To enter a statement charge: Go to Transactions > Sales > Create Statement Charges (Administrator). In the A/R Account field, choose the account you want to post this statement charge to. In the Customer or Project field, select the appropriate customer or project. The currency selected on the customer’s record appears here as well as the exchange rate for this customer’s currency. Note:… Continue reading Enter a statement charge
Category: NS Financials
NS Financials
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
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
Importing Data Using a Bank Connectivity Plug-in
Warning: The Bank Connectivity Plug-in interface is still functional but is no longer supported as of NetSuite 2020.1. To directly connect to a financial institution and automate bank data imports for matching and reconciliation, use the Financial Institution Connectivity Plug-in. For details, see Automating Imports for Bank Reconciliation. Follow this procedure to download files locally from… Continue reading Importing Data Using a Bank Connectivity Plug-in
Automating Prepaid Expenses with Amortization Schedules in NetSuite
Most users handle expenses and revenue manually in NetSuite, but Amortization Schedules can automatically spread costs or income over time—reducing errors and saving time during monthly close. What Are Amortization Schedules? Amortization Schedules in NetSuite allow you to distribute an expense or revenue amount across multiple accounting periods. It’s ideal for handling things like: Prepaid… Continue reading Automating Prepaid Expenses with Amortization Schedules in NetSuite
Resolve Error: “Report Execution Error” When Generating Financial Reports Using
Financial reports are the backbone of any organization’s decision-making process, providing critical insights into financial health, performance, and strategic planning. However, accessing and generating financial reports can sometimes be hindered by execution errors, especially when dealing with custom role permissions. Such errors can be frustrating for users, potentially delaying important financial analysis and reporting. Administrators… Continue reading Resolve Error: “Report Execution Error” When Generating Financial Reports Using
Reconciliation Rules Hierarchy
Reconciliation rules are predefined guidelines within accounting systems that automate the process of matching financial records, such as bank statements and general ledger accounts. These rules help identify discrepancies and resolve conflicts, ensuring the accuracy and integrity of financial data. Implementing reconciliation rules offers several benefits, including increased efficiency and time savings by reducing manual… Continue reading Reconciliation Rules Hierarchy
Display the Line Memo Field in a Balance Sheet Report
Finance teams frequently require an evaluation of the specifics behind specific Balance Sheet entries, such as transaction line memos, in order to comprehend the context of each line item, particularly in Journal Entries. By adding the transaction line memo to the Balance Sheet report, administrators can ensure these important details are displayed directly within the… Continue reading Display the Line Memo Field in a Balance Sheet Report
How Corporate Tax is Managed in NetSuite
How Corporate Tax is Managed in NetSuite NetSuite provides specialized tools to handle tax obligations, including both transactional taxes (e.g., sales tax, VAT) and corporate taxes. While its SuiteTax module focuses on indirect taxes, corporate tax—based on profits—is addressed through the Corporate Tax Reporting module. This module is designed to automate and simplify the process… Continue reading How Corporate Tax is Managed in NetSuite