Record to Report

Maintaining Account and Company preferences

Objectives:
 Review preferences
 Enable features and their implications
 Identify classifications
 Identify combinations of classifications
 Review impact of structure on processes
Review preferences
To setup you Company Information go to

Setup > Company > Company Information (cannot be customized using SuiteBuilder)

-In this form your company information such as:

 Company name- this name should appear in all forms except for check because on checks, your company name will be
preprinted with address and MICR information.
 Legal name-
 Company logo (forms)- select the logo to show on printed and emailed transaction forms. To upload go
>Documents>Files>Images>New. Make sure that the Available w/o login box is checked. If the image is still not seen
the try to check if the same folder is selected in the Company logo folder field under General preferences.
 Company logo (pages)- Select a company logo to show on the pages of your Customer, Partner, and Vendor Centers.
To upload a logo, do the same process as uploading a company logo (form). To print your logo on standard forms, the
logo must be not more than 113 px wide and 30 pc high.
 Display logo internally- to show logo selected in the company logo (pages) field on all pages of your NetSuite account
bedside the NetSuite logo.
 Website- input your company website. Make sure that it starts with http://
 Contry/state/province
 Country- Cannot be interchanged once saved.
 Return email address- email to be used when emailing forms and reports from NetSUite.
 Fax- fax number
 Currency- base currency of the business. Once set upped it cannot be changed.
 Employee Identification number, Social security number, and Tax ID number-
 Purge account- to delete the user account.
 First fiscal month- one time set up only.
 Time zone
 Under the address subtab- you can set up the Address, shipping address ad return address of your company.

Company features

 Classifications such as: used to identify and categorize records in NetSuite.

o Department- designate transaction owner and resource as part of internal team (Payroll)
o Location- recognize physical and virtual places. It is mainly use for inventory management.
o Classes- for wider categorization within your business. (Business Unit)
Benefits
o It allows better organization of data.
o Leaner chart of accounts since there will be no need to create account for each possible combination of
locations, address, and classes,
 o More accurate and dynamic reporting.

How to create classification

Setup> Company > Classes/Location/Department > New

o Department
 Name- Name of the department
 Subdepartment of- only fill if the department to be created is a subdepartment of a department that
has already been created.
 Subsidiary- select the subsidiary in which you want the department to be associated with. You can
check the Include children checkbox if you want to associate the department with the child subsidiary
of the selected subsidiary as well.
o Location
 Name- name of the location
 Sublocation of- only fill if the location is a sublocation of other location.
 Subsidiary-
 Location type- used by the Automatic Location Assignment to determine the ideal fulfillment location.
It can be set to undefine/blank to represent location that is neither warehouse nor store.
 Time-zone
 Latitude
 Longitude
 Document number prefix- set up to 8 alpha- numeric characters that will be used if location feature is
used in auto generated numbering of transactions (Document numbers).
 Logo- Select a logo to show for this location on printed and e-mailed transaction forms.
 Use bins- to use bins in tracking inventory in this location
 Make inventory available- to make the on-hand inventory in this location available for order or sale.
 Use Bin- check if you want to use bins to track inventory. Only available if Bin Management feature is
enabled.
 Make inventory available in Web Store- to include on-hand inventory at the location in the total
quantity available to display in the web store.
 Include in supply planning- available if Plan Through Network preference, Demand Planning and
Multi-location Inventory is enable. To include the data in this location when the system does the
supply planning calculations.
 Address subtab- this is where you set the address of the location.
 Document numbers subtab- enter the first transaction number.
o Class
 Name- Name of the department
 Subclass of- only fill if the department to be created is a subclass of a department that has already
been created.
 Subsidiary- select the subsidiary in which you want the class to be associated with. You can check the
Include children checkbox if you want to associate the Store with the child subsidiary of the selected
subsidiary as well.

For OneWorld Account

o Subsidiary
 additional form of classification present in a OneWorld Account.
 Hierarchical structure of separate legal entities or subsidiaries of a company.
 Organized as a tree that rolls up to a root or top-level parent subsidiary. In case a Standard NetSuite is
upgraded to OneWorld, the existing record will be the root subsidiary.
 It is assumed that a subsidiary is an independent company within your company.
  The maximum number of Subsidiary is 125 including the Parent/root subsidiary. Elimination and
Inactive subsidiaries are excluded from the count of subsidiary.
 Elimination Subsidiary- facilitates elimination of intercompany transactions by generating journal
entries. It is advisable to have 1 elimination subsidiary per parent subsidiary.

To see you list of subsidiaries go to: Setup> Company> Subsidiary

 By looking in the name column. You can see the hierarchical relationship of each subsidiaries by means
of indentions.

To create new subsidiary got to: Setup> Company> Subsidiary> New

 Name- Name of the subsidiary

 Subsubsidiary of- choose the parent subsidiary of the subsidiary being made.
 Country- Choose the country of operation of the subsidiary. One-time setup only.
 State/Province- state/province of operation. It will only be mandatory if the country is United states
and Canada.
 Fiscal calendar- calendar to roll up accounting period.
 Tax fiscal calendar- calendar to roll up tax period.
 Currency- choose the base currency of the subsidiary. One-time setup only.
 Language- language to be used by the users of this subsidiary.
 Always display subsidiary name- check the box if you only want to display the subsidiary name and
logo in the upper right corner instead of the company’s.
 Subsidiary logo (Form) & (page)- upload logo to appear in all your forms and pages. To upload go
>Documents>Files>Images>New. Make sure that the Available w/o login box is checked. If the image
is still not seen the try to check if the same folder is selected in the Company logo folder field under
General preferences.
 Website- enter the subsidiary’s web address.
 Document number prefix- enter up to 8 alphanumeric characters to make your subsidiary’s
transactions independent from other’s subsidiary. To set up which transactions will use a subsidiary
document number, under auto generate number in the document subtab check the subsidiary
checkbox in the preferred transaction.
 Legal name- the name you subsidiary you what to appear in tax forms.
 Return email address-
 Fax
 Elimination- check the box if you are creating an elimination subsidiary.
 Edition- it is mainly driven by the county of operation.
 Address subtab- set the address of the subsidiary
 Document numbers subtab- set the initial or first number of the sequence.
 Vendor Bill Matching subtab- set the vendor variance tolerance in the subsidiary level.
 Nexuses subtab- in this subtab you set the applicable nexuses in this subsidiary.
 Preference subtab- you can set some of the general, support, issues, and csv preference.
 Translation-

Elimination subsidiary

 Use to eliminate the revenue and expenses at the consolidated level to remove the effect of
transactions between subsidiaries.
 Must have the same base currency and country as the direct parent subsidiary.
 Only used for journal entry transactions.
 Normal journal entry associated with a elimination subsidiary is just a normal journal entry and not an
advanced intercompany journal entry.
 Accounting preference for classification
o Make classification mandatory- to make the classification mandatory on all records and transactions.
o Allow per line classification- to allow classification be entered on per transaction line.
o Always allow per-line classification on journals- to always allow per line item classification.
o Allow empty classification on journals- to allow journal entries without any classification entered.

 Multi-language
o enter item names and description in multiple languages for printed forms.
o Allows the user to choose the language they want to view their Netusite account in.
o To setup, go to Setup> Company> General Preferences> language Subtab. You can now set the language you
want to write the item names and descriptions for.
o To translate item names and descriptions on item records, or by going to Setup> Import/export Bulk update
item transaction.
 Multiple currency
o to allow the business or subsidiary to transact with entities using currencies other than the base currency of
the business or subsidiary.
o You cannot disable this feature as long as there are transactions using a currency other than the company base
currency.
o It is possible because the system will allow you to assign more than one currency to an entity
record/subsidiary. There will be a Currency sublist under the Financial Tab.
o Once It is enabled, you can now see an additional list in your list tab: Currency and Currency Exchange rate.

Currency
There are 2 kinds of currency a business or company uses namely: Base currency and Foreign currency. When
we say Base currency, it is the currency used by the company or subsidiary to manage its financial records.
Base currency is also referred as the company’s functional currency. The counter part of Base currency is called
foreign currency. Foreign currency are currencies other than the base currency that are used by a third party
to transact with the company.

To see your list of currency, go to List> Accounting> Currencies. In your currency list, you can see the following
information: Currency name, ISO Code, if used as base currency, If inactive, if automatic update and the
update time zone. Just click the Currency name to go to the currency record.

To create new record, go to List> Accounting> Currencies > New. In the Currency route, the following fields
are available.

 Name- name of the currency

 Default locale- Select a country to determine the currency format. The default format displays in the
format sample part.
 ISO Code- International Standards Organization 3 letter code. It can be override but not recommended
to do so.
 Default exchange rate (to root subsidiary currency)- enter the exchange rate between the currency
being made versus the company base currency.
 Automatic Update- Check the box to automatically update this currency’s exchange rate. This field will
only be available if Currency exchange rate integration is enabled.
 Override format- Check this box if you want to override the format set from the chosen Default
Locale. Once check, 2 new field be available the Symbol and Symbol placement.
 Format Sample- Shows the sample appearance of the amount using the currency being made.
  Currency precision- shows the decimal precision or the number of units after the period. It can be
either 0 or 2. To change it contact a NetSuite Admin.
 Update time zone- will only be available if the Currency exchange rate integration is enabled. You can
only set the time zone after saving the currency record.

Exchange Rate
 Currency exchange rate integration- enable this feature of you want your currency exchange rate be updated
automatically each night.

Accounting preference

o To set the exchange rate provider go to Setup> Accounting> Accounting preference> General subtab>
Exchange rate integration> Rate provider> Choose your preferred provider: Xignite and Thompson Reuters.
NetSuite no longer support Xignite as rate provider.

There are two types of exchange rate in the NetSuite Environment: Currency exchange rate and Consolidated
Exchange rate.

Currency exchange rate

o Used to convert the base currency to another foreign currency and vice versa.
o It is applied to transactions
o Can be updated automatically using the Currency exchange rate integration, manually by going to List>
Accounting> Currency exchange rate> New, or by using Import assistant> Import type: Accounting> Record
type: Currency Exchange rates.
o It is also set on per effective date.
o To see your list of currency exchange rate, go to List> Accounting> Currency Exchange rate.

Creating new currency exchange rate

 Manually by going to List> Accounting> Currency exchange rate> New

o Fill the following fields
 Base currency- Choose the currency used as basis for the exchange rate
 Currency- choose the foreign currency
 Exchange rate- 1 currency is equal to how many base currency
 Effective date- The date of effectivity. The exchange rate will be used on transactions on
and after the effective date.
 You can also see the previous effective date and exchange rate of the chosen base and
foreign currency combination.
 Using the Currency exchange rate integration
o Can only be used if the feature is enabled. It is not enabled by default.
o To automatically update the currency exchange rate just go to the currency record> Check the
Automatic update> Set the preferred update time zone. If no time zone is set, the update will be
scheduled on 12:30AM PST.
 Using Import Assistant
o Just make a CSV file with the necessary information. The required information for the CSV file is
the same as the required information if the Currency exchange rate is updated manually.
 Exchange rate can also be updated on transaction form
o Exchange rate can be updated using the Exchange rate field found in the item subtab or
Accounting subtab.
o There is a limitation on the number of digits that the exchange rate field can handle. It can only
handle a maximum of 15 digits on the left and 8 digits on the right.
o If the Currency Exchange rate Integration is not enabled, a popup message will appear asking if
you want the entered exchange rate be the new default exchange rate. Click Okay to update and
 Cancel to preserve current currency exchange rate. If you clicked Okay, the new exchange rate will
only update once the transaction is saved. Currency field will be the source field while the base
currency used as basis is the Subsidiary’s. If the Currency Exchange rate Integration is enabled,
there will be no popup message and the entered amount will not affect the Currency exchange
rate list.

Revaluation of Open currency Balances- revaluation of account balance due to change in currency exchange rate.

 Realized Gain/Loss- Gain/loss resulting from the difference between the exchange rate when the
transaction is recorded and when the payment is made.
 Unrealized Gain/Loss- resulting from month end open balance revaluation. Currency exchange rate are
adjusted based on the month end currency exchange rate.
 Unrealized matching gain/loss- Matching unrealized gains and loss from revenue commitments and fund
deposited. Base currency adjustments.
 Rounding Gain/loss- resulting from rounding differences.

 Consolidated Exchange rate

o Is applied to consolidated reports. Consolidated reports are combined financial of a group of subsidiaries with
different currencies reported in one currency.
o It is set by period.
o Base currencies for one pair of related subsidiaries.
o Can be updated manually by going to List> Accounting> Consolidated Exchange rate, using Import assistant>
Import type: Accounting> Record type: Consolidated exchange rates, and through Auto-calculate.
o To see the list of Consolidated Exchange rate > go to > List> Accounting> Consolidated Exchange rate or
through the Period Close Checklist by going to Setup> Accounting> Manage Accounting periods > Choose an
open period> arrow beside the Calculate Consolidated Exchange rate> Calculate Consolidated Exchange rate.
o Permission required: Currency permission at Full access.

Types of Consolidated Exchange rate

o Current- This is the current exchange rate. Also referred to as ending rate. This rate is based on the currency
exchange rate that is effective at the end of the reported upon period. This rate is used for most asset and
liability accounts in the balance sheet.
o Average- This is the average exchange rate. This rate is calculated from a weighted average of the exchange
rates for transactions applied during the period to accounts with a general rate type of Average. This rate is
used to translate accounts in the income statement and to build retained earnings
o Historical- This is the historical exchange rate. This rate is calculated from a weighted average of the exchange
rates for transactions applied during the period to accounts with a general rate type of Historical. This rate is
used for equity accounts, or owner's investments, in the balance sheet.
Consolidated Exchange rate list
o By using the List method, you will see the Consolidated Exchange rate for all periods regardless of status.
o By using the Period checklist method, you will only see the Consolidated Exchange rate for the corresponding
period.
o Columns available in list
 Period- the accounting period in which the consolidated exchange rate is used.
 Closed- Whether the period is closed or not.
 From Subsidiary-
 To Subsidiary-
 Current- A type of Consolidated exchange rate
 Average- A type of Consolidated exchange rate
 Historical- A type of Consolidated exchange rate
 System Notes-
 Updating Consolidated Exchange rate- Only those Consolidated exchange rates between Parent and child subsidiary
(Direct) can be edited or auto- calculated. The other consolidated exchange rates are only derived from direct
exchange rate.
o Auto-calculation update by going to Consolidated Exchange rate List then click the Auto-calculate button in
the corresponding consolidated exchange rate row or the Calculate button on the upper right. Note that only
the consolidated exchange rates of subsidiaries the user has an access can be calculated.
o Manually update the Consolidated exchange rate by going to Consolidated Exchange rate List then click the
edit button. Update the Average, Current, and Historical Exchange rate field.

 Budgeted Exchange rate

o these are the exchange rates used in the budgeting process.
o Is very similar to the Consolidated exchange rate. Consolidated exchange rate is used to initially populate data
for the budgeted exchange rates.
o To see the Budgeted Exchange rate list, go to >List> Accounting> Budgeted Exchange rate.
o To edit the budgeted exchange rate just click the edit hyperlink and then update the necessary fields such as:
Average exchange rate, current exchange rate, and historical exchange rate.
o Same with the consolidated exchange rate, only direct exchange rates can be edit.

GL impact and financial reports are always presented in Base currency.

