Financials – knowledgebase JJ

Configuring SFTP Connection for Auto Bank Statement Import

When using the Auto Bank Statement Import (ABSI) SuiteApp, an SFTP connection is required to connect NetSuite to your financial institution’s server. You can configure your SFTP connection in NetSuite by providing one or both information : Digital Certificate or Private Key Password If your financial institution requires two-factor authentication, be sure to provide both… Continue reading Configuring SFTP Connection for Auto Bank Statement Import

General Accounting Related features

Accounting is the system of recording and summarizing business and financial transactions and analyzing, verifying, and reporting the results. Accounting has variously been defined as the keeping or preparation of the financial records of transactions of the firm, the analysis, verification and reporting of such records and “the principles and procedures of accounting” In NetSuite’s… Continue reading General Accounting Related features

Configuring a Connection to a Financial Institution (Without a SuiteApp)

In a Bank Reconciliation format profile, you can configure a connection to a financial institution to automatically retrieve bank or credit card data, without using a SuiteApp. To accomplish this, create and configure your own financial institution record and a corresponding format profile that uses custom transaction parser and connectivity plug-in implementations. The following procedure… Continue reading Configuring a Connection to a Financial Institution (Without a SuiteApp)

E-Invoicing (India)

E-Invoicing in India refers to the electronic generation and authentication of invoices under the Goods and Services Tax (GST) system. It is designed to standardize and streamline the invoicing process for Business-to-Business (B2B) transactions, exports, and certain other categories. The system ensures that invoices are reported to the GST portal and validated with a unique… Continue reading E-Invoicing (India)

ITC (INPUT TAX CREDIT)

ITC(INPUT TAX CREDIT) ITC stands for Input Tax Credit, which is a key feature of the GST (Goods and Services Tax) system in India. It allows businesses to reduce the tax they owe on output supplies by claiming credit for the tax they have already paid on inputs (purchases). Here’s a detailed explanation: What… Continue reading ITC (INPUT TAX CREDIT)

Custom Segments for NFP Financials in Non-Profit SuiteApp

Custom Segments for NFP Financials Custom Segments are custom classification fields that can be set on various transactions. This topic is about custom segments specifically for nonprofit organizations. You can track revenue and expenses using custom segments. Custom segments are available as fields or columns on line items when creating grant opportunities, pledges, donations, and… Continue reading Custom Segments for NFP Financials in Non-Profit SuiteApp

What is Equity?

Equity represents the ownership interest in a company. It is the residual value left in the business after deducting all liabilities from the company’s total assets. Equity shows how much of the company’s assets belong to its owners or shareholders, rather than creditors. Formula for Equity: Equity=Assets−Liabilitiestext{Equity} = text{Assets} – text{Liabilities}Key Components of Equity: Owner’s… Continue reading What is Equity?

Add a Fair Value Dimension Fair value dimensions are fields that you add to the fair value price record

.Steps 1) Navigate to Setup > Accounting > Fair Value Price Lists (Administrator). OR Navigate to Revenue > Setup > Fair Value Dimensions (Revenue Manager). 2) Select a dimension from the Field dropdown list. 3) Enter a Description. 4) Select additional fields and type descriptions as desired. Note: You may use each field only one… Continue reading Add a Fair Value Dimension Fair value dimensions are fields that you add to the fair value price record

Creating Statutory Adjustment Journal

Use the statutory adjustment journal to adjust the calculated CGST, SGST/UTGST, or IGST on advance receipt or payment at the time of supply of goods and services. In addition, you can also use statutory adjustment journal to enter ITC (Input Tax Credit) reversal adjustment for GST claims in case you do not meet the specific… Continue reading Creating Statutory Adjustment Journal

Chart of accounts merging

You can merge one account into another if they are the same account type and the account you want to merge has no attached subaccounts. You can combine an account with a parent account or with a subaccount. For example, a store owner has a bank account for petty cash and a bank account for… Continue reading Chart of accounts merging