As part of your Multi-Location Inventory setup, distribute any unallocated inventory before you can enter them on inventory transactions. After you enable the Multi-Location Inventory feature, unallocated inventory items are considered to be in a null location. The Inventory Distribution transaction allocates inventory from its original, unassigned state to one or more locations on your… Continue reading Distributing Inventory
Tag: #accounting
NetSuite’s Multi-Book Accounting: Beyond the Basics
NetSuite’s Multi-Book Accounting feature is an advanced tool designed for companies operating across multiple jurisdictions with varying accounting standards. While Multi-Book Accounting is well-known among financial professionals, its full potential is often overlooked. This feature allows companies to maintain multiple sets of books simultaneously within a single instance of NetSuite. For example, a company can… Continue reading NetSuite’s Multi-Book Accounting: Beyond the Basics
Post Journal Entry to a Closed Period using Custom Role
Scenario User would like to record a journal entry using a custom role but not able to see options to select a closed period. Solution User may perform below steps to select a closed period in posting period. Using Administrator role, add permission for custom role. Go to Setup > User/Roles > Manage Roles Click Edit to Custom role Under Permissions tab, go… Continue reading Post Journal Entry to a Closed Period using Custom Role
Proposal for Pre-Orders Account Setup and Invoice Automation
Proposal Summary This proposal presents a solution for restructuring the accounting process for Pre-Orders and Advance Auto Invoicing before fulfilment. The proposed process involves generating automatic invoices for pre-ordered quantities before fulfilment and for committed quantities post-fulfilment. Notably, invoices for back-ordered quantities will be associated with the Deferred Revenue 23010 account, facilitated by a custom… Continue reading Proposal for Pre-Orders Account Setup and Invoice Automation
Revenue Recognition in Insurance Business
Here’s an overview of how revenue recognition works for insurance contracts under IFRS: Contractual Service Margin (CSM): One of the key concepts introduced by IFRS 17 is the Contractual Service Margin (CSM). The CSM represents the unearned profit on insurance contracts at the inception of the contract. Revenue is recognized over the coverage period as… Continue reading Revenue Recognition in Insurance Business