General preference- This is where you set the company- wide preferences. Company- wide means that the preferences set in
this page is applied to all users and roles of the company. (Highlighted preferences can be override by default)

o Formatting of the following: Date, Long date, Time, Number, Negative number, Screen font, and Phone
number.
o First day of the week
o Search Sorting- either Language specific (based on the language in NetSuite) or English US.
o Add primary contact to bill to address- check to add the company’s primary contact in the billing address on
forms and pages.
o Use Last name first for Employees and for entities- only applicable to individual type entities.
o Pre-populate contact address- to automatically pre-fill the address in a contact record when creating a contact
from a customer record.
o Show employees as contacts- to create contact for each employee record being created. Once enabled,
changes made to the employee record will be visible also in the audit trail of user with access to contact
records. Do not enable if you don’t want users with access to contact records to be able to view employee
record changes.
o Show display name with item codes- check to have both the item number and item display name appear in
dropdown and popup lists.
o Security measures:
Password policy- built- in password policies.
 Strong- Minimum of 10 char. At least 3 of these four-character types- uppercase, lowercase,
numbers, non-alphanumeric ASCII characters. (Default)
 Medium- Minimum of 8 char. At least 2 of these four-character types- uppercase, lowercase,
numbers, non-alphanumeric ASCII characters
 Weak- minimum of 6 characters (not recommended)
Minimum password length- the minimum number of characters required for user passwords. The
Default value is determined by the password policy selected. You can make the minimum length
longer than the minimum length based on the selected password policy but you cannot make it
shorter. For new users with Customer Center roles and for web shoppers, the required minimum
password length is 6. It is not applied retrospectively.
Password expiration in days- the number of (1-365) days before the user is required to change their
password. The default value for this field is 180 days. Employees using a role with view unencrypted
credit card permission are prompted or require to change their password every 90 days or the number
set here which ever is lower. You can enable the require password change on Next Login option on
employee record or through CSV import. The value set in this field is not applicable to a customer
center role.
User registration link expiration in hours- The number of hours before the URL for new user access
provisioning will expire. 1-72 hours and the default value is 24 hours. 24 hours will be default value for
Customer Center, Partner Center, and User access email.
Idle Session timeout in minutes- the number of minutes that a user interface session can be idle
before locking the user’s session. 15-720 minutes. The default amount is 180 minutes.
Internal Website- site from which tabs can be published to the internal centers.
Allow free-form states in addresses- check this box to be able to enter free-form text in
state/province fields. If unchecked, the state/province field is a dropdown where you can choose from
standard US states and Canadian Provinces and if any free form text is entered it will be converted to
as a Standard state/province. Should not be used if using NetSuite Payroll.
Use state abbreviations in address- use the standard abbreviations for states in address fields and
labels. If clear then the full name of the state is used.
Company logo folder- select the folder location in the file cabinet where the logo is or will be stored.
Default role for new customers- select the role that would be the default role for customers that is
given an access to customer record.
Customer Center welcome message- enter the message you want to appear to customers in your web
store. The entered message will be followed by the customer name depending on the customer type
whether it is individual or company.
Show help link in customer center- if uncheck the online help link will not be available in a customer
center user only. It is checked by default.
Horizontal labels- check this box for the labels be displayed on the left of the field.
Delay loading of sublist- to delay loading information on subtabs until a subtab is clicked. Setting this
preference decreases page-load time.
Landing page- select a custom tab created from Suitelet deployment to be the first page displayed
when users log into this NetSuite Account.
Number of rows in list segments- maximum number of records for each segment.
Maximum entries in dropdown- maximum number of records to display in a dropdown list. If the limit
is reached then the list will pop up in a new window of its own. The maximum number is 500. If the
entered amount is 0 then a list will always pop up.
Log system notes on update only- If checked, system notes are logged only when records are updated,
not when they are created. It is recommended to have this preference enabled for better storage
savings and performance improvement.
Show quick add row on lists- check to allow quick add on direct editable lists.
Show list when only one result- by default, if there is only one search result NetSuite will open that
record individual record but if this is enabled the search will show a with the one result as its line.
Default Customer type, Lead type, Vendor type, and partner type. Choose between Individual or
company.
Auto name customers- to have the Auto box on customer record checked by default. This
automatically fills the Customer ID with the first name and last name entered in the name field. If
unchecked then the user will need to manually input the customer ID.
Auto Inactivate contacts with customer- check to automatically inactivate a contact related to a
customer that has been inactivated.
Show individuals as contacts- check to show individual type customer in lists of contacts.
 Hide attachment folders- check to default attachment folders to show only in the file cabinet for
administrators. All roles will still have access to files that are attached in the customer and other
records. Affected folders are attachments received, attachment sent, and mail merge.
Assign task to partners- to be able to assign tasks to partners. Before you can assign a task to a
partner, you must check the assign task box in the info subtab of the partner record. For bulk update
you can create a mass update by going to Lists> Mass update> Mass update> Partner
Email employee on approvals- check this box to email employees when a supervisor approves a
purchase request, expense reports, or time transactions.
Maintenance complete email notification- check to cause email message to be sent automatically to
all active account administrators when a scheduled maintenance is completed.
Show report on grid- to show reports in a grid format by default.
Collapse VSOE column by default on sales transactions- to collapse the VSOE column for sales
transactions.
Time selectors use fiscal calendars based on first month- if not checked, time selectors strictly reflect
definitions for accounting years, quarters, and periods, as defined in the custom fiscal calendar. When
checked, date range selectors for fiscal elements (for example, this fiscal year) account for the first
fiscal month setting
Website hosting files always available- checked by default. It affects how files in the web site hosting
files and Suitebundles folders are made available online.
Show transaction numbering setup- check to display the transaction number subtab in the Auto-
generate numbers form.
Asynchronous project plan recalculation- check to enable your project plan to recalculate in the
background when time is tracked against that project.
Enable legacy subsidiary restrictions- to revert the role behavior of active and inactive subsidiaries to
the 2018.2 state. Only applicable to OneWorld Accounts.
Preferred subcustomer form- select the form you want to be used by default when creating a
subcustomer records.
Overriding subtab- you can select which preferences can be override or modified in the user level. Just
check the checkbox beside the preference.
Language Subtab- select the language in which you want to translate information that appears in your
web site and on printed transactions. These transactions are shown in each customer’s preferred
language. You can enter translation at List > Mass update > Bulk Update translation. English (US) will
not appear in the list because

Set preference/ Personal preference

 this are preferences that are only applicable to the user or account. Preferences that can be set by the user is
affected by the enabled features, company account level preferences, and role-based dashboards set by the
administrator.
 The Set preference is role specific so it means that if your account have multiple roles then the preference
you have set in one role will technically not affect your other roles.
 Set preference will normally take precedence over role, subsidiary, or company preference.

o General Subtab
User profile
 Nickname- Enter the name you want to appear in the from field of email message you send from
NetSuite.
 From Email Address- enter the email to be shown in the from address in emails sent through the
system, while replies from these emails will also be set to the entered email. In case there is no
inputted data then
 Signature- signature (in HTML mark-up) you want to appear at the end of email you send from
NetSuite
 Add signature to messages- check to automatically add signature to all fax and email message sent.

Localization

 Language- select the language for your NetSuite account.

 Searching Sorting- choose the alphabetical order to use for search results. Either Language specific
(based on the language set in the role) or English (US).
 Language of the help center
 PDF language- no longer available. To print your reports in a different language, change your NetSuite
language in the language field.
 Accounting context- used if the company prefer to work in a local GAAP context rather than in the
consolidated context with one centralized subsidiary. This is blank by default, all transactions post to
the consolidated account across all subsidiaries.
 Time Zone-
 First day of the week
 Calendar system- only available if Japanese is the language used. Gregorian calendar or Japanese
imperial calendar
 Use Furigana- only applicable if Japanese language is used. Used to sort lists of record by the Furigana
field.

Formatting

 Date, Long date, Time, Number, Negative number, and Phone number
 Auto place decimal- check to insert a decimal point between the second and third digit from the right.
 CSV Column/decimal delimiter- you can select which symbol will be used as default column separator
and whether to use comma or period as a default decimal mark.

Defaults

 Use Multiple currency expense report- if multiple currency feature is enabled, expense reports can be
reported using a foreign currency by default.
 Show Internal ID- check to view the internal IDs for fields and records in the NS Application. For this
field to be available, at least one of these feature must be enabled; Client SuiteScript, Server
SuiteScript, SuiteScript Server Pages, SuiteFlow, or Web Services (on the SuiteCloud tab) or Advanced
Site Customization or SuiteCommerce Advanced (on the Web Presence tab)

Messages

 Submit warnings- check to see warnings when you are about to leave pages before submitting the
transactions you were working on.

Optimizing NetSuite

 Delay loading of sublist- delay loading information on subtabs until you click the specific subtab. It
improves page-load times.
 Number of rows in List segments- enter the maximum number of records to display in each segment.
Setting it up to 25 or less improves page-load time.
 Maximum entries in dropdown- if the record in the dropdown exceeds the number entered in this
field then it becomes a popup list. Setting it up to 25 or less improves page-load time.
 Type-Ahead on list field- NetSuite will display a list of matching records you can select from as you
type characters into a dropdown list field. For easier entering of data.
 Require exact match on item type-ahead- only available if Type-ahead on list field is enabled. If
checked NetSuite selects record based on an exact match of the character being typed. If unchecked
then Netsuite chooses a record based on first character entered.
  Show quick add row on lists- checked this box to use quick add on lists that can be edited inline.
Enables the creation of record with only having the basic information.
o Transactions
Basic
 Auto fill transactions- information on transaction pages is automatically filled in based on the last
transaction for the entity you have chosen but if uncleared check the auto fill button on transaction
pages and information fills in base on the last transaction for the entity you have chosen.
 Alphabetize items regardless of type- if checked, the list items on transaction such as SO, PO, and
Inventory adjustments will be ordered alphabetically regardless of item type but if unchecked, the
items are grouped by item type and listed alphabetically.

Warnings

 Duplicate Number warning- select on how you what the system to respond on entering a document
number that have been used previously. Choose between No warm, Warn, Warn and Block.
 Inventory level warnings- check to see warnings if the item to b sold is below its reorder point.
Reorder point is set in the item record.
 Customer credit limit handling- Set the handling method for a customer exceeding their credit limit.
This preference doesn’t affect estimates, opportunities, and cash sales. Available handling methods
are Ignore, Warn Only, and Enforce Hold.
 Vendor credit limit warnings- check to receive warning when you exceed the credit limit for a vendor.
o Analytics
 Report by period- Determine which report is to be reported by period. Available options are Financial
only, All reports, and Never. Note: If Financial only or Never is selected, there might be a problem with
data for KPI scorecards that uses accounting periods. If using a OneWorld account, It is recommended to
set this field as All reports.
 Show reports in grid- to set the view of the report to grid by default.
 Print Company Logo-
 Display report title on screen-
 Display report description-
 Default bank account- bank account chosen in this field will be available using the bank balance snapshot.
If no, the bank account that will first appear in the Bank register report.
 Calculate forecast as weighted- check this to have forecast weighted according to probability. Transaction
total considers the probability set for opportunity and estimates.
 Show list when only one result- search will still be on a list even if there is only one result. By default,
NetSuite will route you to the record if there is only one result. Also, when enabled, NetSuite no longer
automatically selects a single result from the suggestion list.

Rename records/transactions
 This allows the administrator to rename default records and transactions names with terminologies used by their
company. Instead of having the employees adjust their terminology to fit with NetSuite, NetSuite will be the one
adjusting to fit with the employee’s terminology.
 The changes made are only applied to the language set in the Set preference/ the language used by NetSuite.
 Changes are not applicable to previously created customized forms and other customized elements. Name change is
only applied to standard NetSuite element names (Records, transactions, and pages).

Body- consist of standard non transactional records like entities, activities, classifications, and etc.
Transaction names subtab- this is where you can change the name and abbreviations of standard NetSuite transaction
types.
 Account type names- this is where you change the name of standard NetSuite Account types.
Auto-generate numbers
 Enables you to choose which record types will be automatically numbered in their order of creation. You can also add
prefixes and suffixes to your auto- generate numbers that are useful in determining a record, transaction, or
document’s type and estimated age at glance.
 The auto generated numbers replaces the name that was stored in the company name field. Names cannot be
reverted back to names once the feature is enabled and the records have been updated.
 Always enabled in the transaction record types and document types.
 For Entity, CRM, Document number records, you can check the override check box to allow users to manually enter
numbers other than the auto generated. This will also allow duplicate numbers and numbering gaps. Use this feature
with caution. The auto generate number follows the highest number between the manually entered and auto
generated.
 Transaction numbers cannot be overwritten and are generated when the record is saved. These internal numbers are
generated for each transaction type. To set up Auto generated numbers for transactions, go to Setup > Company>
Auto-generate numbers> Transaction Number subtab. Transaction Number subtab is not enabled by default, to
enable go to Setup > Company> General preferences > Show transaction numbering setup.
 Resetting of initial transaction and document numbering sequences permits duplicate numbering.
 Document number is the one available in a form by default. To see the transaction number, you can customize the
form and add the transaction number field.

Sublist
 Prefix- used to insert any number or letter in beginning of every record number of this type. Max 8
 Suffix- used to insert any number or letter in the end of every record number of this type. Max 8.
 Minimum digits- lowest number of digits you want in your auto- generated numbering code. 0-20.
 Initial number- enter the beginning number of the sequence.
 For some sublist, you will need to check the update initial number for the initial number be editable.
 Check the Use subsidiary checkbox to use the prefix in the subsidiary record for the subsidiary
specific records. Only applicable for OneWorld accounts.
 Allow override- check to able to enter own name or number on the record.
 Update Box-
o assign a number to all existing records of that type, starting with the next available number or
the number entered in the initial number, whichever is higher.
o For document and transaction number, update box is disabled if Use location and Use
subsidiary is enabled.
o used to auto generate numbers for records that have not been previously numbered. It
doesn’t renumber existing record.

Administrative notification
Go to Setup> Company> Administrative notification > Edit

 Option subtab- designate multiple users in addition to administrators as notification recipients. User without NetSuite
login access can still be notification recipient but they are not entitled to receive notification email.
o Include Admins- Indicates that all account administrators are added to the list of recipients for the selected
type of notifications. This should be set to Yes- Mandatory.
o Recipient- set of users to receive in-account notifications for the selected type of notifications. Only employee
users and groups made up exclusively of employee users are available.
 o Send email- if email messages containing notifications should be sent to recipients, in addition to in-account
messages. Message is sent to complete list of recipients.
o Require each recipient to accept- indicates whether all recipients should be required to confirm in-account
messages.
 Confirm subtab- View the date and time when a recipient has confirmed that they have read a notification. View the
name of the recipient who confirmed they read a notification.
 On the pending confirmation subtab- view the notification that have yet to be confirmed. Also view the name of the
recipient who confirmed they read a notification.


Chart of accounts
 Provides a set of destinations for posting transactions, and categorizes these transactions for tracking and reporting
purposes.

Enable features

 Accounting> Accounting- gives access to a chart of accounts, can write checks, make deposits, and transfer funds.
 Statistical accounts- if you need to use statistical accounts

Accounting preference

 Use account numbers- to display account number and names for general ledger accounts in lists, your chart o
accounts and most financial reports.
 Use legal name in account- to legal name field to the general ledger account record. This field is useful l for
countries where the legal name of an entity is required. It is possible to disable his feature even if you have
entered data in the Legal field in the late NetSuite user interface.
 Show all transaction types in reconciliation- to display all transactions in reconciliation pages
 Expand accounting list- to enable additional choices in account lists. By default, NetSuite only shows the COA that
is most probably be used.


Account types

 Bank- 1 is to 1 relation to subsidiary. Currency will be mandatory.

 Accounts receivable-
 Other current assets-
 Fixed asset-
 Other assets-
 Account label-
 Credit card-
 Equity-
 Other current liability-
 Long term liability-
 Income-
 COGS-
 Expense-
 Other income-
 Other expense-
 Unbilled receivables-
 Statistical-

Standard Numbering for Chart of Accounts- maximum of 60 characters. Once enabled 4 digit account number are
associated with existing accounts as follows:
  1xxx - Asset accounts
 2xxx - Liability accounts
 3xxx - Equity accounts
 4xxx - Income accounts
 5xxx - Cost of Goods Sold (COGS) accounts
 6xxx - Expense accounts
 8xxx - Other Income accounts

Creating Accounts

There are 2 ways on creating accounts in NetSuite first is manually by going to List> Accounting> Accounts> New, and
lastly the bulk uploading by importing chart of account by going to Setup> Import/Export> Import CSV records >
Import type: Accounting> Record type: Chart of accounts.

