Accounting – Page 2 – Conversations with Meir Bulman

Control Item Accounting Impacts

Use Custom Records to flexibly restrict the Asset, Revenue, and COGS account fields on Item Records.

NetSuite Vendor Bill Variance Journals

The Vendor Bill Variance tool is great, but has two drawbacks. This article will show how out-of-the box features can maximize its value and overcome the obstacles.

Automate Depreciation without FAM

If you’d like to understand different NetSuite options to managing fixed asset depreciation, this article may be of interest to you.

Overcome NetSuite Account Type Restrictions (Part II)

This article is a continuation of last week’s topic. In last week’s post, we listed several transaction types with account type restrictions, here we will examine two use cases and show how the techniques listed last week can be used. Example #1: Corporate Credit card used to pay Vendor Bill A client of ours hasContinue reading “Overcome NetSuite Account Type Restrictions (Part II)”

Overcome NetSuite Account Type Restrictions (Part I)

NetSuite’s transaction types are designed to convey the nature of business events while impacting the Accounting Ledger correctly. Since NetSuite does not expect all users to have an accounting background, it therefore tries to make the transaction entry process less prone to error. It achieves this by restricting some transaction types to specific account types.

Fixed Asset Management

This article will be helpful to users who would like to understand the underlying structure of NetSuite’s Fixed Asset Management (“FAM”) SuiteApp and its relationship with the General Ledger and with the standard transactions that affect Fixed Asset balances. FAM Structure The first key in understanding how FAM works is to remember that it isContinue reading “Fixed Asset Management”

Use NetSuite to ease your Accruals and Prepayments

NetSuite has some great tools to help finance teams with month-end close. One of my favorites is the Amortization tool which automates expense recognition over time when a company has paid for (or been billed for) an expense in advance, but the expense needs to be recognized slowly over time. However, like most out-of-box tools,Continue reading “Use NetSuite to ease your Accruals and Prepayments”

Understand NetSuite’s Currency Translation Approach

Consolidated (multi-subsidiary) reporting can be confusing, especially when it comes to currency translation. NetSuite has the capacity to perform currency translation work automatically, but it takes some effort to understand the method…