In NetSuite, the Accounting Preference “Void Transactions Using Reversing” allows the Void button to reverse journal entries in the following records: Check Bill Payment Payroll Liability Payment Customer Refund Tax Payment Tax Liability Check When this feature is enabled, the Void button will be removed from these records: Sales Order Estimate Cash Sale Invoice Return… Continue reading Accounting Preference: Void Transactions Using Reversing
Author: Nidhin Johny
COA Name & Number: Duplicate Scenario
In NetSuite, duplicate handling for Chart of Accounts (COA) depends on whether you’re referring to the Account Number or the Account Name: 1. Account Number By default, NetSuite does not allow duplicate account numbers if the “Use Account Numbers” feature is enabled. Each account number must be unique. If you try to create another account… Continue reading COA Name & Number: Duplicate Scenario
ARM: Difference between Accrued Revenue & Deferred Revenue
Accrued revenue refers to income earned but not yet billed or received. It typically arises when a company delivers goods or services but hasn’t yet invoiced the customer by the end of the accounting period. 🔹 Key Characteristics: Revenue is recognized before cash is received. Typically recorded as a receivable on the balance sheet. Common… Continue reading ARM: Difference between Accrued Revenue & Deferred Revenue
TDS Section 194 Q – Applicability in NetSuite
Typically, all TDS sections include an amount slab, and if this limit is exceeded, TDS must be deducted from the very first rupee. This is why, in NetSuite, we check the Retrospective Check box. However, in the case of TDS Section 194Q, retrospective TDS deduction is not necessary; instead, deduction is required only on the… Continue reading TDS Section 194 Q – Applicability in NetSuite
Intercompany Elimination-Process
Intercompany Elimination-Process Elimination subsidiaries required at parent level. The prerequisites required before eliminations are Creation of COA related to Elimination Which are Intercompany Revenue, Intercompany Expense, Intercompany Payable account & Intercompany Receivable account. The main point to be considered is check the ELIMINATE INTERCOMAPNY TRANSACTIONS thiswill enable the NetSuite to eliminate the transactions recorded in… Continue reading Intercompany Elimination-Process