1. Manual creation of Accounts

List> Accounting> Accounts> New

 Number- enter the account number. Maximum of 60 alphanumeric numbers. This will only be available when
you have the Use Account number preference enabled.
 Subaccount of- choose the parent account if the account being created is a child account.
 Name- 35 max characters
 Type
 Currency
 General rate type-
 Cashflow rate type-
 Inventory checkbox- can only be checked or unchecked if the type is Other current Asset. Check if you want
the account balance be included in the Total Inventory balance of Inventory KPI.
 Revalue open balance for foreign currency transaction- Check this box to select this account for open balance
currency revaluation.
 Eliminate intercompany transactions- Check this box to make this account an intercompany account.
Intercompany accounts are used to record transactions between subsidiaries. Only applicable to AR, AP,
Equity, Income Statement, Inventory Account, and Balance sheet account.
 Description
 Date- date of the opening balance of this account
 Summary- if checked it will also check the inactive. Check this box to make this account record solely for
reporting purposes. Summary accounts are useful when you want to create a non-posting, inactive parent
account that has active child accounts.
 Restrict to classification- restrict the access to this account from certain classifications.
 Subsidiaries- Subsidiary to associate the account.
 Include children- to include child subsidiary of the subsidiary selected in the Subsidiary field.
 Unit type- only available for statistical account type. Type of unit associated with this statistical account.
 Default unit- only available for statistical account type. Displays the base unit assigned to the Unit type.

2. Importation of Chart of accounts

Important notes when updating or importing Chart of accounts
 Import is not available in the NetCRM product.
 It is not possible to create new or update an existing account with an account number that already
exists.
 To update account numbers on the import, the Use Account number preference should be enabled.
 If the account is a OneWorld account, The CSV field should have a Subsidiary data or the csv import
will fail.
  Parent child relationship is important for importing of chart of accounts.
o Import the Parent first before child.
o (Account number of the One level higher) (Space) (Parent) (:) (Child) (:) (Grand Child)
 The data in the Reference type fields in the CSV import file must be written exactly as they appear in
the list in the NetSuite Record form.

To see your Chart of Account list

Go to Setup> chart of accounts or List> Accounting> Accounts

The Chart of account list show the following columns

o Edit- There will be an edit hyperlink if the account is editable.

o Summary- This column identifies if the account is a summary account.
o Internal ID-
o Number- shows the Account number of the account.
o Account- shows the account name. The Account name works as a hyperlink and if once clicked you will be
routed to that account’s account register.
o Type- account type
o Description
o Currency- Shows the currency associated with the account. This column is only available if the Multiple
currency is available.
o Foreign Currency Balance- Shows the balance of the account using the currency associated to it. This column is
only available if the Multiple currency is available.
o Balance- shows the balance of the account using the Company’s base currency.

Merging accounts

 This can be done if the accounts being merged are of the same account type and the account to be merged
with the parent account must not have Subaccount.

Accounts cannot be merged:

 Accounts Payable
 Accounts Receivable
 Advances Paid
 Inventory Asset
 Undeposited Funds
 Failed ACH Transactions
 Intercompany Clearing
 Intercompany Payable/Receivable
 Accrued Purchases
 Payroll Liabilities
 Refunds Payable
 Sales Taxes Payable
 Opening Balances
 Cost of Goods Sold
 Uncategorized Income
 Uncategorized Expense
 ALL non-posting registers

Entering open balances

 Opening balance is the amount in the account when you first start.
 NetSuite generates journal entries to create opening balances. It is as if you created a journal entry.
 Go to Setup> Accounting> Enter opening balances
o Posting period- period in which the transaction is to be posted. Transactions cannot eb posted to
closed periods.
o Subsidiary- select the subsidiary in which the transaction is to be associated with. (For OneWorld
Accounts only.
o Date- default date is date today. This shows the date of the transaction.
o Out of balance by- the difference between Debit and credit.
Account register- list of transactions for particular account, for a selected date range with the ending balance.
Usually accessed by clicking the name of the account in hyperlink.
While on the Account register you can:
 Click the Edit Hyperlink to edit the transaction
 If checking the Account register of a Bank type account, you can mark it as clear. This a function used
for Bank reconciliation.
 Also if the account is a Bank account, you also have a Reconcile hyperlink that will route you to
Reconcile Bank Statement dated today.

Calendar Month Accounting period, 4-week Accounting period, 4-4-5 week accounting period, Adjustment period,
period close checklist

Accounting period

Enable Feature

 Enable feature> Accounting subtab> Accounting period

 to use accounting periods to manage your transactions
 Enable feature> Accounting subtab> Multiple Calendar
 To create different accounting period and tax period rollups for your subsidiaries. Create fiscal calendars to
define accounting and tax period rollups.
 The base accounting periods that roll up into these hierarchies are common to al subsidiaries.
 Enables the use of Fiscal Calendar. This is only applicable to OneWorld accounts and this is not enabled by
default.

Preferences

 General> Enable Accounting period window

 Automatically maintain a minimum number of unlocked current and future accounting periods. Use the
minimum period window size preference to set the number of unlocked periods.
 General> Allow transaction date outside of posting period- you can choose how does the system act to that kind of
transaction, choices are always, never, or warn

Permission
  At least Edit level of the Manage Accounting periods permission.
 For custom Accounting center roles user must have the Posting period on transactions permission

If the account is not a OneWorld account then the accounting feature cannot be disabled if an accounting period exists.

Setting up a Fiscal Calendar

 Go to Setup> Accounting> Fiscal Calendars

o Name-
o First fiscal month
o Default fiscal calendar- to make this fiscal calendar the default fiscal calendar for all newly created
subsidiaries.

Setting up an Accounting period

 Go to Setup> Accounting> Manage Accounting Periods > Page

Available Columns

o Period Name- FY stands for Fiscal Year.

o Expand all/Collapse all
o Checklist- Click the Icon in the Checklist column to access the Period Checklist
o Period Close- to see whether the period is closed or not. Periods with check icon in their period close column
are the closed columns.
o A/P and A/R transactions- is used to identify whether the A/P, AR, transactions are already been closed.
o All GL transactions- a lock indicates ordinary users cannot post any transactions that has general ledger impact
in this period.
o Allow Non-GL changes- a check indicates that users with the Allow non-G/L Changes permission can post
changes to transactions that do not affect the general ledger.
 In the upper part choose between: Set up Full Year, New Year Only, New Quarter Only, Base Period, and Close
Multiple Periods
Set up Full Year- Select this if you want to Set up a 1 complete year including its sub periods.
Fields

 Fiscal Calendar- Select the fiscal calendar to be used by this Accounting period. The default value
depends on which Fiscal Calendar in Setup> Accounting> Fiscal Calendars has its default fiscal
calendar checklist.
 First Fiscal Month- the value in this field depends on the Fiscal calendar chosen in the Fiscal Calendar
field.
 Period Format
 Calendar Months- select if you want your period to have 12month subperiods.
 4 weeks – select this if you want your period to have 13 subperiods composed of 4
weeks/28days.
 4-4-5 weeks – select this if you want our period to have subperiods divided per quarter and
each quarter composed of 3 partition with 4-4-5 weeks.

 Year in period name- select the starting and ending year to include in the period name.
 One-day Year-end Adj. Period- to include an adjustment period at the end of this fiscal year.
Adjustment period always overlaps the last day of the month. Optional only

New Year Only- select this option if you want to create period for a fiscal year without any subperiods.
Note that you cannot create a New year if there is already an existing Accounting year covering that period.
 Fields
 Period Name- enter the name of the period
 Start date and end date- input the data range covered by the period being created.
 Fiscal Calendar- choose which fiscal calendar to be use by the period being created.

New Quarter Only- select this option to create a sub period for a period. You cannot cover period that
have been already covered by an existing accounting sub period.

Additional Field
 Sub-period of- select the parent fiscal year if the sub-period being created.

Base Period-
Additional fields

 Period is adjustment- check if this is a period adjustment period.

 Allow Non-G/L changes- this will not be available until after a period has been locked to transactions.
When checked, this option enables the users with the Allow Non- G/L Changes permission to make
non-general ledger changes to posting transactions after period has been locked to transactions.

Tax
Enable features:
 Enable feature> Accounting subtab> Multiple Calendar
 To create different accounting period and tax period rollups for your subsidiaries. Create fiscal calendars to
define accounting and tax period rollups.
 The base accounting periods that roll up into these hierarchies are common to all subsidiaries.
 Enables the use of Fiscal Calendar. This is only applicable to OneWorld accounts and this is not enabled by
default.
 It allows you to create different calendar across subsidiaries.
 Enable feature> Tax subtab> Advanced Taxes
 Use tax schedules to track taxes for each nexus your company is required to pay taxes in.
 Links tax control accounts to a nexus to more effectively manage tax postings in your ledger.
 The system created tax schedules for the existing tax codes and tax groups in your account.
 Enabled by default in a OneWorld account.
 Once enabled, it cannot be disabled.

Tax reporting period

-is used for VAT/GST reporting and submission in your country of operations. VAT stands for Value added tax and GST stands
for Goods and services Tax. In most cases, a company’s fiscal year is different from its tax year. The tax period depends on the
country’s rule and on your company first register for VAT/GST while accounting period mostly depends on the management.
NetSuite Editions uses Tax period except for US and CA unless the account is a One world account.

Setting up Tax period

Go to (Setup > Accounting > Manage tax period)
 Setup full year- to set up full year with sub-periods
Fields:
o First fiscal month- beginning month of the tax period.
o Fiscal year end- enter the four-digit fiscal year for which you want to generate the tax period.
o Period format
  Quarters- 3-month long sub periods. These quarters have the posting box checked by default.
 Calendar Month- 12 sub-periods
 4 weeks- 13 4 week long sub-periods
 4-4-5 weeks- 4 quarters in which the weeks follows this pattern, instead of the actual calendar dates.
o Year in period name- Select whether the starting or ending year is used in the fiscal period name
 New year only- to set up for a full year without sub-periods
Additional fields
o Is posting- to allow NetSuite to post tax to the period. If checked, make sure that the period has posting sub-
periods.
 New Quarter only- It is used to set up sub-periods.
Additional fields
o Sub-period of- select the parent fiscal year if the sub-period being created.
 Base period- is only added to non-posting parent period.
o No Is posting check box below the name.
o Can be overlapped by new tax period.

NetSuite Editions
 if the account is a OneWorld account then the edition is set per subsidiary
 The Edition field in the subsidiary setup form is an inline field and is defined by the country selected in the Country
field during the initial set up of the subsidiary.
 Support localized handling of taxes.

NetSuite US
-Pre -Coded Tax, requires state tax import.
-Sales tax
-No separate tax reporting period, No foreign trade settling
NetSuite CA
-Pre-coded Tax
-Goods and service tax (GST)/Provincial Sales Tax (PST)
-No separate tax reporting period, No foreign trade settling
NetSuite UK
-pre-coded tax
-VAT
-Separate tax reporting period, foreign trade settling
NetSuite JP
-pre-coded tax
-Consumption Tax
-Separate tax reporting period, foreign trade settling
NetSuite AU
-pre-coded tax
-Goods and service tax (GST)
-Separate tax reporting period, foreign trade settling
NetSuite XX
-No pre-coded tax- install bundle to configure
-Separate tax reporting period, foreign trade settling

Nexus
 Defines the jurisdictions in which you collect and pay taxes related to purchases and sales.
 Using a OneWorld account, the system will automatically create a Nexus for the corresponding country if there is still
no available nexus for it. In the case of US and CA edition, Nexus is set per state or province.
 To access the list of Nexuses, go to Setup> Accounting> Nexuses.
 To create new, go to the list of Nexuses> New Nexus or Setup> Accounting> Nexuses> New.
Fields
o Country- select the country
o State/province/country- select the province/state. To create a new province, go to Setup> Company>
 State/province/country. The available options in this field depends on the country selected so make sure that
the created State/province/country has the correct country.
o Description-
 Adding or removing Nexuses from a subsidiary. Go to the Subsidiary record> Nexuses Tab> Choose the nexus to
associate with the subsidiary or remove from the subsidiary.
 Deleting Tax Nexus- go to the List of Nexuses> click the corresponding edit hyperlink of the nexus> Actions> Delete

Tax Agency vendor

 A vendor record created in NetSuite in which the tax expense and liability is assigned to. It is assumed that they are
the one collecting the taxes.
 If advanced taxes is enabled, the system will automatically create a Tax agency Vendor for every Nexus created. It is
preferred to rename the Tax agency vendor that is automatically created to a more sensible name. Multiple
subsidiary can pay taxes to the same tax agency. When new subsidiary shares a tax nexus with an existing subsidiary,
the system creates a copy of the preferred tax vendor for that nexus. The copy is necessary because you cannot share
a vendor tax agency with multiple subsidiaries but you can share non- tax agency vendors with multiple subsidiaries.
 The process of creating a Tax agency vendor is the same as creating a normal vendor entity except that you will need
to choose Tax Agency in the category field. Go to List> Relationship> Vendor> New

Tax Control Accounts

 These are Other Current Liability Accounts that you set up in your general ledger to post and track tax collection and
payment.
 Because of Advanced Taxes feature, the tax control account automatically created is linked to a nexus of a country.
Having your Tax Control account linked to a nexus or country allow more effective management of tax posting.
 Used to define Tax type
 You can use multiple tax control accounts to track your sales tax liability and provide more detail on your financial
statements.
 You can separate your Sales and Purchase VAT.
 Creating new Tax Control Account go to Setup> Accounting> Tax Type> New> Select a Nexus
Fields
o Name- enter a name for this account.
o Description- enter a description for this account.
o Tax account type- select the type whether Purchase or Sales.

Tax Type
 defines where tax is tracked in the balance sheet.
 Used to define tax code.
 Some countries will require the Taxes be booked or recorded in the balance sheet and income statement, in that case
you can go to Setup Taxes page> Only use tax control accounts on tax types check box. Once this feature is disabled,
you can post tax amounts to any account in your chart of accounts.
 It is either setup by default or set up by a professional service provider.
 To see your list of Tax type, go to Setup> Accounting> Tax type
 To create new Tax Type, go to Tax type list then click New or Setup> Accounting> Tax type> New> Country
Fields
o Name- name of the Tax type
o Description- enter the tax type’s description
o Nexus and country- inline field
o Liability/sales tax account- select the tax control account in which sales tax will be posted. The available
accounts here are the sales type tax control account.
o Asset/purchase tax account- select the tax control account in which purchase tax will be posted. The available
accounts here are the sales type tax control account.
Tax Code
 Used to determine the applied tax per transaction.
 To see the list of tax codes, go to Setup > Accounting >Tax code
 To create new tax code, you can go to you Tax code list then click New or Setup > Accounting >Tax code> New >
Choose the country.
 Fields:
o Tax code is the name
o Rate – appropriate tax rate as a percentage
o Effective from & Valid until- the date range in which the Tax code is valid.
o Subsidiary – in which this tax code be applicable
o Applicable to the children – to include children subsidiaries of the chosen subsidiary
o Reverse Charge Code - a tax mechanism in which the buyer/receiver of the goods/service accounts and pays
for the tax for that transaction. It is only applicable to purchase transactions only.
o Notional rate derived from dropdown -If derived from an existing tax code, choose the reference tax code
from the dropdown.
o Apply to service items- If applicable to a service item.
o Export- if used for export transactions
o Exempt- If the tax code is exempt from tax
o Default tax code- to make the tax code the default tax code if the shipping doesn’t match other tax groups
o Exclude from VAT reports- to exclude the tax code from tax reports.
o Tax agency- choose the appropriate tax agency vendor
o Tax type- choose the appropriate tax type.
o Purchase and Sales tax account- in this field you can see the tax control accounts applied to your chosen Tax
type. Inline field.
o Available on- you can select whether this Tax code will be available for purchase transaction, Sales purchase
transaction, or both.
Tax Group
 Combination of applicable tax codes per transaction.
 To see your current list of tax group, go to Setup > accounting > Tax group.
 To create new go to Tax group list> New or Setup > accounting > Tax group> New
Fields
o Tax name- name of the tax group.
o Description- description of the tax group.
o Subsidiaries- the subsidiary to be associated to the tax group being created.
o Include children- check if you want to associate the tax group with the child subsidiary of the subsidiary
selected in the subsidiary field.
o Tax type- select the tax type.
o Name- Select the Tax code to be included in the Tax group.
o Basis- give the percentage of the rate that should be included in the tax group. For example, if the rate is 10%
and you inputted 30 in the Basis column then 3% is the tax included in the tax group.
Tax schedule
 A requirement for accounts that have the Advance Taxes enabled.
 Determines how does NetSuite will calculate tax for items in each nexus.
 It is useful for US and CA edition since there are some cases in which an item is taxable in one state/province but not
on the others. Most of the countries charge taxes in an item similarly across the country.
 If the advance taxes is not enabled, the tax applied on an item depends on the Tax code applied to it but for US edition
instead of tax code, there will be checkbox to determine whether the item is taxable or not.
 This is applied on item level.
 To see the List of tax schedules, go to Setup> Accounting> Tax schedules
 To create new, go to your List of tax schedule the click New or Setup> Accounting> Tax schedules> New
Fields
o Product- Name of the tax group. It is named product because it is advisable to use create a tax group per group
of items with the same nature of taxability.
o Description-
o US Nexuses subtab- check the checkbox in each nexus row If the tax Schedule being made is taxable in that
country/ Nexus.
o Non-US Nexuses subtab- if the item is taxable on that country/nexus then choose the appropriate Sales tax
code and purchase tax code for each nexus. Leave it blank if not taxable on that nexus.
 To edit a tax schedule, while in the List if tax schedule click the Name hyperlink.
Setting up Tax
 Setting up behaviors related on how does the system behaves regarding taxes.
 Go to Setup> Accounting> Setup taxes.
 Setting up of tax is done per country.
 Available fields depend on the country and the NetSuite edition used in that country. Below are some fields available
on anytime of edition or country.
Fields
o Default tax code- select which tax code will be the default value for tax code column if there is no tax group or
tax code linked to the customer record and there is no tax schedule linked in the item record.
o Tax code list include- Identify whether to include tax code only, tax group only or both in the tax code fields
choices.
o Enable tax lookup on sales transactions- check if you want NetSuite to automatically identify the applicable
tax code for customer based on their shipping address.

