GST (Goods and Services Tax) is a consumption-based tax levied on the supply of goods and services. It is designed to replace multiple indirect taxes, such as VAT, excise duty, and service tax, with a single unified tax system. GST is applied at each stage of the supply chain, and businesses can claim input tax… Continue reading Goods and service Tax
Category: Finance
To enable multi-currency in the Vendor bill
Client Business Scenario The client is purchasing items from an international vendor in USD. In the same vendor bill, the client needs to record local expenses (such as custom duties, freight, carrier charges) that are paid to Indian authorities in INR. The business expectation is to record both the USD and INR amounts in a… Continue reading To enable multi-currency in the Vendor bill
Revenue Recognition Under US GAAP
Revenue recognition under Generally Accepted Accounting Principles (GAAP) is a key accounting concept that outlines when and how a company should record revenue in its financial statements. It’s governed primarily by the Financial Accounting Standards Board (FASB) under ASC 606, “Revenue from Contracts with Customers,” which provides a standardized five-step model to ensure revenue is… Continue reading Revenue Recognition Under US GAAP
Intercompany Transactions
Consolidation of intercompany transactions involves the process of combining the financial results of a parent company and its subsidiaries while eliminating the effects of transactions between entities in the same corporate group. This ensures that the consolidated financial statements represent the group’s overall financial position as if it were a single entity, without double-counting revenues,… Continue reading Intercompany Transactions
Section 194Q of the Income Tax Act
Section 194Q of the Income Tax Act, 1961 in India pertains to the Tax Deducted at Source (TDS) on purchase of goods. It was introduced through the Finance Act 2021 and applies to buyers who are required to deduct TDS on the purchase of goods from sellers, subject to certain conditions. Key Aspects of Section… Continue reading Section 194Q of the Income Tax Act
Sales Orders Not Visible to the Warehouse
Issue: The warehouse team reports that they cannot see sales orders that have been picked but not packed. Investigation: Checked role permissions and found that the warehouse role had view access but not edit access to picked orders. Verified that the transaction status filter in their saved search was excluding “Picked” orders. Identified that the… Continue reading Sales Orders Not Visible to the Warehouse
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