employees. These entries will be approved by either the Project Manager or Administrator of the concerned Project . Employee Center This fig. above shows the Employee Center where the employees has the option to enter the Time and Expenses related to… Continue reading Time Sheet Entry < Approval Process <Bill the Client in Project Management