Setting up US taxes
 Import Tax codes- NetSuite allows you to import up to date Sales tax codes for state in which you charge sales
tax.
o Upload tax rates when updates become available.
o NetSuite receives tax table updates from independent systems and programming, inc. However, these
updates do not always coincide with the effective dates of tax changes.
o Visit www.Avalara.com/products/taxrates

1. Go to Setup> Accounting> Use State Sales Tax table > State dropdown choose the State which nexus is to
be imported. Available States are those states that already have a nexus. You can click the hyperlink in the
paragraph to be routed to Nexus creation page or just go there through the appropriate navigational path.
2. You can change the default tax agency and tax account for each tax type. The imported record is a tax
code, tax group. You can edit the imported Tax code by clicking the edit hyperlink in the Tax code list.
3. If the tax code is imported again, then changes made in the tax codes will be lost.

 Setting up tax preference

o Enable tax lookup on sales transactions- check if you want NetSuite to automatically identify the
applicable tax code for customer based on their shipping address.
o Customer default to taxable- if checked, customers that are to be created are marked as taxable, and
if unchecked, there will be a Taxable checkbox in the Accounting subtab of the customer record. For
the customer to be non-taxable, it the taxable checkbox is unchecked and the Tax item field is blank.
o Charge out of district sales taxes- check if you want NetSuite to determine the proper tax rate for
customers with shipping address outside of your tax district.
o Per line taxes on transaction- check if you want to allow different tax code/group be applied per
transaction line. If unchecked, go to the Accounting subtab> check the taxable checkbox> Choose the
tax group/tax code to be applied to the whole transaction in the Tax Item field.
o Default tax code- select which tax code will be the default value for tax code column if there is no tax
group or tax code linked to the customer record and there is no tax schedule linked in the item record.
o Charge Sales Tax on Store Orders- always charge sales tax on every webstore order, Never charge
sales tax on webstore orders, or per customer basis
o Tax code list include- Identify whether to include tax code only, tax group only or both in the tax code
fields choices.
o Preferred Tax agency- The tax agency to which you pay the taxes collected on transactions
o Home Tax code- Tax code to use for sales that you do not ship to another location

Hierarchy of default tax in a transaction line

1. Tax code or Tax group set in the Tax item field under the Financial tab of a customer record. The Tax Item field is not
a mandatory field by default.
2. Tax schedule set in the Item record’s Tax schedule field under the Accounting subtab. Tax schedule is mandatory in
 an item record.
3. Default Tax code in the Setup Tax. To see the default tax code, go to Setup> Accounting> Setup tax> choose the
corresponding nexus> Default tax code.

International Tax report-

Journal Entries
 records debit and credit to be posted to the General ledger.
 General journal entries adjust the value of any set of accounts without entering transactions such as invoices or bills.
 Moves amount between accounts
 Represents the flow of fund through yur company.
 Journals entries can be used to do the following:
o Specify the opening balances for your accounts if you choose not to do it when you first created your NetSuite
account for your company.
o Edit your opening balances if you find amounts were in error.
o Enter an adjustment such as for depreciation, that is not possible as a standard transaction
o Transfer amounts from one ledger account to another
o Consolidate multiple subsidiary accounts into single account for the purpose of consolidated reporting
 They are not posted until approved. The posting date depends on the period in which the journal entry approver has
access. Unapproved journal’s posting period depends on the transaction period or if that period is close/locked then
the first open period.
Features
 Statistical Accounts- enable this to track non- monetary data and then use this information on reports and income
statements to view its relationship with the financial activity of your organization. Must have the Multiple unit of
measures feature enabled to use this.

Preference
 General> Void transactions using reversing journal entries- to permit the creation of journal entries that void
transactions on days or periods different from the original transaction dates.
 General> Require approval on journal entries- check this box to require approval of journal entries entered by
employees before they post to your general ledger. Employees with approval permission can mark their journal
entries approved when entering them.
 General> Set reversal variance date equal to the reversing journal date when transaction is in a closed period-
available if the void transaction using reversing journal entries is enabled. To use the date specified in a reversing
foreign currency gain and loss variances on voided transactions. If this box is not checked, NetSuite uses the
current date for variance and reversal lines, rather than the date of the reversing journal entry.
 General> Require approvals on journal entries
o Check to enable Standard journal approval.
o Once Approval routing> Journal entries is enabled, this preference will not be available.
 General> Summarize intercompany elimination journal entries- elimination journal entries are grouped into a
single journal entry if they meet the following conditions:
o Same elimination subsidiary
o Same elimination period
o Same accounting book
o Same Class, Department, Location, Custom Segment combinations
o Same general ledger account
 General> Classification journal entry
o Always Allow Per-line Classifications on Journals- allow input of classification per line.
o Allow Non-balancing Classifications on Journals- allow journal entries with untied debits and credits. Not
advisable.
o Allow Empty Classifications on Journals- allow journal entries without any classification.

 Approval routing> Journal entries

o Check to use Suiteflow to customize journal entry approval routing.
Viewing Journal entries
 To access the List of Journal entries, go to Transaction> Financial> Make journal Entries> List> click the View
hyperlink.

Make Journal entries

 For simple journal transactions.
 Credit and debit should be equal.
 If using approval, Journal entries will only reflect in the company’s general ledger once approved.
 To create journal entries manually, go to Transaction> Financial> Make journal Entries, Transaction> Financial> Make
journal Entries> Import to import, make a copy of previously created journal entries, and Memorize transaction
Fields
o Subsidiary- select the subsidiary to associate the journal entry being made.
o Currency- the default currency is the base currency of the subsidiary but can be interchanged. All currency in
the currency list is available in this field.
o Exchange rate- the foreign currency exchange rate between the Currency field and the Subsidiary’s base
currency.
o Out of balance by- in this part, you can see the out of balance for debit or credit.
o Date- by default, it is the date today but can be override.
o Posting period- the period in which the journal will reflect the company’s finances.
o Reversal date- leave blank if you don’t want to create reversing journal entry for the journal being created.
Select the Date of reversal. This will be mandatory if the Defer entry is enabled.
o Defer Entry- check to make the reversal a memorized transaction that automatically occurs on the date
entered in the Reversal date. If unchecked, to make the reversal an immediate entered transaction on the
date entered in the Reversal date.
o Accounts- select the account available on the subsidiary selected.
o Debit and credit-
o Memo-
o Approved Checkbox- only visible if approval is used. If no approval preference is enabled then the journal
entries are automatically approved.

Approving journal entries- logically, this is step is only available if you have any of the two approvals preference turned on. For
a use to be able to approve a journal entry, He must have Journal approval permission.
 Go to Transaction> Financial> Approved journal entries. Just check the checkbox beside the unapproved journal
entry. This process will allow you to do bulk approval of journal entries.
 Go to the List of journal entries> select the journal entry with pending approval status> when in View mode click the
Approve button while if in edit mode check the Approved checkbox.

Editing and Deleting journal entries

 Go to List of journal entries> Click the edit hyperlink> then do the necessary changes. To delete, while on edit mode
click the actions then delete.

Printing journal entries

 Go to List of Journal entries> click the View hyperlink> while in View mode, Click the Print button

Importing journal entries

 Go to Transaction> Financial> Make journal entries> Import
 Steps on making an upload
1. Scan and upload CSV import- upload the CSV import file. To get a copy of the CSV format Click the Single
Journal entry template hyperlink.
 Account-
 Debit-
 Credit-
 Line memo-
  Entity-
 Department-
 Class-
 Location-
2. View Mapping/ Start Import-

Copying Journal entry

 prepopulate header and line level data of the journal entry being copied.
 To copy a journal entry, go to Journal entry record> View mode > Actions> Copy

Reversing journal entries

 An exact opposite of the original entry.
 Used to offset the impact of the original entry.
 Permanently linked to the original entry. Changes made in the original entry affects the reversing journal entry.
 To make reversing journal entries automatically, In the Reversing date field select your preferred posting date for the
reversing journal entry. Check the Defer entry to make the reversal a memorized transaction that automatically occurs
on the date entered in the required Reversal Date field and uncheck to make the reversal an immediately entered
transaction with the date in the Reversal Date field.
 To see the associated Reversing journal entries, click the hyperlink in the Reversing No. field

Journal Entries in a OneWorld account

 These are journal entries associated with a subsidiary.

Intercompany journal entries

o Specialized type of journal used to post transactions between subsidiaries.
o Using an Intercompany journal entry records debits and credits to be posted to ledger accounts for transactions
between 2 subsidiaries.
o Creating intercompany journal entries
 Go to Transaction> Financial> Make Intercompany journal entries.
Fields:
o Subsidiary- Select the subsidiary in which you want to associate the intercompany journal entry. It is the
from subsidiary. It is the primary subsidiary.
o To subsidiary- it is the secondary subsidiary. There will be no data available in this field unless there is
subsidiary selected in the from Subsidiary.
o Currency- the default currency is the base currency of the subsidiary but can be interchanged. All currency
in the currency list is available in this field.
o Exchange rate- the foreign currency exchange rate between the Currency field and the Subsidiary’s base
currency.
o Out of balance by- in this part, you can see the out of balance for debit or credit.
o Date- by default, it is the date today but can be override.
o Posting period- the period in which the journal will reflect the company’s finances.
o Approved checkbox
o Reversal date- leave blank if you don’t want to create reversing journal entry for the journal being created.
Select the Date of reversal. This will be mandatory if the Defer entry is enabled.
o Defer Entry- check to make the reversal a memorized transaction that automatically occurs on the date
entered in the Reversal date. If unchecked, to make the reversal an immediate entered transaction on the
date entered in the Reversal date.
o Memo-
o Line Sublist- At least 4 lines is required here. The debits and credits must be balance per subsidiary. Each
subsidiary should have at least one pair of debit and credit.
o Subsidiary- only the subsidiary in the from subsidiary and to subsidiary can be selected for this
field.
o Accounts- select the account available on the subsidiary selected.
o Debit and credit- The currency of the debit and credit amount is the base currency of the
subsidiary selected.
Advance Intercompany journal entries
o Allows transactions between more than 2 subsidiaries.
o Creating Advanced Journal Entries
Fields:
 Subsidiary- Select the subsidiary in which you want to associate the intercompany journal entry. It is the from
subsidiary. It is the primary subsidiary.
 Currency- the default currency is the base currency of the subsidiary but can be interchanged. All currency in
the currency list is available in this field.
 Out of balance by- in this part, you can see the out of balance for debit or credit.
 Date- by default, it is the date today but can be override.
 Posting period- the period in which the journal will reflect the company’s finances.
 Approved checkbox
 Reversal date- leave blank if you don’t want to create reversing journal entry for the journal being created.
Select the Date of reversal. This will be mandatory if the Defer entry is enabled.
 Defer Entry- check to make the reversal a memorized transaction that automatically occurs on the date
entered in the Reversal date. If unchecked, to make the reversal an immediate entered transaction on the
date entered in the Reversal date.
 Memo-
 Line Sublist- At least 4 lines is required here. The debits and credits must be balance per subsidiary. Each
subsidiary should have at least one pair of debit and credit.
o Subsidiary- only the subsidiary in the from subsidiary and to subsidiary can be selected for this field.
o Accounts- select the account available on the subsidiary selected.
o Debit and credit-
o Exchange rate- the foreign currency exchange rate between the Currency field and the base currency
of the subsidiary in the line.
o Classification portion- input the applicable classifications.

Extra Feature:
 Automated Intercompany Management-
 to create intercompany sales orders from intercompany purchase orders, reconcile intercompany
transactions, and generate intercompany elimination journal entries automatically using the Period
Close Checklist.
 Cannot be disabled once enabled.
 Cumulative Translation Adjustment-Elimination (CTA-E) account is added to your chart of accounts
 Eliminate Intercompany Transactions is added as the last task in the Period Close Checklist.
 Eliminate box displays for journal lines on standard and advanced intercompany journal entries
 Represent subsidiary is additional field available in the customer and vendor record. The subsidiary
with subsidiary in the represents subsidiary fields means that the subsidiary can act as a customer or
vendor for the subsidiary in the represents subsidiary in an intercompany transaction.
 Intercompany Status and Paired Intercompany Transactions fields are added to Sales Order, Purchase
Order, Return Authorization, and Vendor Return Authorization forms.
 Eliminate Intercompany Transactions box is added to the Account form.
 Auto balance button in the Make advance intercompany journal entries.

 Intercompany Time and expenses- enables the entry of intercompany time and expenses, and the transfer of
time and/or expense charges from one subsidiary to another.

