REQUIREMENT: Currently, NetSuite posts both Invoice and Credit Memo transactions to the same Income Account defined on the item record. However, this behavior does not align with the accounting requirements. We would like to configure NetSuite so that: Invoice postings using a specific item go to the regular Revenue account Credit Memo postings using the same item are posted to a separate Deduction Revenue account SOLUTION: current… Continue reading Separate GL Accounts for Invoice and Credit Memo on the Same Item
Tag: account
Changing GL accounts in Item Records
By standard, changing accounts in item records impacts all historical transactions, including those in closed periods. This is why the system shows the error: ‘The GL Impact of a transaction in a closed period cannot be changed’. In NetSuite, there is an accounting preference called ‘Do Not Update COGS and Asset Accounts on Existing Transactions… Continue reading Changing GL accounts in Item Records
Display Account names in Different Language
Requirement: User wants to display Account names in Spanish For Spanish In General Preference, under Accounting Context, create new context Add Language Spanish For showing account name in another language, Edit the account name, under Localization subtab, select Accounting context and corresponding name. In Set Preferences, select Accounting Context “Spanish” Result:
Chart of Account merge option
The Chart of Accounts is the underlying structure for organizing financial information and reporting. An entity records transactions with a set of codes representing balances by type, expenses by function, and other divisional or organizational codes that are important to its business. Using this, users can merge one account into another if they are the same account… Continue reading Chart of Account merge option
Cash 360 Enhancement NetSuite Release 2023.2
1. View cash projections for other active subsidiaries, including consolidated subsidiaries: Users now have the capability to access cash projections not only for the primary subsidiary but also for other active subsidiaries, extending to consolidated subsidiaries. This enhancement provides a more comprehensive and consolidated view of cash positions across various business entities within the organization.… Continue reading Cash 360 Enhancement NetSuite Release 2023.2
Submit FedEx Shipping Account Registration shows Notice: Invalid Billing Address
User receives an error: “Invalid Billing Address” upon submit of Fedex Account Registration page. The error indicates that the address entered in NetSuite under Setup > Accounting > Shipping is not what FedEx has on file for the account registered for the user. Typically, this is caused by having two addresses: one for billing and one for shipping.… Continue reading Submit FedEx Shipping Account Registration shows Notice: Invalid Billing Address
PART 2.5 – GL Impact Account Setup of each transaction
Transactions Debited Account & Setup Credited Account & Setup Opportunities No GL Impact No GL Impact Estimates/ Quote Estimates – Non PostingDefault Account IncomeItem Record or Accounting Preferences Sales Order Sales Orders -Non PostingDefault Account IncomeItem Record or Accounting Preferences Item Fulfillment Cost of Goods SoldItem Record or Accounting Preferences AssetItem Record or Accounting Preferences… Continue reading PART 2.5 – GL Impact Account Setup of each transaction
PART 2.4 – Managing account balances
Entering Opening Balances The opening balance for each general ledger account is the amount in the account when you first start using it in NetSuite. The date of the opening balance is included on each account record. After an opening balance has been entered for an account, that account can be used in NetSuite transactions. … Continue reading PART 2.4 – Managing account balances
PART 2.3 – Creating/ Editing an account
Go to Setup > Accounting > Manage G/L > Chart of Accounts > New. Enter general account information: If you are using account numbering, enter an account number. Account numbers can be alphanumeric with a maximum of 60 characters. Enter a name for this account. This name appears in the chart of accounts list, on transactions lists,… Continue reading PART 2.3 – Creating/ Editing an account
PART 2.2 – What naming conventions do you want to use for accounts?
When naming accounts in NetSuite, it’s important to follow best practices to ensure that the accounts are easily understood and consistent across the chart of accounts. Here are some naming conventions that you can follow (best practices) for accounts in NetSuite: Use descriptive names: Use standard account type names that clearly describe the account, such… Continue reading PART 2.2 – What naming conventions do you want to use for accounts?