Reversing journals in NetSuite are journal entries created to negate (reverse) the effect of a previously recorded journal entry. These entries are typically used to adjust temporary or accrual-based accounting transactions, ensuring that the impact of such entries is reversed in the subsequent accounting period. Purpose of Reversing Journals Reversing journals are essential in accounting… Continue reading Reversing journals
Tag: #finance
Managing Revenue Arrangements
You can edit the fields on a revenue arrangement header either individually or in bulk. The same header fields are available for edit using either method. The following procedure is for editing individual revenue arrangements. You can edit revenue elements only by editing the individual revenue arrangement. Note: Your role must include the Revenue Arrangement… Continue reading Managing Revenue Arrangements
Set Up Item Record with Revenue Attributes
In Advanced Revenue Management module, revenue arrangements are created based on the configurations specified in the accounting subtab on item records. Configuring revenue recognition attributes on the Item records is critical to process the revenue recognition workflow starting from creating revenue arrangements to revenue plans, journal entries to recognize revenue. The following Item types are… Continue reading Set Up Item Record with Revenue Attributes
Add a Fair Value Dimension Fair value dimensions are fields that you add to the fair value price record
.Steps 1) Navigate to Setup > Accounting > Fair Value Price Lists (Administrator). OR Navigate to Revenue > Setup > Fair Value Dimensions (Revenue Manager). 2) Select a dimension from the Field dropdown list. 3) Enter a Description. 4) Select additional fields and type descriptions as desired. Note: You may use each field only one… Continue reading Add a Fair Value Dimension Fair value dimensions are fields that you add to the fair value price record
The Impact of AI-Driven Automation in Financial Institutions
In the fast-paced world of finance, the efficiency of back-office operations is critical to the success of financial institutions. With the advent of artificial intelligence (AI) technology, automation has become a powerful tool for streamlining processes and driving operational excellence. In this article, we explore the transformative impact of AI-driven automation applications in financial institutions,… Continue reading The Impact of AI-Driven Automation in Financial Institutions
Gold Reserves Importance
Gold reserves contribute to a nation’s financial stability. Gold is seen as a stable asset in times of economic uncertainty and fluctuations to maintain confidence in the financial system. Gold allows countries to mitigate risk around the volatility of other assets like currencies and securities providing a balance to withstand economic shocks. Gold is a… Continue reading Gold Reserves Importance
Options Contract in Finance
Options are derivatives that allow investors to exchange the right to buy or sell a specific security at a specific price. There are two primary types of options: call options and put options. Call Options give the holder of the contract the right to purchase the underlying security, while Put options give the holder the… Continue reading Options Contract in Finance
Capital Budgeting
Capital Budgeting is defined as the process by which a business determines which fixed asset purchases or project investments are acceptable and which are not. Using this approach, each proposed investment is given a quantitative analysis, allowing rational judgment to be made by the business owners. Capital asset management requires a lot of money; therefore,… Continue reading Capital Budgeting
Summary of IT audits in India as per Institute of Chartered Accountants of India guidelines
IT audit techniques in India, like in any other country, involve assessing and evaluating an organization’s information technology infrastructure, systems, and processes to ensure they meet established standards, comply with regulations, and are secure. Here are some common IT audit techniques employed in India: Risk Assessment: Identify and assess potential risks associated with the organization’s… Continue reading Summary of IT audits in India as per Institute of Chartered Accountants of India guidelines
Cost of Sales GL adjustments by system
Scenario – The item costing method is FIFO and the system is causing GL changes and the direct cause cannot be pinpointed. In the Item Fulfillment transactions, the system changes the GL impact due to a change in the costs. There are various reasons for the cause of the change. With our current costing engine,… Continue reading Cost of Sales GL adjustments by system