Memorized transaction
 Use this functionality for recurring transactions. Transactions that happens on a normal basis.
 Eliminates the data entry process and serve as useful reminder.
 Memorize transaction feature can only be used on selected transaction types. Below is the list of those
 transactions:
o Write Checks
o Use Credit Card
o Enter Purchase Orders
o Enter Bills
o Enter Sales Orders
o Create Invoices
o Prepare Estimates
o Enter Cash Sales
o Make Journal Entries
o Create Statement Charges
o Enter Work Orders
o Enter Purchase Requisition
o Enter Transfer Orders
o Create Opportunities
o Custom Transactions
 Memorize transaction can be done on existing transaction record while on edit mode or new record as long
as all mandatory fields have data.
 Memorized transaction record is independent from its source transaction likewise the transaction records
resulting from a memorized transaction is independent from the memorized transaction record.
 To memorize a transaction, go to the Transaction record> Action> Memorize> Memorized transaction
definition
Fields
o Name- Name for the transaction being memorized
o Transaction type- Inline field. Transaction type of the transaction being memorized.
o Action- select the posting behavior between Automatic or reminder.
o Automatic- for the memorized transaction to be automatically posted.
o Reminder- for the memorized transaction to send a reminder that they are to be posted.
o Inactive- check to inactivate the memorized transaction
o Override transaction date- check if you want the transaction’s posting date to be different from the
creation date. Next date field defines the creation date while the Next Transaction date defines the
posting date. Next transaction date is only editable if Override Transaction date is checked.
o Allow posting in locked period- to enable the transaction to post to an accounting period for which
transactions are locked. The creator of the memorized transaction must have the Override period
permission to be able to check this checkbox. Memorized transactions can post in locked periods
even if users initiating these transactions do not have the Override Period Restrictions permission
o Update addresses- check if you want the memorized transaction to uses the email, fax, and street
address that is current as of the date it is created and uncheck to use the email, fax, and street
address that is current as of the date it is first memorized.
o Update Prices- check if you want the memorized transaction to use the price that is current as of the
date it is created and uncheck to use the date that is current as of the date it is first memorized.
Recurring subtab
o Next Date- enter the date in which the memorized transaction is created.
o Frequency- Select the frequency. Available options are pre-defined by the system. Select
Custom to customize the frequency.
o Repeat every/Every- Every is editable if custom if selected in the frequency field.
o Time period/Unit- Unit is editable if custom if selected in the frequency field.
o Number remaining- enter the total number of transactions which will be made from the
memorized transaction.
o Indefinite- cannot be checked if there is an amount in the Number remaining. Recur
indefinitely.
 o Next Transaction date/Posting- if override transaction date is checked, this field will be
available. Select the date for the memorized transaction to be posted.
o Setting up a memorize transaction as a Reminder
o Go to your Home Dashboard > Click the personalize hyperlink> Add the Reminder portlet>
hover to the settings button> Setup> Look for memorized transaction > click the arrow
button beside the memorized transaction due
o If there is a memorized transaction that is due, click the Hyperlink> you will be routed to
enter memorized transaction > check the checkbox in the memorized transaction row>
Submit> you will be routed to the Process Status page: in this page you will see the
percentage of completion, Date created, created by, submission ID, and Process type> click
Refresh to reflect the actual status of your memorized transaction> Once the progress
reached 100% then the memorized transaction has already been posted > on the Result
record, there is the Hyperlink that will lead you to the transaction record created from the
memorized transaction.
o To delete a memorized transaction, go to the memorized transaction record> Edit mode> Action>
Delete.
o Note that transactions created from the memorized transaction is independent and not
linked to the memorized transaction.
o Also, Changes in the transaction in which the memorized transaction originated doesn’t affect
the memorized transaction record.
o Memorized transaction can be edited as well. Just go to the Memorized transaction list> click the
Edit hyperlink then do the necessary changes.
o To know if the transaction is created from a memorized transaction, you can check it by going to the
System information subtab then if the data in the context column is Bulk processing and not UI then
it is a transaction created from a memorized transaction.

Write Tax liability

 to write a check to the tax agency to pay tax liability.
 Can be used to write check for any Non-US editions and Nexuses.

Paying Sales Tax – United States

 to write a check to the US state tax agency to pay tax liability.
 Can be used to write check for US edition nexuses.

Bank
Bank type Account
 This is the type of account associated to a bank account.
 A bank account can only be associated to One Subsidiary since it is assumed that a subsidiary is a separate or
independent business from the parent. For this reason, you cannot check the Include children checkbox.
 It is required to set a currency in the Bank account record.
 Creating a bank account is the same as making a normal account. Just choose Bank as account type.

Transactions related to Bank: Go to Transaction> Bank>:

1. Write Checks- to issue a check to pay an expense or item or record a non-check transaction. This kind of transaction
automatically deduct the amount to the bank account selected.
Sample situations pay check is applicable
 reimburse employees for expenses if you do not use Direct Deposit or Accounts Payable
 pay vendors if you do not use Accounts Payable
 record cash transactions
  enter other non-check debits such as debit card transactions

Fields
o Account- choose the bank account in which the payment is to be deducted from.
o Balance- you will see the remaining balance of your selected bank account
o Payee- select the vendor/ entity that would receive the payment.
o Subsidiary- select the subsidiary to associate the transaction being created. The default data is the primary
subsidiary associated to the payee record but it can be interchanged with the other subsidiary associated to
the payee record.
o Currency- default currency is the currency associated to the bank account. Available options will depend on
the currency associated with the vendor record.
o Exchange rate- the exchange rate between the selected currency and the currency of the bank account.
o Date- by default it will be the date the check is being transacted but it can be override.
o Posting period-
o To be printed- Check this box to add this to your queue of checks to be printed but if you want to print it right
away, Do the Save and Print.
o Memo- enter the preferred memo or message.
o Expense & Item Subtab
o Expense sublist
 Account- account to be debited.
 Tax code
 Billable
o Item Sublist
 Item-
 Location-
o Payee Address subtab- If the Autofill transaction preference is activated in the Set preference, then the
address that will default to this field will be the address from the latest transaction for that vendor record. If
that preference is disabled or no transaction is associated to that record yet, then the default value here is the
default billing address in that field.
o Check number- NetSuite automatically fills this field. If the To be printed is checked then this field is autofilled
as To print. If you are immediately printing this check when you save the transaction, NetSuite increases the
largest check number by one. You can enter another number, but the next number reverts to the standard
pattern.

Resetting Check number

 Go to Setup> Accounting> Manage G/L> Chart of accounts> select the Bank account for which you want to reset
check numbering > In the Next Chapter number, enter the check number to use for the next check written for this
account> Save
 If using Auto generated numbering for Check, you can reset the initial numbering for the check transaction type.

Printing Check- This topic will be discussed in detail on later part of this reviewer.
 Check the To be printed Checkbox to add the check in the to print queue.
 To access the Print queue, go to Transaction> Management> Print checks and form> Checks
 To print the check right away, click the Save and Print.

Entering Non-check debit transactions- debit card transactions, ATM transaction, and EFT
 Fill all necessary field. For the Check # field, enter Debit or other text indicating that payment is not made by a check.
 Best practice is to use the Write Checks transaction to enter non-check debits. You can, however, record debits while
reconciling your bank statement.

Recording cash transaction using Checks

 Fill all necessary field. For the Check # field, enter Cash. You may also include a tracking number.

Tracking petty cash using Write checks

 To do this, Create a Petty cash bank account.
 Write and cash a check to fund your petty cash. Then write a check against the Petty Cash Bank account to record
 expenditures made with petty cash.

2. Make deposits- this type of transaction is used to transfer payments/ cash received that is temporarily recorded in a
holding account named Undeposited accounts to a bank account, record fund received not related to any existing
transaction payments, or any cash received from the bank.
Fields:
o Account- select the account to receive the fund.
o Amount- Inline field. Total amount in the Deposit sublist.
o Currency- Inline field. The currency shown is based on the currency of the bank account.
o Exchange rate- Inline field.
o Date- default is the date today but can be changed.
o Posting period-
o Memo-
o To be printed- check of you want to add this to your print queue.
o Subsidiary- Inline field. The data shown in this field is the subsidiary that the bank account is associated.
o Classification-
o Deposit sublist
o Payments- Shows all transactions or payment received that is posted to Undeposited Funds.
Transactions that can be related to deposit are Cash Sales, Customer deposit, Invoice payment, and
customer deposit.
 Check the checkbox of the transaction which payment received is to be Deposited.
o Other deposits- to created payment or cash received that is not posted to the Undeposited funds.
o Cash back- this is a deduction to the total amount.

To see you list of Deposits, Go to Transaction> Bank> Make deposits> List

 By default, you can see the Edit|View Hyperlink, Date created, Print hyperlink, Account, Currency (Bank),
Amount (Foreign Currency) Base currency of the bank, Amount (Parent Base currency).
 While on the Deposit list, you can Edit and View the Deposit Record.
 If the Account is clicked then you will be routed to Bank Account register.

Printing Deposit Slips

 You can check the To be printed checkbox to add the deposit slip in the printing queue.
 Click the Save and Print option while saving.
 Click the print hyperlink while on the Deposit List.

Recording Cashback from a deposit- cash received back from a deposit when deposit slip is created.

3. Transfer funds-
 The transfer should be between banks of same subsidiary.
 Transferring of funds between two bank accounts. There are 2 types of bank transfer supported by NetSuite:
i. Transfer between two banks with the same currency.
ii. Transfer between 2 banks with different currency
 To transfer go to Transaction> Bank> Transfer Funds
Fields:
 From Account- Choose the bank that will be giving the money to the other bank.
 To Account- Choose the bank that will receive the money from the from bank.
 Date- By default it will be the date today but it can be interchange to the user’s preferred date.
 Posting Period- posting month of the transaction.
 Currency- Currency of the from and to bank. There are 2 different field for each.
 Amount- The first amount field is where you input the amount to be transferred out of the From Bank.
The currency of the amount entered is the currency of the From Bank.
 Amount- The Amount in the first amount field is converted to the currency of the To Bank account.
 Memo-
 Subsidiary- This field is an inline field. The subsidiary displayed here is the subsidiary associated to
 both banks.
 Division-
 Sales Channel-
 Location
 Generate TranId on Save- to generate the transaction ID when the record is saved.

4. Use credit card

Reconciling accounts- the purpose of reconciliation is to ensure that your NetSuite account’s data
are accurate. You just need to identify which transaction causes the change in your Bank statement
from the last time it was reconciled.
5. Reconcile bank statement
 Reconciling bank account is important to keep your NetSuite account’s records are accurate and up to date.
 Reconciling bank statement against your bank account register
 Transactions available in each subtabs are transactions associated to the subsidiary that is directly linked to the
bank account. Note that the bank account and subsidiary relationship is One is to one.
Reconciling Bank statement
- To clear a transaction, you can go to the bank register then mark the transaction as cleared by checking the
checkbox or choosing the yes if Yes or No is the option available. If the Clear field is a Yes or No then it is using

- To reconcile bank statement

- Go to Transaction> Bank> Reconcile bank statement
Fields
o Account- select the bank account to be checked or reconcile.
o Currency and Subsidiary field- is an inline editing field. The data here are both derived and step from
the data of our lunch a while ago.
o Statement date- date of the statement
o Start date- enter the beginning of the transaction. Unreconciled transactions before this date will not
be displayed on the subtab.
o Ending statement balance- enter the closing balance on the bank statement.
o Last reconciled balance- provides the balance of the account from the last time it was reconciled
against its corresponding bank statement.
o Reconcile this statement- the total amount of the checked transactions in each subtabs.
o Differences- the difference between the Ending statement balance and Reconciled this statement.
ESB less RTS.
o Deposit and credits subtab- in this subtab, you can see transactions that causes an increase on the
balance of the bank account. Example of that kind of transactions are Deposits.
o Checks and payments subtab- In this subtab tab, you can see transactions that causes a decrease on
the balance of the bank account. Examples of that kind of transactions are payments, cash back, and
write check.
o New charges- In this subtab, you can create standalone transaction that decreases the balance of the
bank account. An example of that kind of transaction are Bank charges and other penalty charges.
o New deposits- In this subtab you can create a stand-alone transaction that increases the balance of
the bank account. An example of this kind of transaction is interest income from bank.
 While doing your reconciliation, you can pause or temporarily stop your reconciliation and continue it later by
clicking the Complete Later button. The system preserves the reconciliation until you return to save it.
 You can click the Refresh button to show new transactions affecting the bank account being reconciled.

Deleting a Bank reconciliation

1. In the Statement Date field, enter the date of the reconciliation.
2. Click on Action > Delete > There will be prompted to confirm deletion of the reconciliation > Ok.
3. Note that transactions that are already been cleared will remain cleared even if the related reconciliation
is deleted.
4. To verify if the Reconciliation is deleted, go to Reports > Banking/Budgeting > Reconciliation > Check if the
 reconciliation report is no longer available in the report.

Printing a Bank reconciliation report

1. While on the Reconcile bank statement page, if done doing the reconciliation you can do the Save and
print. The function of is to save and print the Bank reconciliation.
2. You can also go to the Reconciliation History Report then click the Bank reconciliation to be printed, you
will be routed to reconciliation detail report > click the Print All button on the lower right of the page.

6. Reconcile credit card statement

 This is almost the same as the Bank reconciliation. The only difference is that there is no Currency field in this
page.
7. Reconcile account statement
 This is available for Bank account and Credit card account.
 To go to Reconcile Account statement, go to Transaction> Bank> Reconcile Account Statement or while on
Reconcile Bank/Credit card Statement > click the Reconcile Account statement hyperlink on the upper part of
the page.
 One of the major differences between the Reconcile Account and Reconcile Bank is that the Reconcile have
this Intelligent transaction matching feature.
 This have a different user interface compared to the traditional reconciliation page. Its UI looks more advanced
and modern.

Reconciling Account statement

Steps in Reconciling Account statements

1. Import your Bank statement file

 Go to Transaction> Bank> Reconcile Account statement> Select the Import Account
Statement.
 Supported files are:
o OFX (Open Financial Exchange)-
o QFX (Quicken Financial Exchange)
o BAI2 (Bank Administrative Institution Version 2)-formatted .TXT
o CAMT.053.001.06-formatted
o CSV (Comma Separated Values)
o If the file provided by your financial institution is not in supported format then you will
need to use a third-party conversion tool.
2. Match imported statement transaction with NetSuite transaction-
 The confirm transaction matches page shows side by side lists of Imported Statement
Transactions and NetSuite transactions. These are unreconciled transactions.
 Intelligent Transaction feature- matches imported statement transactions with the existing
general ledger transaction in NetSuite. It also identifies a match for an imported statement
transaction if a general ledger transaction in NetSuite meets the criteria from the active
system default or custom matching rules.
 Default matching rules are:
 Matching on transaction number and amount- matches the imported statement’s
transaction ID and general ledger check number. It also attempts to find matches for
groups of transactions with the same transaction number. Import statement’s date
should be on or after the general ledger date. Therefore, for a pair of transaction to
match, the amount and transaction number must be the same and the date of the
imported transaction is on or after the general ledger date.
 Match on amount and transaction number without prefixes and leading zeros- find
transaction matches on the numeric value of the transaction number. It also attempts
to find matches for groups of transactions with the same numeric value. The import
statement’s date should be after the general ledger date.
 Match on amount when date is within 90 days- matches the imported statement
 transaction and NetSuite transaction if they have the same amount and the import
statement transaction’s date is equal or 90 day after the general ledger transaction
date.

If the first criteria are not met, the next active default rule will run.

 Creating custom Transaction Rules

 Go to Transaction> Bank> Reconciliation Matching Rule> New Rule
 To rerun the matching rules
 Delete the imported statement and then re-import the statement file.
3. Confirm the transaction matches
 After matching transactions, confirm the matches to clear the transactions and continue to the
reconciliation process.
 If In- transit payments feature is enabled, system converts the in-transit payments to
confirmed payments.
 Go to Transaction> Bank> Confirm transaction matches
4. Reconcile the transaction
 There is no Complete later button because NetSuite saves your work automatically as you go
so you can leave the page and complete the work at a later time.
 If a previously- reconciled transaction is edited, the transaction becomes unreconciled again.

Account reconciliation report

 Bank register Report-
o List of all transactions for a particular bank account.
o Use to view existing transactions. To go to the transaction record, click the corresponding
row.
o View report only
o To access go to Report> Banking/Budgeting> Bank register.
 Reconciliation Summary Report-
o Summary of reconciled and unreconciled items from a bank account
o Shows cleared and outstanding transactions for the account.
o Includes previous and ending balance amounts.
o Total of cleared and outstanding transactions during the period
o Viewable only after the bank has been reconciled.
o To access go to Report> Banking/Budgeting> Reconciliation.
o In the side of the header there is a Hyperlink that will lead to the Reconciliation detailed
report.
 Reconciliation detailed report-
o List of reconciled and unreconciled items from a bank account
o List of all transactions for the time period of the statement.
o List of amounts of each transaction, for both cleared and uncleared items.
o Viewable only after the bank has been reconciled.
o To access go to Report> Banking/Budgeting> Reconciliation> Detail
o In the side of the header there is a Hyperlink that will lead to the Reconciliation summary
report.
 Reconciliation history report-
o List the completed reconciliations for the bank account
o Use to view statement balance, link to the detail report and track historical reconciliation
data
o Shows the statement date, bank account, statement balance, amount reconciled for the
statement, previous reconciled balance and many differences.
o Not Available from the Report menu. To access this report, go to any reconciliation page
 then click the History button.

