Efficient inventory management is essential for businesses to maintain profitability and financial clarity. In NetSuite, the Landed Cost subrecord is used to allocate additional costs to inventory items beyond the purchase price. Landed costs often include expenses like freight fees, import fees, insurance, taxes, shipping charges, handling charges and other fees incurred to bring goods… Continue reading Landed Cost Subrecord
Category: NS Financials
NS Financials
Understanding Team Quota
In NetSuite, Team Quota refers to the collective sales target assigned to a group of sales representatives working as a team. This feature helps organizations track and manage the performance of sales teams by setting and monitoring quotas for the entire group, rather than just individual reps. Team quotas are typically used when sales are… Continue reading Understanding Team Quota
COGS account is not marked for Elimination
User expects to have no posting against the Standard COGS account and only the Intercompany COGS should be impacted. For arm’s length intercompany inventory transfer/sale, users are NOT supposed to mark any COGS account as Elimination, including Intercompany COGS account. When the Intercompany COGS is marked for elimination, it will result in double booking of COGS, because the Standard COGS account is used for… Continue reading COGS account is not marked for Elimination
India Accumulated Tax Buckets for TDS
India accumulated tax buckets is a custom record that contains the tax data of a bucket. A bucket is a combination of a TAN, section code, vendor, and accounting period. The India Accumulated Tax Bucket record contains the accumulated net amount and tax amount of a bucket. When you create, edit, or delete a vendor… Continue reading India Accumulated Tax Buckets for TDS
Applying TDS on Vendor Bills
After a vendor bill is approved, the India Localization SuiteTax Engine automatically calculates the Tax Deduction at Source (TDS) on the bill. TDS is calculated on each line item based on the default section code and the TDS tax rule that applies to an item. When you create, edit, or delete a bill, the SuiteApp… Continue reading Applying TDS on Vendor Bills
Tax Deduction at Source Tax Type Mapping
The India Localization SuiteTax Engine SuiteApp uses the TDS tax type mapping to deposit TDS to the desired GL account. You can create TDS tax type mapping using the Administrator or India Tax Manager role only. The SuiteApp supports the following TDS tax types for mapping: Tax Deduction at Source TDS Education Cess TDS Secondary… Continue reading Tax Deduction at Source Tax Type Mapping
TDS Calculation Based on Tax Rule
TDS is calculated based on the tax rule applicable to the bill. The following combinations are available to set up tax rules: Tax rule without threshold basis – When no threshold basis is set for a rule, TDS is calculated based on the section code, vendor type, effective period, and tax rate. Tax rule with year… Continue reading TDS Calculation Based on Tax Rule
MUTI-BOOK LIMITATIONS
• A OneWorld account is required even if there is only one subsidiary. • The following types of accounts cannot be mapped: o Non-posting accounts such as sales orders and payroll adjustments o Bank accounts o Credit card accounts o Selected system accounts o For accounts receivable and accounts payable, mapping is ignored for transactions… Continue reading MUTI-BOOK LIMITATIONS
MULTI-BOOK IMPLEMENTATION CONSIDERATIONS
Determine how many books the customer will need. Consider discussing these items with the customer: • Which currencies do they need to report in (in addition to their subsidiary currency)? • Will they need different accounts to be used for different accounting books? If so, how many additional books will be required. NB: not all… Continue reading MULTI-BOOK IMPLEMENTATION CONSIDERATIONS
Manufacturing Routing Costing
Time Updates and Costing When time is logged against an operation task for an assembly, NetSuite uses this time to calculate costs associated with the assembly. For example, when completion time is logged against an operation task, NetSuite generates the following accounting entries: Account Formula CR Labor Rate x Resources x Hours DR WIP… Continue reading Manufacturing Routing Costing