Effective management of billing rates is a critical aspect of project financials within NetSuite. The Challenge in projects where the Billing Type is Charge-based, users often face a limitation— the inability to override employee billing rates on project tasks. The absence of the Unit Price field on the Assignee tab of the Project Task complicates… Continue reading Overcoming Billing Rate Challenges in Charge-based Billing Projects
Category: Financials
All NetSuite finance related implementation/configuration/customization processes are posted in this category.
Multiple UOM in NetSuite
The Multiple Units of Measure feature enables to define various units used to stock, purchase, and sell inventory items, and track non-monetary accounts. If you are using the feature with inventory items, units of measure provides greater flexibility and accuracy when tracking and selling inventory. For example, you might purchase cable in pallets, stock the… Continue reading Multiple UOM in NetSuite
3 Financial Statements
These 3 statements are affected by close to every action taken in your Finance & Accounting department 📄 𝐈𝐍𝐂𝐎𝐌𝐄 𝐒𝐓𝐀𝐓𝐄𝐌𝐄𝐍𝐓 (also known as Profit & Loss) This represents everything in terms of what your company is EARNING… as well as what your company is SPENDING. Here are the major sections (and what they mean): REVENUE… Continue reading 3 Financial Statements
What is input tax credit
What is input credit? Input credit means at the time of paying tax on output, you can reduce the tax you have already paid on inputs. Say, you are a manufacturer – tax payable on output (FINAL PRODUCT) is Rs 450 tax paid on input (PURCHASES) is Rs 300 You can claim INPUT CREDIT of… Continue reading What is input tax credit
Setting Up Electronic Bank Payments
Prerequisites Make sure you verify the following prerequisites before you install and use Electronic Bank Payments SuiteApp: If you are using the Electronic Bank Payments to send payments to vendors, employees, and customers (refunds) and receive payments from customers across the different supported countries: You must have an active Advanced Electronic Bank Payments License. To… Continue reading Setting Up Electronic Bank Payments
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
Revenue for Kit item
A kit sale posts revenue for the kit only, it does not post revenue for each component. Therefore, sales revenue appears on inventory reports for the kit, not the components. Kit sales revenue can be evaluated using the Inventory Activity Detail report or the Sales by Item Summary or Detail reports.
Assembly Item Cost did not Update after Performing Bulk Cost Revaluation with the Revalue Assemblies Based on Components= True.
Scenario Navigate to Lists > Accounting > Items > pull up the Item Record of Component Items. In the Purchasing/Inventory tab > Locations subtab > Location > Enter/Change the Standard Cost. Hit Save. Navigate to Lists > Accounting > Planned Standard Standard Cost Rollup. Select the appropriate Standard Cost Version > enter Effective Date > check the box of the Component Items associated to the Assembly.… Continue reading Assembly Item Cost did not Update after Performing Bulk Cost Revaluation with the Revalue Assemblies Based on Components= True.
India TaX Localization – New Update on Release 2022.2
India Localization Enhancements India Localization SuiteTax Reports SuiteApp version 3.00.0 includes the following enhancements:| ■ You can now generate the GST Purchase Register report without Compensation Cess using theSuiteApp. The report provides a comprehensive view of all purchases made during a certain period. ■ You can now configure the GSRT1 CDNR report to include or… Continue reading India TaX Localization – New Update on Release 2022.2