Budget
Features
 Multiple Budgets
o this feature allows the creation of multiple budgets for the same combination of customer, item,
class, location, or department criteria.
o Evaluate budgets for different scenarios.
o Budget category will be mandatory.
Preference
 Accounting> General> Enable Budget with elimination subsidiaries
o To create budgets for elimination subsidiaries.
Creating budget
 To see the list of budgets, go to Transaction > Financial > Set up budget> List
 Go to Transaction > Financial > Set up budget
Fields
 Subsidiary- The budget created is for which subsidiary.
 Year- that the budget is pertaining to
 Budget Category
o To see the list of Budget category, go to Setup> Accounting> Accounting list
o To create new, Setup> Accounting> Accounting list> New> Budget Category
o Assigning budgets to different categories enables you to create different budgets for the same set
of class, department, or location criteria.
o To create new Budget category, click New button beside the field.
o Check global to use the parent’s base currency and uncheck to use the subsidiary’s base currency.
o This field will be mandatory if the Multiple budget feature. This feature allows the user to create
multiple budget for the same fiscal year. Budgets that are created prior to enabling Multiple
Budget feature will be classified under legacy budget category by default.
 Budget category type-
o Global- uses the root-parent’s base currency.
o Local- uses the subsidiary’s base currency.
 Currency- will depend on the Budget global type and Subsidiary.
 Customer/project, Item- allows you to create budget for specific customer/project and items.
 Class, Department, Location- this allows the creation of budget for different combination of the fields. If
this fields are blank that it means you have selected all.
 Account type- this function what will be the account type of the accounts available in the table below.
 The rows in the table below are your Accounts. This are the accounts in your Chart of Accounts that
meets the criteria set in your subsidiary, customer/project, item, class, department, location, and
account type.

Note: changing the data in the fields while doing a budget will cause the data inputted to be lost.
Actions available are:
Distribute, Fill mark all and Unmark all
Mark all- to mark all accounts. For ease of selection.
Unmark all- to unmark all accounts. For ease of selection.
Distribute- The amount in the marked account/s’ first month is distributed to each month equally.
Fill- The amount in the other months will be the same as the first month.

Copy Budget
 You can also create a budget based on another budget or actuals data.
 To create a Copy budget, go to Transaction > Financial > Copy Budget
Fields
 Fiscal Calendar- choose the fiscal calendar from which to copy this budget.
 To create budget base on a budget
o From budget year- the year of the budget to be copied.
o From budget category- the budget category of the budget to be copied.
o To- the year for the newly copied budget.
o To- the budget category for the newly copied budget.
 To create budget base on actuals
o Actual from year- the year of the actual performance to be copied.
o To budget year- the year for the newly copied budget.
o Budget category- the budget category for the newly copied budget.
 Keep customer and item detail- For copy budget based on budget, this is unchecked and cannot be
checked. For copy budget based on actuals, this can be checked or unchecked.
 Keep Department, Class, and Location detail- For copy budget based on budget, this is checked and
cannot be unchecked. For copy budget based on actuals, this can be checked or unchecked.
 Account type- select the type of accounts you want to copy into new budget.
 Modify by- the percentage of increase or decrease of the copied budget. Enter a positive number for
increase and negative number for decrease.
 Replace- if you are copying a budget onto an existing budget that has amounts already entered,
check this box to override the amount entered.

Import Budget
 NetSuite also allows the user to import external budget data.
 You can also download the Standard Budget Template file by clicking the Budget Template file hyperlink.
 The fields that should be in the CSV file is the same field required when making a budget.
For subsidiary with hierarchy, the format should be Parent : Child. For the year, don’t forget the FY before
the 4 digit year. For Account, if there is a parent child relationship, use Parent : Child format.
 Note that the data in the CSV import should be the same as the data in the system.
 Import of budget overrides any existing budget data.
 Budget import is different from other import. Budget import has a different navigational path compared to
other imports. To import budget, go to Transaction > Financial > Set up Budget > Import> Select the CSV file
> Next> Select the NetSuite field that is equal to the CSV file column/field.
 you can also import a budget. Import assistant for budget is different from the other import assistant.
Design to Build

Location
 Make inventory available
 If checked, inventory sent to this location will be item on-hand and available for sale.
 If cleared, inventory sent to this location will only be item on-hand but not available for sale.
 Make inventory available in Web Store
 If this is checked, Inventory in this location will be available for sale in the Web store.
 If unchecked, inventory in this location will not be available for sale in the Web store.
 This can only be checked if Make inventory available is checked.

Inventory record
Features:
Items & Inventory Subtab
 Inventory
o Enable this feature only if you are tracking or planning to track inventory being bought and sold.
o Once enabled, the system automatically creates a COGS and Inventory account to be used to track
the movement of inventory.
o Don’t enable this feature if you will not track the movement of inventory sold and bought.

 Multi-Location Inventory
o Enable this feature to track and distribute inventory for multiple warehouses and locations.
o Once an item is already been distributed, this feature cannot be disabled unless you will a NetSuite
customer support assist you to do so.

 Assembly Items
o To use assembly items.
 Serialized Inventory
o To track the purchase and sale of physical inventory items by assigning a serial number to each item.
o There will be a new submenu under Transaction which is Manufacturing.
 Lot tracking
o to assign lot numbers that track groups of inventory items.
 Gift certificates- to sell gift certificate items of set or variable amounts to customers.
 Matrix items- to use matrix items
 Drop shipment & Special Orders- to drop ship items directly from your vendors to your customers.

Company Subtab
 Multiple Units of Measure
o Enable this feature to define various units used to stock, purchase, and sell inventory items, and
track non- monetary accounts. This feature must be enabled to use the Statistical account feature.

Item types
Item types used to track physical items that you manage.

 Inventory Items- These are items that you track the quantity and its value.
o Serial numbered items- a means to track the purchase and sale of physical inventory items by
assigning a serial number to each item. You can choose a specific serial numbered item to fulfill or
receive an order.
o Lot numbered Items- enables the tracking of purchase, stock, and sale of a group or quantity of
items by assigning a specific number to the group or quantity. It also tracks the quantity of items and
the specific cost for each lot as products are purchased and sold.
 Non- inventory items- These are items that you don’t track the quantity and its value.
o For purchase- these are non- inventory items that are purchased but not sold.
o For Resale- these are non- inventory items that are purchased and sold.
o For Sale- these are non- inventory items that are not purchased but sold.
 Drop ship items- these are items that are delivered directly to the customer from the vendor. These items
don’t pass through your inventory record.
 Special order items- to purchase and track items that might not follow regular inventory processing, such as
Just in Time orders or orders for customized items. Can be done on all inventory items and non-inventory
item for resale.

Item types used to track purchases and sales of items that physical inventory is not manageable.

 Service Items- item created to track time and record billable hours.
o For purchase- these are non- inventory items that are purchased but not sold.
o For Resale- these are non- inventory items that are purchased and sold.
o For Sale- these are non- inventory items that are not purchased but sold.
 Gift Certificates- allow customers to purchase store credit they can send to someone as a gift.

Item types used to assemble or package several items into one unit.

 Item groups- sold as single unit but are made up of several individual items. A shortcut for entering a group
of items on a sales or purchase order that need to be sold or purchased together.
 Kit/Package items- create individually-sold items that are collected from other items. A unit composed of
items from your inventory. The price of the Kit/package item is independent of its component’s price.
 Assembly items- is an inventory item made of several components, but identified as a single item.
Manufactured by combining raw materials you stock.

Item Matrix
 To create a matrix of records. An item matrix uses parent item and subitems to track items by option such as
size and color.
Assembly/Bill of Materials
 This item record is used for item that is created from combining items/materials you also stock as separate
item record.
 The stock of assembly item and its member components are tracked separately.
 To create an Assembly/Bill of Materials, go to List> Accounting> Items> New> Assembly/Bill of Materials
 To setup the member components of the Assembly/Bill of material, Under Purchasing/Inventory subtab on
Component Sublist select the components of the Assembly item.
o Make sure that the Assembly item should have the same subsidiary as the member components.
Same thing for the member components, all member components should have the same subsidiary.
o The Assembly item and the member components should be found in the same subsidiary.
 To build an Assembly item, go to Transactions> Manufacturing> Build Assemblies
Fields
o First select the Subsidiary.
o Assembly- select the assembly item to be build. Available options here depends on the Subsidiary
selected.
o Location- select the location in which the member components are taken from and where the
Assembled Assembly Item is added.
o Buildable quantity- the maximum number of assembly item that can be build based on the available
member components and the required components in the item record.
o Quantity to build- enter the number of assembly items you want to build. The entered value must
not exceed the Buildable quantity.
o Projected Value- It shows the cost associated to the assembly item. It shows the total cost of the
member components in the component subtab multiplied by the Quantity to build.
o Revision-
o Component Subtab
 Displays the following details about the member component: Quantity on Hand, Units,
Inventory detail.
 Quantity field- the default value in this field is the required number of components based on
the item record. The number of components used in building an assembly item can be
adjusted.
 To see the Build Assemblies list, go to Transaction> Manufacturing> Build Assemblies> List. Building an
Assembly item increases the quantity of the assembly item and decreases the quantity of the member
components. The increase and decrease of the assembly item and member component is equal to the
Projected value.
 To unbuild an assembly item, go to Transaction> Manufacturing> Unbuild Assemblies or go to Build
assemblies record while on View mode click the Unbuild. Unbuilding an assembly item is as if you were
returning all the member components (Increase) used in building an assembly item (Decrease). The amount
is equal to the total cost of the Assembly item (Projected value).
 Assembly workorder
o Enable the feature first under the Items & inventory subtab.
o track the production of assembly items needed for stock or to fill orders.
o track the quantities of assemblies that need to be built and the quantities of components, or member
items, needed to do so.
o Work orders can have these statuses:
 Planned – No components are committed regardless of commit option settings.
 Released – No transaction has posted and no activities have been recorded. Components can
be committed based on commit option settings.
 In Process – A transaction has been posted.
  Built – The quantity built is equal to the quantity planned.
 Closed
o Types of Work order
 Special Order- built for particular sales.
 Production- to increase stock and not intended for particular sale.
o To enter a Work order, go to Transaction> Manufacturing> Enter Work order.

Item group
 Sold as a single unit, but are made up of several individual items.
 A shortcut for entering a group of items on sales or purchase order that need to be sold or purchased
together.
 It is not fulfilled, received, or stoked, but rather the components of the group are.
 It is available in the item list on sales or purchase order and can be added to those transactions.
 It is used for easier and faster input of items.
 The item group’s price is dependent on its component’s price. The item group’s price is the total price of the
member components.
 Creating a new Item group, go to List> Accounting> Items> New> Item group
Fields
o Item name/number- name of the item group.
o Subsidiary- select the subsidiary to associate the Item group to be created. To select multiple
subsidiary hold Ctrl.
o Components sublist- select the item to be included as member component of the Item group. The
Items to be selected must be available in the subsidiary/subsidiaries selected.
 When delivered/fulfilled, it decreases the member component account.
 In the transaction, each member component appears separately.
 This is available in Sales and Purchase Transactions.

Kit/package item
 Composed of units from our inventory
 It is independent from the member component’s item record.
 This is usually used for items that usually sold as a group and the seller would like to offer a different price
when the member items are sold in a group.
 When delivered/fulfilled, it decreases the member component account.
 In transaction, it only appears as one line only.
 This is only available in Sales Transaction.
 To create kit/package item, List> Accounting> Items> New> Kit/package
o Fields
Item name/number- enter the name of the kit/package.
Subsidiary- select the subsidiary to be associated with the kit/package
Component Sublist- select the item to be included in the kit/package item.

Serial Numbered Items

 Is a means to track the purchase and sale of physical inventory items by assigning a serial number to each
item.
 Enables you to choose a specific serial numbered item to fulfill or receive an order.
 Creating Serialized Inventory Records, go to List> Accounting> Items> New> Assembly/Bill of Materials or
 Inventory Item > Serialized
 Inventory Detail subtab- you can see the lot numbers, on hand and available quantity.
 If a specific serialized number is currently on hand, then that serial number is available to reuse on new
transaction. On the other hand, you cannot receive a customer return for an item with specific serial number
if that serial number is currently part of your On Hand Stock.
 Serial number must be unique per item record. You can use the same serial number for different items.
 The system will warn you if you attempt to bring a serial number that is currently accounted as being On
hand.
 Adding serial numbered items can be done through CSV import, purchase or receipt form, Adjusting
inventory, Building assemblies, and Customer credit memo.
 Creating a purchase order for serial numbered item, entering a serial number on the inventory detail is not
mandatory in creating a purchase order.
 While receiving an item, it is mandatory to enter the serial number in the inventory detail for the transaction
to be saved.
 In selling a serial numbered item, you will need to specify the serial number of the item being sold only on
the fulfillment stage.
 Posting transactions, such as invoices and cash sales, cannot be memorized if they include serialized items.
However, non-posting transactions, such as sales orders, can be memorized with a serialized item if a serial
number is not specified.

Lot numbered items

 Track the purchase, stock, and sale of a group or quantity of item by assigning specific number to the
group or quantity.
 Is also track the specific cost for each lot as products are purchased and sold.
 Lot numbering is allowed for inventory and assembly items only.
 An expiration date can be assigned on each lot number.
 To create a Lot number item record, List> Accounting> Items> Assembly/Inventory > Lot numbered.
 Receive an expiration warning when a lot number is about to expire. In the accounting preference under
inventory you can set the Days before lot expiration warning. Enter the number of days in advance of a
lot item’s expiration that you would like to receive a warning.
 You can stock, buy, and sell lot-numbered items in fractional quantities. This can be useful if you track
items that are measured by volume or weight. You can buy or sell item quantities that are not in whole
number.
 After an order is fulfilled and billed, the lot number on the cash sale or invoice shows for information
purpose only. Changes made to the lot number at this point no longer affect inventory. Customer
 If a lot item is selected on a non-posting transaction, you can wait and enter a lot number when the order
is fulfilled.
 If a lot item is selected on a posting transaction, you must enter a lot number on that transaction.

Gift Certificate
 Accounting Subtab> Item/Transaction> Gift Certificate Auth Code Generation>
o Add on Item- to manually add certificate code on gift cert. item records. The code of the certificate
being sold is selected on the sales order.
o System Generated- to have authentication codes automatically generated when gift certificates are
sold.
o Enter on Order- to manually enter gift certificates as they are sold on sales orders. This is best only if
you have physical certificates or cards with # on them and not recommended for e- certificates.
  To see the list of sold Gift certificate go to List> Accounting> Gift Certificate. In this list you can see the
Purchase date, recipient name and email, authentication code, purchase price, remaining value, and
Expiration date.
 To create Gift certificate item, go to List> Accounting> Items> New> Gift certificate or Go to your git
certificate > New Gift Certificate.
Fields
o Item Name/Number
o Subsidiary-
o Pricing subtab
o Days before expiration- enter the number of days that the gift cert. can be used after
purchase.
o Accounting Subtab
o Select the Income and liability account for the gift certificate
o Tax Schedule
 Sales of a gift certificate will cause an increase in the Liability account selected in the accounting subtab. It
does not affect the Sales or Income account. It is as if it is a customer advance payment.
 When selling a Gift certificate, you will need to specify the From, Recipient Name, Recipient email, and Gift
message.
 To check if the gift certificate authentication code is o active, go to List> Accounting> Gift certificates. If the
Remaining value column is blank for the gift certificate then it means that the authentication code is not yet
active.
 Applying Gift Certificate, gift certificate can only be applied for invoice transactions. Go to the Billing
subtab> Gift Certificate> Select the authentication code of the Gift certificate used. After selecting the
authentication code, enter the amount to be applied in the transaction in the Amount applied field. You can
also see the available credit for the chosen gift certificate.
 When Gift certificate is used to pay for an invoice, your liability account for gift certificate is reduced.
 You can apply multiple gift certificate in one transaction.
 You can change the recipient name and email, expiration date but not the value.
 View the gift certificate record to see the sales transaction associated to that gift certificate.

