Tag: #finance

Accept Customer Payment for Invoice in Different Currency

Scenario With the Multi-Currency Customers feature, users can set a base currency and additional currencies available for transactions with a customer. User would like to apply Customer Payment to an Invoice in different currency. However user cannot see Invoice under Transactions > Customers > Accept Customer Payments unless Payment and Invoice are in the same currency.… Continue reading Accept Customer Payment for Invoice in Different Currency

Advance paid settlement against expense reports

This article outlines how NetSuite manages advances paid to employees against expense reports. Below is the detailed process flow: The first prerequisite is we can setup default Advance Paid COA in the subsidiary Setup.  When creating a journal entry (JE) for the advance, mark the employee’s name at the line level. If the employee later… Continue reading Advance paid settlement against expense reports

Accounting Preference: Void Transactions Using Reversing

In NetSuite, the Accounting Preference “Void Transactions Using Reversing” allows the Void button to reverse journal entries in the following records: Check Bill Payment Payroll Liability Payment Customer Refund Tax Payment Tax Liability Check When this feature is enabled, the Void button will be removed from these records: Sales Order Estimate Cash Sale Invoice Return… Continue reading Accounting Preference: Void Transactions Using Reversing

Hedging

Hedging is a risk management strategy used by businesses and investors to protect themselves from potential losses caused by fluctuations in markets such as currency, commodities, interest rates, or stocks. Instead of aiming for higher profits, hedging focuses on minimizing uncertainty and safeguarding existing positions. For example, an Indian exporter who earns in U.S. dollars… Continue reading Hedging

Benefits of AI in Finance

For financial institutions, AI lets organizations accelerate and automate historically manual and time-consuming tasks like market research. AI can quickly analyze large volumes of data to identify trends and help forecast future performance, letting investors chart investment growth and evaluate potential risk. Evaluation can also apply to insurance, where personal data can be harvested and… Continue reading Benefits of AI in Finance

AI In Finance

AI in finance modernizes the entire industry by streamlining traditionally manual banking processes and unlocking deeper insights from generated data, helping dictate how and where investments are made. AI is also changing the customer experience by creating faster, contactless interactions, including real-time credit approvals and improved fraud protection and cybersecurity. As AI evolves, so will… Continue reading AI In Finance

Advanced Revenue Management (ARM) Process in projects

The Advanced Revenue Management (ARM) process in NetSuite is designed to automate and accurately manage revenue recognition in compliance with global accounting standards such as ASC 606 and IFRS 15. The ARM process begins with the configuration of service or product items in NetSuite, each linked to appropriate Revenue Recognition Rules that define when and… Continue reading Advanced Revenue Management (ARM) Process in projects

NetSuite Saved Search Formulas – Using Date in Saved Search Formulas

NetSuite Saved Searches are a data query tool that can have many advanced search filters and results display options. Searches can be saved and run on-demand in NetSuite to extract the latest information. NetSuite saved search results provide reporting and data tracking capabilities that can be used to analyze any type of information in NetSuite… Continue reading NetSuite Saved Search Formulas – Using Date in Saved Search Formulas

Sales Orders Not Visible to the Warehouse

Issue: The warehouse team reports that they cannot see sales orders that have been picked but not packed. Investigation: Checked role permissions and found that the warehouse role had view access but not edit access to picked orders. Verified that the transaction status filter in their saved search was excluding “Picked” orders. Identified that the… Continue reading Sales Orders Not Visible to the Warehouse