Author: Divya Unnikrishnan

Things to note during Vendor Bill import: To maintain performance, 5000 lines per transaction is the maximum recommended limit for transactions submitted through CSV import. We must map an external ID or internal ID to serve as a unique ID per record. The unique ID should be included in every line of the CSV files.… Continue reading Things to note before Vendor Expense Bill import

Since journal entries do not have a “Closed” status unlike Invoices/Bills,  it is the standard behavior of the system to continue to revalue these journal entries as if they are still open. In other words, in the case of transactions like Invoices and bills, the exchange rate variation is considered between the transaction date and… Continue reading Currency Revaluation of Journals in closed periods

The Deferred Expense Waterfall Summary report reconciles the deferred expense account balance on the balance sheet and provides a forecast of the expected expense stream. The report displays the results of all transactions to users with permission to see it, regardless of any role restrictions on transactions. The report is accessible to those whose role… Continue reading Deferred Expense Waterfall Summary report

Prerequisites and things to note while importing Depreciating Fixed assets: Before installation of the bundle, the Custom records, custom transactions, Client SuiteScript, and Server SuiteScript is to be enabled under the SuiteCloud subtab in Setup > Company > Enable Features. Fixed Asset Management bundle is then to be installed The system setup of FAM must… Continue reading Important points to be noted while importing Depreciating Assets

Amortization Journal entries from manual Journal transactions  Navigate to Transactions -> Financial -> Make Journal Entries  Create a Journal entry with an expense account and deferred expense account. Allocate the amortization template to the journal and select the vendor.   Click Save and Approve  Navigate to Transactions -> Financial -> Create Amortization Journal Entries   Enter… Continue reading Amortization Journal entries

Enable Amortization features: Accounting Periods [Setup → Company → Setup tasks → Enable features: Accounting subtab] Amortization [Setup → Company → Setup tasks → Enable features: Accounting subtab] Ensure one or more deferred expense accounts are set up [NetSuite automatically adds a default account with a type of Deferred Expense to the Chart of Accounts… Continue reading Amortization setup

Weekly time trackingWith weekly time tracking, we can track the hours we and other employees work for a week at a time. Copying a Previous Week for a Weekly TimesheetIn addition to entering new time each week, we can also copy the time entries from a previous week onto the current week. To copy a… Continue reading ‘Copy from Week’ functionality in Timesheets

Electronic Payment batches – Introduction  The Advanced Electronic Bank Payments license allows you to automatically group transactions into payment batches, process payment batches, and schedule when to create and approve payment batches.  Prerequisites:  NetSuite SuiteApps Licensed Client SuiteApp  Active Advanced Electronic Bank Payments license  Process bills automatically checkbox enabled – in Company bank detail record … Continue reading Electronic Payment batches

When we are confident that the payment files are correct, transmit the files to the bank for processing. Once that is completed, we can then send an email notification to payees about the status of the electronic bank payment.  After creating payment files and uploading them to the bank’s electronic payment portal, use the payment… Continue reading Electronic Bank Payment notification

The electronic bank payment SuiteApp offers Positive Pay as a fraud prevention tool.  Positive Pay templates include Bank of America Merrill Lynch, Royal Bank of Canada, and Silicon Valley Bank-controlled disbursement accounts. Use the Positive Pay feature to select a list of checks that the company has issued.  We can then upload the file to… Continue reading Positive Pay