Before calculating consolidated rates manually in NetSuite, the system will auto calculate the rates for future periods. These default rates on the Consolidated Exchange Rates page usually vary per Fiscal Year. This is because the rate is coming from the exchange rate of the date when the fiscal period is created. To check the same,… Continue reading Default consolidated rates
Category: NS Financials
NS Financials
Manual Invoice Closing using Journal
To manually close an open invoice when it is certain that the remaining amount will not be received from the customer, a Journal entry can be used. The Journal entry will involve crediting the Accounts Receivable account and debiting the Revenue account, essentially reversing the impact of the original invoice. Subsequently, the created Journals will… Continue reading Manual Invoice Closing using Journal
About Finance Charge
Many businesses charge late fees or finance charges on invoices that are overdue. This allows business owners to recover costs incurred by carrying unpaid bills on their books. Finance charges are usually calculated on a monthly basis for all transactions that meet the criteria that set up by the business owner. To set up finance… Continue reading About Finance Charge
Resolve Error: “The accounting period range This Period has not been defined. Please visit ‘Setup > Accounting > Manage Accounting Periods’ to define this period or set up your year.” on Financial Reports
An error “The accounting period range This Period has not been defined. Please visit ‘Setup > Accounting > Manage Accounting Periods’ to define this period or set up your year.” has occured when running financial reports. To resolve the error, check and verify if all Calendar Year have been set up with complete accounting period via Setup > Accounting > Manage Accounting… Continue reading Resolve Error: “The accounting period range This Period has not been defined. Please visit ‘Setup > Accounting > Manage Accounting Periods’ to define this period or set up your year.” on Financial Reports
Item Configuration in ARM
Item Configuration The highlighted item types support ARM. Check the Can be fulfilled/Received checkbox under preferences subtab of the item record, if fulfillment is the revenue posting triggering event.
Revenue Recognition Rules in ARM
Revenue Recognition Rules These rules need to be defined and applied to item records before the items are used in transactions. The parameters can be defined for a revenue recognition rule includes; Recognition method / How revenue is recognized per period Source of the revenue recognition plan amount Trigger for plan start and end dates … Continue reading Revenue Recognition Rules in ARM
Advanced Revenue Management- Features and Preferences Setup
Account Configuration Accounting features Accounting Periods Advanced Revenue Management Once we enable ARM feature, NS will create the following accounts; Deferred Revenue clearing Deferred Revenue Unbilled Receivable Revenue Arrangement (non-posting a/c) Accounting Preferences Create Revenue Recognition journals in G/L : Detail – One detailed JE is created for all plans selected on the create… Continue reading Advanced Revenue Management- Features and Preferences Setup
Advanced Revenue Management Process
ARM Process ARM process begins with the approval of a revenue source transaction. From an approved transaction a revenue arrangement can be automatically created. Revenue arrangement is a transaction that represents the revenue contract. It contains the details of how revenue is going to be recognized. Revenue elements are attached as… Continue reading Advanced Revenue Management Process
Advanced Revenue Management- Basics
ARM offers features to automate Revenue recognition and Revenue deferral. These features allow the company to recognize revenue independently from billing customers and receiving payments. Revenue Recognition Revenue recognition considers when revenue is recognized when it is earned and realized. Revenue is recognized in the period in which goods and services… Continue reading Advanced Revenue Management- Basics
Error occurring when the transactions are imported to a NetSuite account.
Scenario: Error occurring when the transactions are imported into NetSuite account. Showing the following. ” Unable to save the transaction due to an error being reported by the tax calculation engine: Tax Calculation Plugin error: NetSuite was not able to estimate the correct Nexus for this transaction. Based on the <a href=”https://docs.oracle.com/en/cloud/saas/netsuite/ns-online-help/section_4283866360.html”>Nexus Determination Lookup Logic… Continue reading Error occurring when the transactions are imported to a NetSuite account.