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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?

PART 2.1 – How do you want to organize the hierarchy for each account type?

You can define a parent account on each account record. A parent account must have the same type as the subaccount. You cannot change the account type for an account that has associated posting and non-posting transactions such as sales order and revenue commit. The hierarchy for each account type in NetSuite can be organized… Continue reading PART 2.1 – How do you want to organize the hierarchy for each account type?

PART 2 – Chart of Accounts

Current Assets: Current Asset accounts are accounts that represent assets that are expected to be converted to cash within one year or one operating cycle, whichever is longer. These accounts are important for businesses to manage their short-term liquidity and cash flow. Cash and Cash Equivalents: This account represents cash on hand, bank deposits, and… Continue reading PART 2 – Chart of Accounts

Best Practices for NetSuite Charts of Accounts

To view the chart of accounts in NetSuite, go to Setup > Accounting > Manage G/L > Chart of Accounts. Plan and Test the Chart of Accounts Before Implementation NetSuite offers a test environment called the Sandbox, where users can plan, test, and observe each activity at every stage of implementation. Using the test environment… Continue reading Best Practices for NetSuite Charts of Accounts

PART 3.2 – Vendor/Purchase Transaction GL Impact

Purchase orders are non-posting transactions that are sent to a vendor to keep track of items that are expected to be delivered. They include the associated price and quantity. 2. Item receipts are used to match against an open purchase order when items have been received. The GL impact will show an increase in the asset account… Continue reading PART 3.2 – Vendor/Purchase Transaction GL Impact

PART 3 – General Ledger Impact and Transactions

This section will explain the fields displayed on the GL Impact page and the types of transactions that generate GL Impact. GL Impact Page Fields Accounting Book: This field will show up only if the Multi-Book accounting feature is enabled and provides the ability to maintain multiple sets of accounting records. For example, a company that… Continue reading PART 3 – General Ledger Impact and Transactions

Best practices for Financial Reporting in NetSuite

Use Custom Reports: NetSuite provides a wide range of standard reports, but customizing reports to meet specific business needs can be highly beneficial. Custom reports allow businesses to access key metrics and data points that are relevant to their specific operations and goals. Accurate Data Entry: Ensure that all transactions are entered correctly and in… Continue reading Best practices for Financial Reporting in NetSuite

Best practices for setting up debit and credit in NetSuite

Use standard account types: Use the standard account types provided by NetSuite, such as Asset, Liability, Equity, Revenue, and Expense. These account types ensure that your financial statements are accurate and comply with accounting standards. Create a chart of accounts: A chart of accounts is a list of all the accounts used in your financial… Continue reading Best practices for setting up debit and credit in NetSuite

PART 1 – Debit and Credit Terms in General

Debit means left and Credit means right To decrease an account you do the opposite of what was done to increase the account. For example, an asset account is increased with a debit. Therefore it is decreased with a credit. The abbreviation for debit is dr. and the abbreviation for credit is cr. Generally, these types of accounts are… Continue reading PART 1 – Debit and Credit Terms in General

Add TDS GL Impact on Vendor Prepayment Record

The client would like to add the TDS to the Vendor Prepayment record since the standard TDS process is not applicable for vendor prepayment records. TDS on Amount Field: Create a new field for fetching the TDS% on the vendor prepayment records. Generate a workflow to apply the TDS formula on Payment Amount using the… Continue reading Add TDS GL Impact on Vendor Prepayment Record