How “Include In Search Menu” works for custom records?

Posted by CuriousRubik on 01 Sep, 2015

If we check Include in Search Menu check box in custom record then that custom record comes as new search type in the list of new saved searches

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Topics: Customization, Accounting

NetSuite New Multibook Accounting Feature

Posted by CuriousRubik on 01 Sep, 2015

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.

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Topics: Accounting, General Business, NetSuite

NetSuite Revenue Recognition for Improving the Financial Close Process

Posted by CuriousRubik on 01 Sep, 2015

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.

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Topics: Accounting, NetSuite

Creating Opening Balance for Existing Vendors

Posted by CuriousRubik on 25 Aug, 2014

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:

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Topics: Accounting

Prevent COGS from calculating in Closed Periods

Posted by CuriousRubik on 25 Aug, 2014

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.

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Topics: Accounting

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We are proud to announce that we have been awarded the Prestigious Partner Of the Year Award @ NetSuite SuiteWorld, a global event of NetSuite with over 7000+ attendees and hundreds of partners. CuriousRubik is humbled and honored to win this award, and motivated to continue developing SuiteApps and delivering best in class NetSuite services globally.