The globalization of business continues to be driven by several factors, including the growing presence of multinational corporations, global capital markets, foreign direct investment and economic interdependence. At the same time, investors, bankers, shareholders, customers and other financial statements users exist all over the world, specifically in countries that have their own unique sets of accounting standards.
NetSuite Version 2014 Release 2 features new revenue recognition functionality to improve the financial close process, strengthen relationships with auditors and reduce delays and manual work.
New Deferred Revenue Rollforward Report.Successful audit preparation and planning are essential to maintaining a good rapport with your auditors and setting the tone for a collaborative relationship. Revenue accounting continues to receive significant scrutiny from auditors, who in many cases ask for specific documentation regarding internal controls that exist in the close process, as well as detailed support for sales transactions and their projected revenue streams. With NetSuite Version 2014 Release 2, accountants will be able to provide auditors with a deferred revenue rollforward report, out of the box, which will present the flow of deferred revenue between beginning and ending balances. Faced with higher audit standards and complex reporting requirements for managing revenue recognition, accountants will be able to continue building strong relationships with auditors while needing less time to prepare, create and provide audit support documentation.
When creating new vendor records opening balance field is available under Financial tab. After saving NetSuite creates the journal entry with the following GL Impact:
With the release of version 2010.2, Cost of Goods Sold (COGS) program does not automatically perform costing corrections in past periods. This is dependent on users not having transactions with mismatched date/period.