Sequential Liability SuiteApp is an add-on SuiteApp available in NetSuite that allows users to track and manage sequential liability accounts. Sequential liability accounts are accounts where each transaction creates a new sub-account and each sub-account represents a unique liability.
With Sequential Liability SuiteApp, you can easily create and manage sequential liability accounts in NetSuite. The SuiteApp provides the following features:
We can do the following in Sequential Liability:
- View a summary of project-related payable and receivable transactions per subsidiary.
- View more details about the payable and receivable transactions for a specific project.
- View A/P – A/R details from the project record.
- View the A/P balance, A/R balance, and total amounts received and paid for a project or subsidiary as KPI tiles on the dashboard.
Overall, Sequential Liability SuiteApp is a powerful tool for organizations that need to track and manage sequential liability accounts. It simplifies the process of creating and managing these accounts, providing a clear and comprehensive view of your organization’s liabilities.
Released in 2020, the Sequential Liability SuiteApp helps companies to manage cash flow from a project perspective. When a company makes purchases that relate to client projects, this SuiteApp provides a solution to ensure that vendors are only paid once clients have paid for the related products/services. Advertising and Media companies are ideal users of this functionality as they typically have a high volume of pass-through expenses requiring careful cash management.
Reports provided by the SuiteApp deliver a unified view of project Accounts Payable and Accounts Receivable balances, allowing a rapid assessment of the cash flow position of each project and drill-down visibility to the individual transactions comprising the A/R and A/P balances. Previously, users would need to develop multiple saved searches to obtain this information as it is not possible to create a single query due to the limited number of joins available in saved searches.
From the new Project A/P – A/R Summary page, users can also see bank account balances and create vendor payments with pre-filled data on the summary page. For Accounting Center roles, the Sequential Liability Dashboard Portlet provides instant visibility to Payments, Receipts, and A/P and A/R Balances.
