Migration of Legacy Records/Transactions to SuiteTax is an automated process. When the SuiteTax feature is enabled, the migration of tax-related records proceeds in the background. SuiteTax changes most of the tax-related records across NetSuite but values on any transaction is not changed. When we enable the SuiteTax feature, the following tax records and pages are… Continue reading Migration of Legacy Records/Transactions to SuiteTax
Author: Salini R
Converting Non-Inventory Items to Serialized Inventory Items
Non-inventory type items can be converted to Serialized or Lot-numbered inventory items to allow tracking of the item stock. To convert a non-inventory item to inventory: Go to Lists > Accounting > Items. Click View next to a Non-inventory item. On the item record, With the Serialized Inventory or Lot Tracking features, click the button arrow to choose Convert… Continue reading Converting Non-Inventory Items to Serialized Inventory Items
Cash Transactions using Checks
Go to Transactions > Bank > Write Checks. On the Check page, select the ledger account you want to use to record the cash expenditure. Enter the name of the payee, who received cash. In the Check # field, type CASH.You can also include a tracking number. Enter the amount you spent. On the Expenses & Items subtab, enter line items… Continue reading Cash Transactions using Checks
Summarized Intercompany Journal Entries
If you use the Journal Entry Summarization on Intercompany Elimination accounting preference, NetSuite groups similar elimination journal entries into a single, summarized journal entry line. If you do not use the accounting preference, each elimination journal entry appears on a single journal entry line. You can change the state of the preference, as required. If… Continue reading Summarized Intercompany Journal Entries
Features and Permissions required for changing Subsidiary Hierarchy in NetSuite
Creating a new parent company is not as straightforward as adding a new child subsidiary. In order to be able to add a new parent company, the “Allow Subsidiary Hierarchy to be Modified” option should be activated. To do so, go to Setup > Company > General Preferences with the administrator role. Then, click on… Continue reading Features and Permissions required for changing Subsidiary Hierarchy in NetSuite
Potential Impacts of Modifying Subsidiary Hierarchy in NetSuite
Modifying entries in the Subsidiary Hierarchy can have significant legal and financial consequences. Please be certain you are authorized to make such changes and consult with the appropriate stakeholders in your business before proceeding. At a minimum, Oracle recommends that you read the official documentation and review and download all documents that may be relevant… Continue reading Potential Impacts of Modifying Subsidiary Hierarchy in NetSuite
CSV Import to Update Percent Complete Override
1. Navigate to Setup > Import/Export > Import CSV Records2. Import type: Select Relationships3. Record Type: Click Projects4. Select the CSV File to upload.5. Click Update button.6. Field mapping: ID: Job: ExternalId Internal ID: Job: Internal ID Accounting Period: Job Percent Complete Override 1 : Accounting Period Cumulative Percent Complete: Job Percent Complete Override 1 : Cumulative Percent Complete. 7. Import Map Name: Enter any name value8. Hit Save andRun.
Percentage of Revenue Recognized is not Equal to the Project Progress
Revenue Arrangement is associated with a Project and uses Percent Complete revenue recognition rule. Percent Complete Override in the Project record was also set to 28%, however in the associated Revenue Recognition in the related revenue arrangement is already 71%. Solution Customer may want to check when was the actual date the revenue recognition journal entries were… Continue reading Percentage of Revenue Recognized is not Equal to the Project Progress
3 Way Match Vendor Bill Approval Workflow
The 3 Way Match Vendor Bill Approval Workflow checks the vendor bill for discrepancies before it is processed for payment. It validates the details of a vendor bill against the details of its corresponding purchase order and item receipt. Bills with identified discrepancies are automatically routed to the assigned supervisor for review and approval. The… Continue reading 3 Way Match Vendor Bill Approval Workflow
Nexus Level Tax Exemption
In Suite tax, you are required to select a tax engine for all the nexuses assigned to your subsidiaries regardless if you require taxes on your transactions or not. But, Nexus-level tax exemption enables us to skip the tax engine selection and the rest of the tax engine setup. No call is made to a… Continue reading Nexus Level Tax Exemption