Matrix Items
 Enable features > Item/Inventory > MATRIX ITEMS
 An Item matrix enables you to track your items by options such as color and size. An item matrix consists of a
parent item and subitems. With an item matrix, each combination is tracked separately. Item matrix allows
you to track each combination of options without having to create an item record for each.
 Available for the following item types: Assembly, Inventory, Non- Inventory, Other charge, and Services.
 There are two ways to create a matrix items: through Matrix Item Assistant or creating a matrix item
manually.
o Matrix Item Assistant- easy to use feature that lets you create an item and all of the available options
in single step by step interface. There is no need to create item options beforehand.

To create a Matrix Item Assistant, Go to List > Accounting > Items > New > Click the Matrix Item
Assistant next to the type of matrix item you want to create. (for the first time you use the matrix
item assistant, there will be a popup window opens providing an overview of the assistant. You can
check the Don’t show this next time box.

Step 1: To Set Up Item Basics – These settings apply to all child items in this matrix.
 Enter the basic information for this matrix item > Next
Step 2: Create Item Property List
 Choose one of the following
  Use an existing list- to use a custom list you have already created for this matrix item.
Select a custom list from the list.
 Create a new list- create a new list of option properties on this page.
 If creating a new list, enter a List Name to display internally to your company. The List
Name should refer to the item you are creating the options for.
 List Display Name to display to customers on your website.
 Show properties in
o The order entered-
o Alphabetical order-
 Property Value- enter a property for this list. (Ex. Green, Red, Yellow, Etc.)
 Enter the Abbreviation for the property value.
 Add
 Save & Create Another- to include another set of options for this item.
 In the Item Option lists, shows the list of options linked to the matrix being created.
 Next- if you are finished with your list of options for this item.
Step 3: Choose Property Combinations- Set a name format for new matrix item’s Item
name/number. Then add the matrix options from the item’s property lists.
 To set a new matrix item name format in the order in which you want the information to
appear on the product name, select an item from the Insert Item Attributes list.
 Select an item from the Insert Matrix Option. Tags are automatically inserted in the Matrix
Item Name Template field. You can use separators to format the look of the product name
and separate the displayed options.
 Select properties from each list to include in the matrix for the item you are creating. Press
and hold CTRL to select more than one property in each field.
 Click Next.
Step 4: Choose and Create Items- A list of all combinations of the properties you selected in Step 3 is
displayed.
 Clear the box next to any property combination you don’t want to create a matrix item for.
 Click Finish.
 Your Item Matrix is now created and each combination is available on transactions.

Creating a Matrix Item Manually

 Before you can create a matrix item manually, create custom lists and custom item fields for your matrix
item options.
 After setting up your custom fields for matrix options, you can create your item matrix.
 To create an item matrix
1. Go to List > Accounting > Items > New
2. Click Create Matrix Items next to the type of item matrix you want to create.
3. Click the Matrix Subtab
4. For each list, select the options available for this item. To select multiple options, hold down CTRL and
select w/ your mouse.
5. When you have finished selecting your options, click Create Matrix. A list of possible combination
appears.
6. In the Include column, clear the boxes next to any item you do not want to include in this item
matrix.
7. Click Submit
8. Your Item Matrix is now created and each combination is available on transactions.
Adding Item to a Matrix
 Go to the Matrix item Table. For Assembly Matrix Item go to Matrix Subtab and for Inventory Matrix item go
to the Accounting subtab. Review the list of available values for each matrix option, and select option values
that you want to be available as subitems of the parent item.
 If an additional option value is to be added in the matrix item, select the option value in the Matrix item
table then go to Action > Add items. On the Add Matrix Item page, In the Include column, clear the boxes
for any subitems you do not want to add > Submit
 In the Matrix item table, you can also edit the Matrix Item Name Template.
 In the Matrix item table, you can also see the list of available option value combination.

To remove a subitem from your item matrix

 Inactivate or delete the subitem. An item cannot be deleted if it has been referenced on another record or
transaction.
To inactivate
To delete> while on edit mode, go to Action> Delete.

Editing Matrix Items

 Matrix subitem can be edited individually or as a group from the parent item record.
 Alternatively, you can use the Import Assistant to update matrix subitems by editing each subitems.
 Below are the fields that can be edited on subitem record:
o Item Name/Number
o Display Name/Code
o Vendor Name/Code
o Purchase Description
o Sales Description
o Shipping Cost
o Handling Cost
o Item Weight
o Purchase Price
o Sales Price
o Reorder Point
While the other fields are only editable in the parent item record.

To edit a single matrix subitem > Go to the SubItem record to be modified > modify > Save

To edit multiple Matrix subitems > go to the parent item record to be modified > modify > Action > Update
Matrix > in the Included column clear the checkbox if you want to exclude the subitem > Submit

To Remove Matrix Option- Go to Action > Remove Matrix Options > Select the option to be removed > Next
> Submit

Service Items
 is an item you created to track time and record billable hours.
 Classifications
o For resale- service your business buys and then sell to customer.
o For purchase- service your business buys but doesn’t sell to customer.
 o For sale- service your business sells but doesn’t buy.
 When both Advanced Billing and Advanced Shipping feature are enabled, you can set a permanent status on
service item records that enables or disables them to be fulfilled or received. Then, order processing is based
on the fulfillable/receivable status of the item.
 Determine the status for each service item y checking or clearing the Can be fulfilled/Received box on the
record.
 When you use the Projects feature, the following is true:
o You can create a service item regardless of whether the Can Be Fulfilled/Received box is cleared.
o You can edit non-inventory and service items and clear the Can Be Fulfilled/Received box, if checked.
o You can edit service items, but you cannot check the Can Be Fulfilled/Received box, if cleared.

Multi-location inventory- If you stock, sell, and fulfill items in more than one location, you can use the Multi-
Location Inventory feature to manage the inventory for your distinct locations.

 Setting up MLI
1. Before enabling this feature make sure to fully ship or otherwise close all open orders.
2. Enable the Multi-location feature. This feature cannot be turned off without the assistance of the
NetSuite Customer service.
3. After enabling the feature, all inventory defaults to an unassigned location.
4. Create a location record for each location.
5. Your inventory must be the distributed to each location.
 Distributing inventory
 An inventory distribution updates item information for all your locations. After you
have enabled the MLI, you must perform a distribution before you can enter inventory
transactions.
 Items that shows on the list for distribution are
o The item has not already been distributed.
o The distribution is dated after the last inventory-affecting transactions.
o The item has a non-zero quantity on hand.
o It is an inventory item or assembly item.
o The item is active.
Note the following before distributing inventory.
Distribute items on off peak business hours
Your data is most accurate if you distribute all unassigned inventory at one time and make
no changes to transactions dated before the distribution. If you change earlier
transactions and then return to Distribute Inventory, the Undistributed column may show
an incorrect or negative quantity. To correct for this error, go to Transactions > Inventory >
Adjust Inventory.
Inventory is distributed only if the stock level is 0 or greater.
It is also recommended to Review Negative Inventory report before distributing
inventory.

 There are 2 ways to distribute inventory, first is the Simple Inventory Distribution and
second is Manual Inventory Distribution.

Simple Inventory distribution

Go to Transactions> Inventory> Distribute inventory> Simple

Variance field- Usually, this will be an expense account for inventory distribution.
 Location- select the one location you are distributing all items into.
In the Item List shown, you can review the item and quantities that will be distributed.

Manual Inventory distribution

Go to Transactions> Inventory> Distribute inventory> Manual

Inventory transfers- When tracking inventory using MLI, you can record any move of
inventory between locations. Below are three ways to record your inventory transfers.

 Basic Inventory transfers- decreases items in the source location and increases them in the receiving
location, All in one step.
1. Go to Transaction > Inventory > Transfer Inventory
2. Warning: You shouldn’t delete or change inventory transactions dated prior to an inventory
distribution, as this can cause difficulties maintaining accurate inventory data.
 Inventory transfer order- it allows you to track each stage of the transfer process and know when items are
in transit. It also helps you manage items that are moved from one location to another over a period of time.
Transfer order workflow is as follows:
1. A transfer order is entered to schedule the movement of items and can go through an approval
process.
2. When a transfer order is approved, then the following occurs: Items are committed out of the source
location’s inventory. The On Order quantity of the item at the destination location increases.
3. Transfers are then fulfilled out of the source location and you know when the items are in transit.
a. Fulfilled items are removed from On Hand count at the source location.
b. The value of the items in transit are removed from the inventory asset account and added to
the inventory in transit account for the source location.
4. Finally, the destination location enters a receipt for the items.
a. The items are added to the destination location’s inventory and increase the On Hand count.
b. The items’ value is added to the inventory Asset account of the destination location.
c. The On Order quantity of the item in the destination location decreases.

Inventory transfer can detail the following:

 Items and quantity intended to be transferred.
 When the items are fulfilled, picked, packed, or shipped out of the source location.
 When items are received in the receiving location.
 Outstanding items yet to be transferred.
 Transfer price of the item.

Lines on transfer orders cannot be fulfilled or partially received, the entire line must be processed at one
time. Only available stock can be committed to transfer orders.

After a transfer order line has been fulfilled, the quantity, unit, and Serial/Lot numbered are disabled and
changes cannot be entered.

Transfer orders you create and process are linked to any related item fulfillments and to item receipts.

Shipping costs can be calculated on the Shipping subtab of a transfer order by selecting a shipping method in
the Ship Via field and clicking Calculate in the form header.

Using transfer orders requires that you have enabled the Multi-Location Inventory feature. For details about
enabling features, read Items and Inventory Features.
  Transfer order do not post to a COGS account. They post to remove the item value from the source location’s
asset account and add the value to the inventory in Transit. Individual transfer orders included a setting to
Use Item cost as transaction cost. When a new transfer order is created, this setting defaults to the
accounting preference setting. By putting this setting on the transfer order, users have more flexibility on in
managing the inventory GL.

Intercompany Transfer Order- is used to move inventory from a location for one subsidiary to a location for another
subsidiary.
 The item to be transferred should be available from the source and receiving subsidiary.
 In the item subtab under Transfer pricing, you enter an intercompany transfer item. The currency used is
based on the root currency of the root parent company.
 To do Intercompany Transfer order, go to Transaction> Inventory> Enter Intercompany Transfer Orders.
 Incoterms field to define when the transfer of ownership occurs for items being transferred between
locations:
o Ex Work (EXW) – inventory ownership is transferred at the shipping point
o Delivered at Place (DAP) – inventory ownership is transferred at the destination point
 Transfer order preference> Order management
o Default Transfer Order Status- to default on manual orders
 Pending Approval Firm– By default, require that someone with permission approves the
order before it is processed. Firmed transfer orders are not available to be rescheduled or
cancelled.
 Pending Approval Open– By default, require that someone with permission approves the
order before it is processed. Transfer orders that are Open, not Firmed, are available to be
rescheduled or cancelled. Recommendations for Open transfer orders are removed for each
demand planning run.
 Pending Fulfillment – By default, send transfer orders directly to the fulfillment queue
without requiring further approval.
o Generate Transfer Orders in Supply Planning- to default on auto-generated transfer orders.
 Generate in Pending Approval Firm Status– By default, require that someone with permission
approves the order before it is processed. Firmed transfer orders are not available to be
rescheduled or cancelled.
 Generate in Pending Approval Open Status– By default, require that someone with
permission approves the order before it is processed. Transfer orders that are Open, not
Firmed, are available to be rescheduled or cancelled. Recommendations for Open transfer
orders are removed for each demand planning run.
 Generate in Pending Fulfillment Status – By default, send transfer orders directly to the
fulfillment queue without requiring further approval.
o Fulfill Based on Commitment- to determine how the fulfillment form works
 Ignore Commitment – The quantity field is disabled on the fulfillment.
 Allow Uncommitted – The partially committed lines are displayed on the fulfillment form with
the committed quantities. To fulfill the partially committed lines, you must manually adjust
the quantity being fulfilled to be equal to the order line quantity.
 Limit to Committed – The Fulfill button does not show on an order if it has no lines that are
fully committed. When you click Fulfill on a transfer order, only fully committed lines show on
the fulfillment form.
o Use Item Cost as Transfer Cost
 to use the transfer price as a declared shipping value for reference only, such as for insurance
or international shipping.
  The transfer price is not a charge for the destination location.
 The transfer price does not affect inventory costing on transactions.
 The transfer price defaults to show the value in the Transfer Price field of item records.
 Partial fulfillment and receipt of transfer orders is allowed, but you cannot receive more than
you have fulfilled as of any date.
 Clear this box to use the transfer price shown on the transfer order as the item cost on the
item receipt.
 Arm’s length Intercompany Inventory transfer order
 Non- Arm’s length intercompany transfer orders.
 Transfer price is set in the Purchasing/Inventory subtab on an item record. Enter the transfer price in the
Transfer price field.

Bin Management
 Used to identify places in your warehouse where you store inventory items.
 Tracking items by bins can help organize receiving items and simplify picking items to fulfill orders.
 Helps to track on-hand quantities within a warehouse.
 Item costing is not calculated per bin, and only on-hand quantity is tracked per bin. Available, committed,
backordered, and ordered quantities are not tracked per bin.
 To set up Bin management
1. Enable the necessary feature.
2. Setting up bin preferences
3. Creating Bin record
4. Setting up Item record for bins.
 Inventory detail icon
1. Arrow- indicates that the inventory detail is available for the item and needs to be configured. It
appears only in Edit mode for a transaction.
2. Check mark- indicates that you have already configured the inventory detail for this item. It appears
in View mode for transactions, as well as in Edit mode after you have configured the inventory detail.
 Transactions that includes Bin number
1. Cash Refunds
2. Credit Card purchases
3. Checks
4. Vendor Bills
5. Inventory Adjustments
6. Inventory Transfers
7. Picking tickets
8. Item fulfillments
9. Invoices

Two types of Bin management feature.

Basic bin management
o a basic means of tracking inventory in bins. This feature requires that you associate bins with
items before you can use bins on transactions. This feature does not allow using bins with
serialized and lot numbered items or on a per-location basis.
o To enable go to Enabled features> Item & Inventory > Bin Management
o If enabled with Multi-Location Inventory, you must use bin in all locations.
o you are required to associate bins with an item before you can use bins on transactions for that
item.
 Advanced Bin management
o An enhanced version of tracking bins, including for serial numbered and lot numbered items and
on a per-location basis. Using this feature, you are not required to pre-associate bins with items
to use bins on transactions. Also, you are allowed to associate bins with serialized and lot
numbered items or use bins on a per-location basis.
o To enable this feature, go to Enabled feature> Item & Inventory subtab> Advanced Bin
management
o To set Bin management per location, there will be a Use Bin check box in your location record.
o If enabled with MLI, you can use Bin on per location-basis.
o If you use the Advanced Bin / Numbered Inventory Management feature, the bins you chose
show when you select Associated Bins in the bin selector on transactions.
o Additional Subtab in the Item record caused by enabling this feature.
 Inventory Numbers – Shows the inventory numbers on hand
 Bin Numbers – Shows the quantity on hand for each bin
 Inventory Detail – On item records for items set to use bins, an inventory detail subtab
shows the quantity on-hand by bins. The inventory detail subtab shows all serial numbers
that have a bin number association.
 Creating Bin
o Go to List> Supply Chain > Bins> New
o Enter the Bin number and the Location to be associated with it.
o There is no limit on the number of bin records you can enter.
 Accounting preference
o Under Items /Transaction> Use Preferred Bin on item receipt- the Bin field on item receipts defaults
to the preferred bin instead of leaving the field blank.
o Require Bins on All Transactions Except Item Receipts- any transaction entered that changes
inventory levels and includes an item that uses bins will require you to select a bin for the item to
save the transaction. If there is no bin field on a transaction, such as sales orders and purchase
orders, bins are not required. Item Receipts will not require a bin selection, even with this preference
enabled. Even if this is disabled, you will be required to enter bin for transactions that reduces
inventory.
 Setting up Bin in an item record
o Go to the Item record > Under Purchasing/Inventory subtab> Check Use Bin.
o Associating Bin to an item. Under Purchasing/Inventory subtab> Bin Numbers sublist. Check the
Preferred (Per location). This will make the chosen bin as default bin for the item on all receiving
and fulfilling transactions and putaway worksheet. If the quantity in the preferred bin is enough
to cover for the transaction then the preferred bin is used but if not and there is one bin that is
enough to fulfill the transaction then that one is used. If there are no single bin that can fulfill the
transaction then you will have to modify the inventory detail record to process the transaction.

