Administrators and users who have the Custom Transaction Types permission can design transaction types that are specific to your company’s requirements using the Custom Transactions feature.
Benefits of Custom Transaction Types
The following advantages come with using the Custom Transactions feature:
- Your custom transaction types can have names that correspond to your business logic.
- Every custom transaction type can have its own permissions, workflow logic, and numbering scheme just like regular transactions.
- Custom transaction types are available in multiple styles.
The feature needs to be enabled before you can create custom transaction types. Navigate to Setup > Company > Enable Features to enable the features. Check the Custom Transactions box on the SuiteCloud subtab, then Save.
Creating a Custom Transaction Type
A custom transaction type needs to have a name and a transaction style when it is created. You can also specify additional features, such as the numbering style the type will use, the menu paths that will provide access to the transaction form, and so on.
To create a custom transaction type:
- Go to Customization > Lists, Records & Fields > Transaction Types > New.
- In the Name field, enter a name for the type. This value must be unique.
- In the ID field, enter a unique alphanumeric ID for the transaction type.
- In the Transaction Style field, specify a value for transaction style. After you save your custom transaction type, the Transaction Style cannot be changed. Your choices are:
- Basic – Users entering transaction instances can use a Lines sublist to enter either a series of credits or a series of debits to accounts that they specify. With this style, you must also identify the corresponding account to be adjusted for balancing purposes in the transaction type’s Account field.
- Journal – Users record sets of credits and debits to accounts that they manually specify when entering the transaction. This is the only style that permits postings to elimination subsidiaries.
- Header only – With this style, users do not manually identify accounts to credit or debit. Instead, this style relies on a Custom GL Lines plug-in implementation to calculate the GL impact.
- Sales – Provides functionality similar to a sales transaction, including the Item sublist, inventory impact, taxes (SuiteTax only), and revenue recognition. Sales custom transactions provide functionality similar to invoice, cash sale or credit memo transactions.
- Purchase – Provides functionality similar to a purchase transaction, including the Item and Expenses sublists, amortization, taxes (SuiteTax only), and inventory impact. Purchase custom transactions provide functionality similar to vendor bills.
- If appropriate, check the Allow Void Transactions Using Reversing Journals box. This option enables users to create reverse journal entries for posting transactions. This box is active only when the global Void Transactions Using Reversing Journals preference is enabled. You can view and set the global preference at Setup > Accounting > Accounting Preferences, on the General subtab. For sales and purchase transaction types, users can void only transactions that do not use inventory items.
- If the transaction should close the sales order, check the Ability to Close Sales Order box. The sales custom transaction can close a sales order only if the transaction is of debit type and if it is posting.
- If appropriate, use the Class, Department, and Location lists to specify that these fields appear on instances of this transaction type. For each classification, you can also check the corresponding Mandatory box to make the field required. This fields are not available for sales and purchase transaction types.
- Specify any custom segments as appropriate.
- If you chose a Transaction Style of Basic, Sales, or Purchase, click the Accounting subtab and configure the account details for the type.
- By default, a new custom transaction type has a nonposting status. If you want instances of the transaction to post, go to the Statuses subtab and do one of the following:
- Check the Posting box. With this choice, every instance of the transaction posts when it is saved.
- Create statuses for the transaction type. Each status can be configured to be either posting or nonposting.
- (Optional) Use any of the following subtabs to further define your custom transaction type:
- Document Numbers – Configure external numbers for transaction types.
- Transaction Numbers – Configure autogenerated transaction numbering for the type.
- Statuses – Create statuses for the type.
- Links – Create menu paths for the transaction type.
- Permissions – Select the roles that should be permitted to work with instances of this custom transaction type.
- Translation – Define translations for the custom transaction type’s name. This subtab appears only if the Multi-Language option is enabled at Setup > Company > Enable Features, on the Company subtab.
- Click Save.
The system saves your new custom transaction type and assigns full-level permission to the role of the user who created the custom transaction type. The permission lets users search for custom transaction instances in the global search.
NetSuite also creates an advanced template to print custom transaction instances.
After you save, two additional subtabs are available to further define the custom transaction type, as follows:
- Custom Fields – Create custom fields and automatically add them to the transaction type.
- Forms – Create custom forms for entering instances of the transaction type.
Businesses can customise their financial processes to meet specific needs with the flexibility offered by NetSuite’s custom transaction types. The necessary procedures for defining and configuring custom transaction types have been described here, along with details about account information, customization choices, naming, and style. Organisations can streamline their financial operations and increase overall efficiency by adhering to these guidelines and optimising their accounting and transaction management to better suit their specific needs.