Scenario With the Multi-Currency Customers feature, users can set a base currency and additional currencies available for transactions with a customer. User would like to apply Customer Payment to an Invoice in different currency. However user cannot see Invoice under Transactions > Customers > Accept Customer Payments unless Payment and Invoice are in the same currency.… Continue reading Accept Customer Payment for Invoice in Different Currency
Author: Nidhin Johny
Advance paid settlement against expense reports
This article outlines how NetSuite manages advances paid to employees against expense reports. Below is the detailed process flow: The first prerequisite is we can setup default Advance Paid COA in the subsidiary Setup. When creating a journal entry (JE) for the advance, mark the employee’s name at the line level. If the employee later… Continue reading Advance paid settlement against expense reports
Accounting Preference: Void Transactions Using Reversing
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
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