Solution: Review Approval Workflow: Check the existing approval workflow in NetSuite to identify bottlenecks. Ensure that the correct approvers and conditions are set up. Streamline Approvals: Use Delegation of Authority to assign temporary approvers when primary approvers are unavailable. Set up Escalation Rules to automatically escalate overdue approvals. Automate Approvals: Use SuiteFlow to create automated approval workflows based on predefined criteria.… Continue reading Delayed Purchase Order Approvals-Purchase orders are taking too long to be approved, causing delays in procurement.
Author: Sherin Jose
Users notice duplicate customer, vendor, or item records in NetSuite, leading to confusion and errors in transactions.
Solution: Identify Duplicates: Use NetSuite’s Duplicate Detection feature to identify duplicate records. Run a Saved Search to find records with similar names, emails, or other identifying information. Merge Duplicates: Use the Merge Records feature in NetSuite to combine duplicate records. Ensure that all related transactions (e.g., sales orders, invoices) are updated to reflect the merged record. Prevent Future Duplicates: Enable Duplicate Detection… Continue reading Users notice duplicate customer, vendor, or item records in NetSuite, leading to confusion and errors in transactions.
Reversing journals
Reversing journals in NetSuite are journal entries created to negate (reverse) the effect of a previously recorded journal entry. These entries are typically used to adjust temporary or accrual-based accounting transactions, ensuring that the impact of such entries is reversed in the subsequent accounting period. Purpose of Reversing Journals Reversing journals are essential in accounting… Continue reading Reversing journals
E way Bill
E-Way bill system is for GST registered person / enrolled transporter for generating the way bill (a document to be carried by the person in charge of conveyance) electronically on commencement of movement of goods exceeding the value of Rs. 50,000 in relation to supply or for reasons other than supply or due to inward… Continue reading E way Bill
Projection Methods
Linear Regression Purpose: Predicts future inventory needs based on trends in past demand. Key Assumption: Demand will grow or decline at a steady rate over time. How It Works: NetSuite analyzes historical demand data points and applies a statistical linear growth model. Generates a forecast based on the slope of the demand trend. Use Case:… Continue reading Projection Methods
Cleared and Reconciled
Cleared: A cleared transaction is one that has been confirmed by the bank. When a payment, deposit, or other transaction appears on your bank statement, it is considered cleared because the bank has processed it. In NetSuite, you can mark a transaction as cleared by entering the “Cleared” checkbox in the bank register or during… Continue reading Cleared and Reconciled
Managing Revenue Arrangements
You can edit the fields on a revenue arrangement header either individually or in bulk. The same header fields are available for edit using either method. The following procedure is for editing individual revenue arrangements. You can edit revenue elements only by editing the individual revenue arrangement. Note: Your role must include the Revenue Arrangement… Continue reading Managing Revenue Arrangements
Set Up Item Record with Revenue Attributes
In Advanced Revenue Management module, revenue arrangements are created based on the configurations specified in the accounting subtab on item records. Configuring revenue recognition attributes on the Item records is critical to process the revenue recognition workflow starting from creating revenue arrangements to revenue plans, journal entries to recognize revenue. The following Item types are… Continue reading Set Up Item Record with Revenue Attributes
Add a Fair Value Dimension Fair value dimensions are fields that you add to the fair value price record
.Steps 1) Navigate to Setup > Accounting > Fair Value Price Lists (Administrator). OR Navigate to Revenue > Setup > Fair Value Dimensions (Revenue Manager). 2) Select a dimension from the Field dropdown list. 3) Enter a Description. 4) Select additional fields and type descriptions as desired. Note: You may use each field only one… Continue reading Add a Fair Value Dimension Fair value dimensions are fields that you add to the fair value price record
When a Sales order is backordered
When a sales order is backordered, it may not appear in specific saved searches in NetSuite due to criteria that exclude orders without fulfilled or partially fulfilled items. Here’s why: Backordered Status Exclusion: If the saved search is configured to display only fulfilled or partially fulfilled orders, backordered sales orders (which are entirely unfulfilled) will… Continue reading When a Sales order is backordered