Category: NS Financials

NS Financials

NetSuite Consolidation – Best Practices

Here are some best practices to consider when performing consolidation in NetSuite: Standardize Chart of Accounts: Maintain a standardized chart of accounts across all subsidiaries to ensure consistency in financial reporting and facilitate the consolidation process. Intercompany Transactions: Implement proper procedures for recording and reconciling intercompany transactions to ensure accurate elimination during consolidation. Use NetSuite’s… Continue reading NetSuite Consolidation – Best Practices

NetSuite Consolidation

Consolidation in NetSuite refers to the process of combining financial information from multiple subsidiaries or business units into a single, unified view. NetSuite provides features and functionality to streamline and automate the consolidation process, allowing organizations to generate consolidated financial statements and reports. Key points about consolidation in NetSuite: Multi-subsidiary Management: NetSuite enables organizations to… Continue reading NetSuite Consolidation

“You cannot enter a date earlier than the close date for the last reconciled statement. Enter a new date.” message prompts on Reconcile Account Statement page when entering a Previous Reconciliation Date.

Scenario Reconcile Account Statement > Edit Previous Reconciliation Date > Edit Previous reconciliation when using the Reconcile Account Statement feature. Solution Editing previous reconciliation is not possible if you are already using the Reconcile Account Statement feature. When you try to open a previous reconciliation using this feature, there is a message that states: “You cannot enter a date earlier than the… Continue reading “You cannot enter a date earlier than the close date for the last reconciled statement. Enter a new date.” message prompts on Reconcile Account Statement page when entering a Previous Reconciliation Date.

Permission for Tax Report International for Custom Role

Scenario The client requires to accesss Tax Report international for custom Role. Usually this page can be access only by standard role which comes from the bundle such as Tax reporting accountant, Tax report accountant reviewer etc Solution Provide every access that has been provided to the roles that comes form the bundle such as… Continue reading Permission for Tax Report International for Custom Role

Currency exchange rate saved search

This article summarizes the creation of the currency exchange rates saved search without showing duplicate rates in the result. We can create a currency exchange rate saved search from the currency exchange rate page. When creating a saved search for currency exchange rates, it will show multiple lines for the exchange rates of the same… Continue reading Currency exchange rate saved search

PART 4.2 – Financial Statement Creation

You need both the Financial Statements permission and the Report Customization permission to access the Financial Report Builder.  You can access the Financial Report Builder in any of the following ways:  Run a financial statement, and on its results page, click Customize.  Go to Reports > New Financial Report, and select a financial statement type… Continue reading PART 4.2 – Financial Statement Creation

PART 4.1 – The outline layout of Financial Statement Reports

Income Statement Report The standard Income Statement includes the following rows:  Ordinary Income/Expense (header row)  Income (financial section)  Cost of Sales (financial section)  Gross Profit (formula row)  Expense (financial section)  Net Ordinary Income (summary row)  Other Income and Expenses (header row)  Other Income (financial section)  Other Expenses (financial section)  Net Other Income (summary row)  Net… Continue reading PART 4.1 – The outline layout of Financial Statement Reports

PART 4 – The Core 3 Financial Statements Compared

  Balance Sheet Income Statement Statement of Cash Flow Purpose Net Worth Profitability Liquidity & Solvency Reporting Period As of Point in Time For the Period Ended For the Period Ended Elements – Assets– Liabilities– Equity – Revenue– Gains– Expenses– Losses– Net Income – Beginning Cash Balance– Sources of Cash– Uses of Cash– Ending Cash… Continue reading PART 4 – The Core 3 Financial Statements Compared

PART 3.5 – Cost of Goods Sold (COGS) GL Impact

COGS are not expense accounts, but they function like an expense. These are the costs directly associated with the sale of goods or services. This includes the cost of the product for resale, raw materials, packaging, etc. General selling expenses, such as salaries, rent, utilities, and advertising expenses, are not considered part of the cost… Continue reading PART 3.5 – Cost of Goods Sold (COGS) GL Impact