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.
Category Archives: Articles
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 isContinueContinue 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,ContinueContinue reading “Use NetSuite to ease your Accruals and Prepayments”
NetSuite vs. Yardi
Yardi and NetSuite are both cloud-based ERP solutions, yet each is unique to the situation it is geared towards.
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…
Meir’s NetSuite Advice Blog
Welcome to my NetSuite advice blog, glad to have you here. If you’re here, chances are you are looking for help using NetSuite…