Author: Divya Unnikrishnan

After the creation of asset types, we create asset records. Each asset must be assigned an asset type. There are different ways to create an asset in NetSuite.  Asset creation through asset proposal – The Asset Proposal feature enables you to capture the original transaction that indicates a new asset has been recorded in the… Continue reading FIXED ASSET MANAGEMENT – ASSET CREATION

The Invoice Presentation Template (IPT) SuiteApp provides project-based businesses the flexibility to present data in multiple formats through invoice presentation templates. The SuiteApp also adds different levels of details related to charges on invoices. Installing Invoice Presentation template [Answer ID: 104446]• Navigate to SuiteApps in the Center tab. Select the Invoice Presentation template. • Click… Continue reading INVOICE PRESENTATION TEMPLATES

❖ A depreciation method must be assigned to each asset so that NetSuite can accurately calculate the depreciation.❖ Common depreciation methods are automatically configured. But we can also create custom methods.❖ When we create assets manually, we can select the specific depreciation method. However, if assets are generated, then the depreciation is automatically pulled from… Continue reading FIXED ASSET MANAGEMENT – DEPRECIATION METHODS

SERVICE ITEMA service item is an item we create to track time and record billable hours. Though they are a specific item type, service items belong in their own category. A service item describes non-tangible services that our company buys or sells like cleaning or software consulting. Service item records in NetSuite are necessary in… Continue reading SERVICE ITEMS, NON-INVENTORY ITEMS, AND TAX ITEMS

COST OF GOODS SOLD❖ Cost of Goods sold [COGS] refers to the cost of producing or purchasing goods orservices.❖ COGS helps in determining company pricing and gross profit.❖ The COGS account is not an expense account but it functions as an expenseaccount.Gross Profit = Net Revenue – COGS➢ To set up COGS Account:• We can… Continue reading NetSuite: Basics of Inventory Costing