Category: NS Financials

NS Financials

Determination of transaction if Inter or Intra State for India Localization

The article includes how the system determines if the transaction is an inter or intra state for India Localization.     Scenarios for purchase transactions is added below:    Scenario 1  Vendor Subsidiary = Uttar Pradesh  Place of Supply = Uttar Pradesh  Billing Address = Uttar Pradesh    Results:  Transaction = Intra State  Tax =  CGST… Continue reading Determination of transaction if Inter or Intra State for India Localization

How to Delete Imported Bank Data

The Bank Feeds SuiteApp automates the transfer of your bank data from your financial institution accounts into NetSuite. The SuiteApp uses the Financial Institution Connectivity Plug-In and an authorized account information service provider to securely access online financial institution data. User can delete an unreconciled bank, credit card, or corporate card statement if it was… Continue reading How to Delete Imported Bank Data

Deferred Expense & Deferred Revenue Account Register.

Deferred Expense Account Register: A deferred expense register lists expenses that have been capitalized on a balance sheet and are to be expensed to the income statement later, in accordance with the nature of the expense. For example, a prepaid expense account is an example of a deferred expense account. Expenses are typically deferred and… Continue reading Deferred Expense & Deferred Revenue Account Register.

Managing Revenue Arrangements in NetSuite: Deletion and Orphaned Elements

NetSuite provides a user-friendly interface for managing revenue arrangements, allowing businesses to streamline their financial processes. Occasionally, the need to delete a revenue arrangement arises, and it’s essential to understand the steps involved and the implications on associated transactions. Steps to Delete a Revenue Arrangement: Navigate to Revenue Arrangements: Access the Revenue module and go… Continue reading Managing Revenue Arrangements in NetSuite: Deletion and Orphaned Elements

PO error – “Tax Calculation Plugin error due to missing billing address or state for this vendor record”

An error: “Tax Calculation Plugin error due to missing billing address or state for this vendor record.” Occured while saving the PO with tax calculations. Even if the tx setup had done correctly, this error occures in PO.  The reason why the error occurs is because the Short Name of the State has been modified.… Continue reading PO error – “Tax Calculation Plugin error due to missing billing address or state for this vendor record”

Hierarchy for Payment Accounts

The following is the hierarchy that NetSuite uses for its default payment account: When there is no Payment Method on a Payment/Cash Sale/Customer Deposit, the Bank Account that will be used is the Default Payment Account set on Setup > Accounting > Accounting Preferences > Items/Transactions tab. When there is a Payment Method on a… Continue reading Hierarchy for Payment Accounts

Advanced Billing Management

With advanced billing, business may make billing schedules that allow business to bill sales over a certain period of time or the duration of the contract. A billing schedule can be made and applied to the entire sales order, or users can choose a different billing schedule for each line item in an order. An… Continue reading Advanced Billing Management

View TDS on an Unapproved Bill

TDS calculations are omitted in unapproved bills. To preview TDS values before approving a bill record, users can switch the Approval Status to Approved and utilize the “Preview Tax” button. This action will reveal TDS details under the Tax Details subtab, facilitating verification before approval. Subsequently, revert the status to Pending Approval and save the… Continue reading View TDS on an Unapproved Bill

Currency Management

If our business has only one currency, then we can manage the currency details on the company information page. If we have multiple currencies to use in our account, then we have to enable the “Multi-currency” feature which helps us to create more than one base currency and transaction currencies in our account. Base currency… Continue reading Currency Management