Bin Putaway Worksheet

 to print a list of bin numbers for items that need to be re-stocked in your warehouse or stock room.
 edit the quantities placed in each bin.
 Go to Transaction> Inventory> Bin Put-away worksheet
 You are not allowed to putaway item more than your on hand item.
 After items are received, they need to be put away in bins. The putaway worksheet is used to designate the
exact bin or area in the warehouse where the item will be stocked.
 Click the Inventory detail icon to distribute the item quantity on its appropriate bins. The bins available are
the bins associated to the location selected.
Two types of Bin putaway worksheet
Basic Put-away worksheet
Advanced Bin Put- away worksheet

Bin Transfer
 record a bin transfer to move items between bins within the same warehouse.
 Recording a bin transfer does not post to your chart of accounts and has no financial impact. The transfer
only updates the quantity on hand in each bin for the items transferred.
 If you use the Multiple Units of Measure feature, you can view and edit the Units field on bin transfer
records. If you select a unit other than stock units, inventory item quantities are converted automatically and
saved in stock units.
 Select the location in the Location field. The item available on the Item dropdown are the items on hand in
the location selected. Enter the quantity of the items to be transferred. Click the Inventory Details icon.
Select the From Bin and the To Bin. The available column will show the available quantity on the From Bin.
Input the Quantity to be transferred from From Bin to To Bin.

Adjusting Inventory
Adjust Inventory
 inclusive of the previous stock total.
 If you add 10 quantity in the Adjust Inventory then it adds 10 quantity in your previous item count.
 If using LIFO or FIFO costing methods, this can be used to change the quantity and value of an inventory item
and preserve the costing history of the item.
 Go to Transaction> Inventory> Adjust Inventory
 Enter the Subsidiary, Adjustment account (usually this is an expense account for inventory adjustment), and
Classifications
 Under Adjustment Subtab
o Enter the Item to be adjusted > Select the location of the item then you will see the qty on hand and
the current value> enter the qty to be added or deducted in the Adjust QTY by, In the New quantity
column you will see the previous on hand qty plus adjustment> enter the Est. Unit cost of the
quantity adjustment > You can also click the inventory detail if you are to assign specific Bins for the
qty adjustment.
 Estimated Total Value- shows the total adjustment in the transaction.
 The GL impact of this transaction is increase in the Inventory account then a credit to the chosen Adjustment
Account.
Adjust Inventory worksheet
 Best for adjusting Average costing item.
 Go to Transaction> Inventory > Adjust Inventory Worksheet > New (to create new) List(To access the list
of Adjust inventory worksheet)
 You can also import Adjust Inventory worksheet. Transaction> Inventory > Adjust Inventory Worksheet >
Import. To use CSV import file.
Limitation
o Can only import for one combination of classification.
o Doesn’t support import if Bin information.
 Exclusive of the previous stock level.
 The adjust inventory worksheet resets the item count equal to the quantity on the adjust inventory
worksheet regardless of the previous item count.
 Used to enter changes in the quantity and value of inventory items other than lot numbered, serial
numbered, or inactive inventory.
  Adjustment amounts entered on the Adjust Inventory worksheet form do not change as of the worksheet
transaction date, meaning even if you have entered transaction affecting your inventory dated prior to the
transaction date of the Adjust inventory worksheet the quantity of the item will be equal to the quantity
entered in the Adjust Inventory worksheet.
 When using FIFO and LIFO costing method, when Adjust inventory worksheet is used to adjust inventory
then the cost of any item you adjust is averaged and the costing history will be lost.
 When editing an existing Adjust inventory worksheet record, the list only shows items included in the original
transaction so meaning only items originally part of the inventory worksheet can be edited.
 In the transaction Order Field, choose when you want the inventory worksheet to be posted. Choices are
First in Day (beginning of the day and doesn’t include all inventory affecting transaction for that day) and
Last in Day (In the end of the day and does include all inventory affecting transactions)
 In the Adjustment Subtab, enter the New qty and the new value.
 When adjusting an Assembly Item, it changes the quantity of the Assembly item not the individual member
items.

Inventory Count
 supports improved tracking of inventory and tighter control over assets.
 you can enter regular periodic counts of on-hand item quantities to maintain inventory accuracy. Keeping an
accurate item count can help reduce required safety stock, which lowers your overhead costs.
 Accounting preference
o Default Inventory Count Account- select the account to be use as default for posting the variance
between the inventory count and the item count in the system.
 Setting up Inventory Count in the Item Record
o Go to the Item record> under purchasing/inventory subtab > In the Location sublist > In the Next
Count date: enter the date of the next planned inventory count for the item. NetSuite will use this
date to calculate when a count is required.
o Count Intervals- enter the total number of days between required counts.
o Last count date- date when the last count occurred.
o Classification- You can sort the list to create inventory counts based on classifications you select in
this field.
 Two ways to create an inventory count
o Creating calculated Inventory counts- Use NetSuite's calculated list of items to create one or more
inventory counts that are due.
 Go to Transaction> Inventory> Create Inventory Count
 When a new count is due to be recorded, it shows in the list on the Create Inventory Count
page.
 Check the checkbox of the Inventory count that is due.
 Click submit. Then an Inventory count record is created.
o Creating manual Inventory counts
 Select the Subsidiary, location, Classifications, Account (to post inventory count variance),
enter the item to be included in the inventory count > Click Save Then an Inventory count
record is created.

 Click Start Count. NetSuite takes a snapshot of the on-hand count of the item to be counted by bin and serial
number. snapshot of the inventory on hand quantity is taken from the system for comparison.
 An inventory count with a status of Started can be reviewed and edited by the warehouse manager. Data in
quantity fields can be edited, but items cannot be added to or deleted from the count.
 To edit count record, go to the Inventory count list> Edit> Enter the number actually counted in the Count
Quantity field.
  To complete an inventory count, go to the Inventory count record > View > Click Complete Count
 After a count is completed/pending approval, the supervisor can reject or approve the count.
 After approval, the inventory count record shows history subtab that includes an inventory adjustment
subtab which shows all adjustments related to this count.

Pricing
 Price level
o Enable feature> Transaction subtab> Multiple prices- this allows you to enter multiple sales price for
each item.
o To create a new price level, go to Setup> Accounting> Accounting list> New > Pricing level
 Enter the Price level name in the Price level field.
 In the Markup/Discount %, enter the percentage. Positive for markup and negative for
discount.
 You can Update existing price- to update the all existing item records with the new price level.
 Online price level field- check to allow the use of this price level for web store.
 Click Save.
 Your price level is now available on item record and you can now select the appropriate price
levels in each transaction line when creating invoices. Item level price level takes precedence
over the price level set in the customer record.
 You can also associate a specific price level in a customer record. Go to the customer record>
Edit mode> Financial Subtab> Item pricing sublist> select the Item name and the Price level
for that item > Enter the currency
 Quantity pricing schedule
o Enable feature> Transaction subtab> Quantity pricing- lets you automatically apply different sales
prices to items that depend on the quantity being sold. This enables you to offer discounts to
customers who buy in bulk.
o Accounting preferences> Items/Transactions> Maximum # of quantity-based price level- enter the
number of quantity- based price levels you want to be entered for each item.
o Open an item record, while on edit mode, under the Sales/Pricing subtab in the lower portion you
can know enter a price per quantity per price level.
o The Quantity Pricing feature is not compatible with the Billing Classes feature. If both are enabled,
then billing classes replace quantity pricing on service item records.
 Quantity pricing schedule
o Enable feature> Transaction subtab> Quantity pricing
o Quantity pricing schedules are templates that you can apply to items to generate purchase and sale
prices. When you apply a quantity pricing schedule to an item, the prices for all price levels are
created dynamically.
o Accounting preferences> Items/Transactions> Allow quantity discounts per price level on schedules
- Check this box if you want to enter different quantity discounts for each price level on quantity
pricing schedules.
o To create a pricing schedule, go to List> Accounting> Quantity pricing schedule> New
 Enter Name
 If you want to base your quantity pricing schedule on a unit of measure rather than numeric
quantity, select the unit type and the unit used in the schedule.
 Use marginal rates- check this box if you want the quantity discount in the schedule to be
applied to each price bracket separately. Quantity discount will only be applicable for items
reaching the quantity to be discounted. If the quantity discount is applicable if the quantity
sold is more than 100, the discount will only be applicable to items in excess of 100. Uncheck
the box if you want the quantity discount be applicable in all items sold.
  In the Calculate Quantity Discounts field, choose how to determine the quantity for the
purpose of pricing:
 By Line Quantity - pricing is applied according to the quantity included in the line item.
 By Overall Item Quantity - pricing is applied for all line items for the same item on a
transaction.
 By Overall Parent Quantity - pricing is applied for all items with the same parent item
on the transaction. This can be useful for applying quantity pricing to matrix items.
 By Overall Schedule Quantity - pricing is applied to all items that use the same pricing
schedule that are included in the transaction.
 In the Quantity and Discount field, enter the Quantity and the corresponding discount
percentage. Note that the number of Quantity and Discount combination you can enter
depends on the Maximum # of quantity- based price level set. Since the number of
quantity price level includes the 0 so the combination you can enter is the Maximum # less
one.
 Pricing schedule can also be associated to a vendor record. To do that you must be on Edit
mode (not applicable in creating new record) go to Financial Subtab> Pricing Schedules
sublist > New Pricing Schedules
 A pricing schedule can only be associated to one vendor record.
 Pricing schedule can be applied to multiple item records. The available Quantity pricing
schedule in the item record depends on the Unit type in the item record and the pricing
schedule.
 Note that once you have entered a quantity pricing level for one currency, other currencies
with price available in the 0 quantity should also have price in the other quantity level pricing.

 Pricing group
o Price groups allow you to assign customer-specific price levels for groups of items. For example, you
could create a pricing group called Laptops and associate the pricing group with all of your laptop
items.
o To create a pricing group
 Go to Setup> Accounting> Accounting list> Pricing group
 To add an item to this pricing group, go to an item record > Sales/Pricing subtab > Select the
pricing group in the Pricing group field.
 To assign a price level to a customer for this pricing group, go to your customer record >
Financial subtab> Group pricing sublist > select the pricing group > select the price level you
want to charge this customer.
 Currency Pricing
o This can be done if the Multiple currency is enabled.
o Open an item record, make sure to be on Edit mode > Sales/Pricing subtab > in the Price level table
o You will see a sublist for all your currencies. You can set different price for each currency.
 Setting up an item record
o Open an item record > Edit mode
o Setting up a purchase price
 Go to Purchasing/Inventory subtab > In the Purchase Price field > enter the Purchase price of
the product. The currency of the purchase price field depends on the currency of the
preferred vendor. If there is no preferred vendor then the currency of the purchase price is
the company’s base currency.
  You can also see the Last purchase price of the item.
o You can also set the Reorder point (quantity you prefer to order of this item each time), Safety stock
level days (amount of an item you prefer to keep in stock at all times. Safety stock can be a quantity
or a number of days worth of stock)
o Preferred vendor- to set this up, go to the Vendor sublist under the Purchasing/Inventory subtab >
Input the Vendor name > check the preferred checkbox.
o Preferred location- the location in which the item is to be associated with.
o Costing method- determines how to handle costs associated with buying the same item at different
purchase prices over a given period. Will be discussed later.
o Updating Item Purchase Prices
 You can update the purchase price for your items. This update sets the purchase price on
selected items to the price on the most recent purchase of that item.
 You can update up to 10,000 items with a single mass update.
 Go to List> Mass updates > Mass update > Items> Update purchase price from Most recent
purchase > Input the Search Criteria, result > If saved then the mass update will be available
in the List> Mass updates > Saved Mass update. When in a Mass update record click preview
to look at the changes before submitting it. Uncheck items you don’t want to exclude from the
update then run the update. To run the update, click on Perform Update. Wait for the update
to complete its progress. To check the update progress, click on Refresh.
 Note that this action cannot be undone.
o Updating Item price
 Go to List> Mass updates > Mass update > Update Price
Fields
o Enter the Amount Constant amount of change or percentage of change. You
can enter a positive or negative amount.
o You can also select which price level will be affected by the update.
o You can also specify the rounding skim of the update.
o You can also set the owner of the mass update.
 Input the Search Criteria, result > If saved then the mass update will be available in the List> Mass
updates > Saved Mass update. When in a Mass update record click preview to look at the
changes before submitting it. Uncheck items you don’t want to exclude from the update then run
the update. To run the update, click on Perform Update. Wait for the update to complete its
progress. To check the update progress, click on Refresh.
 Note that this action cannot be undone.
 Costing methods- cannot be changed after saving a new item record.
o FIFO (First in First out)- It is assumed that goods are sold in the same manner they are bought. Goods
that are purchased first will be the one sold first.
o LIFO (Last in First out) – It is assumed that the last good purchased is the first good to be sold.
o Average- COGS are calculated by getting the total cost of inventory (Beginning inventory plus/minus
the inventory change as of date of transaction) divided by the total number of units which then will
be the Unit price.
o Standard- manufacturers and wholesale distributors to identify and correct problems with inventory
costing issues by giving insight into costing variances and their causes. Maintain standard costs across
cost categories for an item
 Landed cost- to track the expenses you incur when purchasing your inventory. Landed costs provide the
ability to increase the asset value of inventory by including additional expenses associated with procuring
stock, such as freight and duty fees.
 o Enable the Landed cost feature in the Inventory subtab.
o Create a landed cost category in the Setup> Accounting> Accounting list > New > Type: Landed.
o Go to an item record > Check the Track Landed Cost
o Create landed cost item records to track separate costs.

Order to Cash
Record as Multiple Type
 You can save any entity record as another type of record. This enables you to track companies and
individuals that have multiple relationships with your company. For example, a vendor might also be a
customer or a partner.
 To save record as another type, go to an existing entity record > Relationship subtab > Click the Plus icon
below Other relationship > select the entity record type. Hold CTRL for multiple selection.
 Any update or changes in one record type applies to the other record except for the Category and Print
check As field.
Record management
 you can track sales histories, items purchased, support cases, and the communication you have with the
people you do business with.
Consolidated payment
 If you are selling to a customer with sub-customers, this feature gives you the flexibility to accept payment
for sub-customer invoices from either the top- level customer or from the individual sub-customer.
 Enable this feature by going to > Enabled features> Accounting subtab> Consolidated payments
 Modify the preference related to this feature, Accept Payment through Top- level customer only- enable
this preference if you want to only apply payments, credits, and deposits through the top- level customer.
 With this feature you can print individual customer statement or consolidated statements with balance
information for the entire customer- sub customer hierarchy.
 Credit limit and holds defined in the for a top- level customer is applied to the entire hierarchy while the
credit limit and hold applied in the sub- customer are not enforced.
 Parent customer cannot accept payment for sub-customers with different subsidiary. An alternate solution is
to create a Journal entry that passes through Intercompany suspense account and to close the Open invoice
of the sub-customer, go to Transaction> customers> Accept customer payment > Select the sub-customer
record > On the invoice subtab check the invoice to be paid > on the Credit subtab, check the apply box
next to the journal created.
Multi-subsidiary vendor
 You can assign a primary subsidiary and an unlimited number of secondary subsidiaries to a vendor record.