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 perspective Accounting helps to manage accounting related requirements of your organisation. For accounting management in NetSuite, your required setup tasks include the enabling of accounting features, setting of accounting preferences, and setup of accounting lists. You can make changes later to some of these features, preferences, and lists as your accounting management needs change.
- Accounting-Related Features:
The records and transactions available for use in your NetSuite account depend on the features that have been enabled
- Navigation: Setup > Company > Enable Features
- The following sections describe accounting-related features that are not listed on the accounting subtab on the Enable Features page. These sections are named for their respective subtab on the Enable Features page where they are displayed.
- Company
Multiple Currencies: Enables use of foreign currencies for sales and purchase transactions, and accounts for exchange rate fluctuations. This feature also authorizes you to do business with both customers and vendors who use multiple currencies in their business dealings with you
Currency Exchange Rate Integration: Automatically updates currency exchange rates by the specified provider one time each day. Agree to the Notice, as required. NetSuite stores the user id and time and date stamp of account changes in system notes. To choose an exchange rate provider, method for obtaining exchange rates, and anchor currencies, go to Setup > Accounting > Preferences > Accounting Preferences > General subtab > Exchange Rate Integration.
- Transactions:
Sales Orders: Enables tracking of customer orders and conversion into invoices and cash sales. Enabling this feature creates the system- generated Sales Orders account
Return Authorizations: Enables tracking of customer returns
Purchase Orders: Enables tracking of orders to vendors.
Vendor Return Authorizations: Enables tracking of returns to vendors. Enabling this feature creates the system-generated Vendor Return Authorizations and Purchases Returned Not Credited accounts.
Advanced Billing: Enables invoicing of sales over time or to a contract term, based on defined schedules.
Credit Card Payments: Enables receipt of customer credit card payments.
PayPal Integration: Enables receipt of PayPal payments from Web store customers
- Employees
Payroll: Enables processing of payroll and printing of paychecks. Enabling this feature creates the system-generated Payroll Adjustments account.
Paycheck Journal: Enables integration with external payroll systems, the creation of custom payroll solutions with SuiteScript and SOAP web services, and tracking employees’ payroll data through NetSuite
Direct Deposit: Enables authorization of electronic funds transfers from your accounts to employees’ accounts
Expense Reports: Enables tracking and billing of employee expenses. Enabling this feature creates the system-generated Unapproved Expense Reports, Advances Paid, and Accounts Payable accounts
Purchase Requests: Enables use of purchase requests to provide approval process for purchase orders
Employee Commissions: Enables the automation of employee compensation processes