Author: Divya Unnikrishnan

When we track vendor returns using authorizations, we know the status of each return and we can track accurate information about each return we process. The vendor return workflow includes obtaining Return Materials Authorization (RMA) from the vendor, then processing the return in NetSuite to track information about each return. The vendor return process:• Entering… Continue reading Return Management – Vendor Return Authorization

Scenario: Is it possible to assign the Intercompany Payable and Intercompany Receivables Account in Cross Charges on a subsidiary level [ie., separate intercompany accounts for each subsidiary]? The intercompany Company Receivable and Payable accounts are set up in the intercompany accounting preference, which is a company-level preference. Having a subsidiary-wise account definition for the Intercompany… Continue reading Assigning Intercompany accounts on a subsidiary level in Cross Charge Journals

To breakdown the calculation of landed cost in NetSuite: The landed Cost feature enables users to associate and capitalize the charges they incur upon purchase to the item cost. In an Item Receipt where landed cost has been allocated, it is assumed that the landed cost needs to be a part of the cost of… Continue reading Landed cost GL impact in Standard NetSuite process

We can configure vendor prepayment account at the company and subsidiary level. In Netsuite, the functionality to assign a specific vendor prepayment account to each individual vendor is currently unavailable. Upon further checking the ability to select from the Prepayment Account field in the Vendor Prepayment record as an alternative, it was found that this… Continue reading Assigning default vendor prepayment account at the Vendor level

To unreconcile and unmatch a transaction that has been matched in the ‘Match Bank Data’ in NetSuite Bank Reconciliation, follow the below steps: Uncheck the ‘USE MATCH BANK DATA AND RECONCILE ACCOUNT STATEMENT PAGES’ checkbox in the Bank account page.  Navigate to ‘Reconcile Bank Statement’ page.  Enter the account name and statement date. Uncheck the… Continue reading Unreconciling and unmatching Matched Bank date

Scenario: The Employee records do not display the purchase limit and purchase approval limit fields. However, the Purchase Request feature has been enabled in the account. Solution: The specified fields are not available in the Employee records because the ‘Approval Routing‘ feature in Enable feature is not checked. When this feature is disabled, the transactions… Continue reading Approval Routing feature pertaining to Purchase Request

A purchase request is a transaction that records a purchase that needs to be made. The request details the item needed and the anticipated price of the item. After the purchase request needs to become an actual purchase, the request must be converted into a purchase order. Employees with access to purchase requests can enter… Continue reading Purchase Request in NetSuite

Follow these guidelines when we use the International Tax Reports SuiteApp:  Make sure our tax code setup is correct. We can rename tax codes, but we must make sure the properties on each are set correctly.  Close tax periods before generating tax reports for filing.  Click Refresh each time we change a subsidiary or tax… Continue reading International Tax Reports Best Practices

If we have a Slovenia subsidiary and nexus and we have the International Tax Reports SuiteApp installed in our NetSuite account, we can generate the Slovenia VAT Report, in English or Slovenian, from Reports > VAT/GST > Tax Reports (International). To generate the tax report for Slovenia, use the tax code properties provided by the… Continue reading VAT Reports – Slovenia

Scenario:The current NetSuite account does not have the landed cost templates set up in it. Since the Financial Year end is approaching, the landed cost for the Item Receipts that have missed landed cost need to be updated using a workaround approach. Transfer Order approach  Through this method, we would transfer the quantity from our… Continue reading Include missed landed cost in IR – Transfer Order approach