Tag: gl impact

No GL Impact on the Item Fulfillment record

When an Item Fulfillment has no journal entry in the GL Impact, one probable cause is that the Item Fulfillment is dated before the Inventory Adjustment. Below are the steps that can be taken to reflect the GL impact: Open the Inventory Adjustment record > Edit > Date it before the Item Fulfillment > Save. Open the Item Fulfillment record > Edit > uncheck and check the fulfill checkboxes on the item lines > Save. View the GL Impact. It should have… Continue reading No GL Impact on the Item Fulfillment record

Custom GL Plugin Script to reverse the GL posted to the Sales account.

Requirement Client would like to introduce a novel GL posting approach for its sales transactions, focusing on recognizing revenue exclusively after order fulfillment. Under this system, when generating the cash sale record, the GL impact posting into the sales account will undergo a reversal. Simultaneously, the equivalent amount will be redirected and posted into the… Continue reading Custom GL Plugin Script to reverse the GL posted to the Sales account.

Custom GL plugin setup

The Custom GL Lines Plug-in modifies the general ledger impact of standard and custom transactions. Use the Custom GL Lines Plug-in to comply with a wide range of global accounting standards by applying custom transaction logic that adds lines to the NetSuite GL Impact page. configure for each plug-in implementation: Transaction types. A Custom GL Lines… Continue reading Custom GL plugin setup

To provide GL Impacts permission while restricting access to Journal Entries

We can add “Make Journal Entry” with view permission in the required role. For that, Setup>user/role> Manage roles > select required role > permissions. In Transactions subtab, add “Make Journal Entry”. However, the same permission is linked with Journal entry permission the role will get permission to view journal entries. To restrict access to journal… Continue reading To provide GL Impacts permission while restricting access to Journal Entries

No GL Impact for Item Receipt

Issue – For the Item Receipt there is no GL impact showing. The corresponding purchase order has a rate specified. Solution – Check the inventory valuation report. If the Item Receipt shows zero value in both GL Impact and Inventory Valuation Report is that the Purchase Order Item Rate field was originally populated with zero… Continue reading No GL Impact for Item Receipt

You cannot change the GL impact for intercompany inventory transfer lines

Updating an Intercompany sales order which is paired with an intercompany purchase order will throw the following error:You cannot change the GL impact for intercompany inventory transfer lines As of NetSuite standards, we couldn’t make a GL-impact change on the Intercompany Sales Order that was created from an Intercompany Purchase Order. Any modification made to… Continue reading You cannot change the GL impact for intercompany inventory transfer lines

PART 3.5 – Cost of Goods Sold (COGS) GL Impact

COGS are not expense accounts, but they function like an expense. These are the costs directly associated with the sale of goods or services. This includes the cost of the product for resale, raw materials, packaging, etc. General selling expenses, such as salaries, rent, utilities, and advertising expenses, are not considered part of the cost… Continue reading PART 3.5 – Cost of Goods Sold (COGS) GL Impact

PART 3.4 – Bank Transaction GL Impact

Bank deposits are when the payment received from the customer is deposited into a bank account. This will increase the bank’s funds and decrease the undeposited fund accounts. Writing checks occurs when businesses issue checks as payment for items they purchase or any type of payables. The GL impact will show a decrease in the amount of… Continue reading PART 3.4 – Bank Transaction GL Impact