(opens in a new tab) Advantages for Nonprofits The biggest advantage of accrual-basis accounting is that it provides nonprofits with a more accurate picture of the group’s finances than cash accounting does. Using accrual-basis accounting, nonprofits can see expected payables and receivables and get a “big picture” of their financial health that helps them more… Continue reading Accrual Accounting for Nonprofits
Category: NS Financials
NS Financials
Intercompany invoice
When pairing an Intercompany Transaction, you must have an Intercompany Invoice with these specifications: A.) Intercompany Customer: Subsidiary A Representing Subsidiary: B B.) Must have the same currency Intercompany Bill must: A.) Intercompany Vendor: Subsidiary B Representing Subsidiary: A B.) Must have the same currency Then after creating the transactions you should be able to pair the… Continue reading Intercompany invoice
India Localization Enhancements
Every GST registered taxpayer in India must file GSTR-9 annually. The India Localization SuiteTax Reports SuiteApp version 4.00.0 lets you generate the following reports to file GSTR-9. ■ GSTR9 4 Outward ■ GSTR9 5 Outward ■ GSTR9 6 ITC Availed ■ GSTR9 17 HSN Outward ■ GSTR9 18 HSN Inward These reports contain details about… Continue reading India Localization Enhancements
Fixed Assets Management Enhancements
4-4-5 Week Period Format in Depreciation Schedule Reports The depreciation schedule report can now group and display the depreciation and net-book values in a 4-4-5 Weeks period. Instead of calendar months, the accounting period is used as the column headers in the report. This change is visible in the report if the following conditions are… Continue reading Fixed Assets Management Enhancements
Sending Customer Statement to multiple emails at the same time.
We looked into sending statements to multiple users directly from the Generate Statements page and discovered that NetSuite doesn’t offer a standard feature to include multiple users as recipients from that page. Instead, we can send statements for the respective customer directly from the customer record using the “Email” button in the Communication subtab. After… Continue reading Sending Customer Statement to multiple emails at the same time.
Intercompany error: “Transaction was not complete…” in Running Eliminate Intercompany Transactions
Netsuite showing the error when running the month end elimination task: “Transaction was not complete. A journal entry must have at least one debit line and one credit line, and debits and credits must balance.” Even if the user filled the mandatory Department, Class or Location before running the Eliminate Intercompany Transactions, the error… Continue reading Intercompany error: “Transaction was not complete…” in Running Eliminate Intercompany Transactions
Intercompany Error: “The account (XXX) is not available in elimination subsidiary (XXX) required to run intercompany elimination. Please change the account record to include the elimination subsidiary”
When running the month end elimination process, NetSuite will show the error “The account (XXX) is not available in elimination subsidiary (XXX) required to run intercompany elimination. Please change the account record to include the elimination subsidiary” The user cannot proceed posting their Intercompany Elimination due to this error. Check the following on… Continue reading Intercompany Error: “The account (XXX) is not available in elimination subsidiary (XXX) required to run intercompany elimination. Please change the account record to include the elimination subsidiary”
Editing Intercompany Elimination Journal
We can edit automated intercompany journal entry. But the only field that we can edit using a standard journal entry form is the Memo field. We can only edit the original automated intercompany elimination journal, and not its reversing entry. These intercompany elimination journal entries are reversed on the next day, just like the entries… Continue reading Editing Intercompany Elimination Journal
Amortization – Steps Consolidated
Amortization – Steps A deferral account (deferred expense account) should be specified on the Expense account record. An amortization template should be created and a deferral account should be selected on the amortization template. Vendor bills and Vendor credits are the transactions that support Amortization. Upon creation of the transaction, the amortization template will be… Continue reading Amortization – Steps Consolidated
Amortization Supported Transactions
Amortization is supported for the following types of transactions: ■ Vendor Bill – Item lines on a bill can use the default amortization templates from item records, or you can select templates on the bill transaction. ■ Vendor Credit – Item lines on a credit can use the default amortization templates from item records or… Continue reading Amortization Supported Transactions