Category: NS Financials

NS Financials

PART 3.2 – Vendor/Purchase Transaction GL Impact

Purchase orders are non-posting transactions that are sent to a vendor to keep track of items that are expected to be delivered. They include the associated price and quantity.  2. Item receipts are used to match against an open purchase order when items have been received. The GL impact will show an increase in the asset account… Continue reading PART 3.2 – Vendor/Purchase Transaction GL Impact

PART 3 – General Ledger Impact and Transactions

This section will explain the fields displayed on the GL Impact page and the types of transactions that generate GL Impact. GL Impact Page Fields  Accounting Book: This field will show up only if the Multi-Book accounting feature is enabled and provides the ability to maintain multiple sets of accounting records. For example, a company that… Continue reading PART 3 – General Ledger Impact and Transactions

Best practices for Financial Reporting in NetSuite

Use Custom Reports: NetSuite provides a wide range of standard reports, but customizing reports to meet specific business needs can be highly beneficial. Custom reports allow businesses to access key metrics and data points that are relevant to their specific operations and goals.  Accurate Data Entry: Ensure that all transactions are entered correctly and in… Continue reading Best practices for Financial Reporting in NetSuite

Best practices for setting up debit and credit in NetSuite

Use standard account types: Use the standard account types provided by NetSuite, such as Asset, Liability, Equity, Revenue, and Expense. These account types ensure that your financial statements are accurate and comply with accounting standards.  Create a chart of accounts: A chart of accounts is a list of all the accounts used in your financial… Continue reading Best practices for setting up debit and credit in NetSuite