Here are some key points to consider:
- Account Type Limitation: Currently, the Transfer Funds feature is restricted to Bank •Account Type only. The option to select other account types, such as credit cards or lines of credit (liability), is not yet available. This limitation is addressed in the following enhancement requests: Issue 47396 (allowing transfers from liability accounts), Issue 85521 (enabling credit card account selection), and Issue 86923 (requesting the ability to choose other non-bank account types). As of now, there is no alternative solution for this restriction.
- Lack of Approval Hierarchy: The Transfer of Funds process does not have an approval •hierarchy. This means any user with the necessary permissions can create transfer transactions without seeking approval. Issue 148150 addresses the need for an approval routing or hierarchy for bank transfers, ensuring that appropriate approvals are obtained before posting transactions.
- Transaction Number Customization: While there is a field for Transaction Number on •the Transfer Funds page, you cannot modify the settings for auto-generated numbers through Setup > Company > Auto-Generated Numbers. This customization is covered in Issue 85700, which aims to include Transaction Numbers in Transfer Funds transactions.
- Memorization of Transfer Funds: The Transfer Funds page does not support •memorization of transactions. Enhancement request 7492 has been logged to add this functionality in the future, allowing users to memorize fund transfers.
- Transfer between Non-Base Currencies: NetSuite currently imposes limitations on •transferring funds between non-base currency accounts. It requires either one account to be in the base currency or both accounts to be in the same currency. Issue 115545 has been raised to address this limitation and enable transfers directly between non- base currency accounts.
- Allow Empty Classifications: By default, if the “Make Department/Class/Location” •setting is enabled (set to True), you cannot leave the Department, Class, and Location fields empty. Issue 148150 discusses the request to allow empty classifications in Transfer Funds, similar to the functionality in Journal Entries. As a temporary workaround, you can change the “Make Location/classes/departments mandatory” setting to False.
- Import via CSV: Transfer Funds transactions cannot be imported via CSV in NetSuite at •this time. Enhancement request 229087 has been logged under Setup > Import/Export > Import CSV Records to include the ability to import Transfer Funds transactions.
By being aware of these limitations and potential workarounds, you can better navigate the Transfer of Funds feature in NetSuite and adapt it to your specific business requirements. If any of the aforementioned limitations resonate with your experience, consider visiting the SuiteIdeas page to participate in the voting process for the suggested enhancements.