It provides estimation of expenses for a specific period of time, and can help provide visibility for financial planning. Users ability to select and define accounts that are needed for their budgets and provide expense and income statements over a set period of time. It’s easy to set up a new budget in NetSuite, or import a budget that you have externally. You can also enter budgets in statistical accounts and also create budgets for departments, classes, locations, items, and customers or projects.

Quotations are requests for vendors to provide us information about their best prices, terms and conditions, schedule of deliveries and other information in order to select the best source for our procurement needs. Organizations issue Request For Quotes when they want to receive competitive offers from several vendors for the items or services that they must purchase. You can also ask vendors to specify whether there are any incidental charges, such as shipping costs, or any discounts for large orders or early payment of the vendor invoice.

When the inventory count is submitted, your store's inventory records are updated and including cost figures. After an inventory count is created, click Start Count on the record to begin the process. So that they can be individually tracked as part of the counting process. That allow for real-time updating of the inventory count. The Inventory subtab shows count data, including the last count date and next count date. 

Nexus is a legal term that refers to the requirement for companies doing business in any country to collect and pay tax on sales in that country. Nexus is used to determine different sales and purchase taxes for a subsidiary. Each country has its own rules for determining nexus. Nexuses are part of the NetSuite Advanced Taxes feature, which is required for NetSuite OneWorld. Each subsidiary must be associated with at least one nexus.

Commission calculations are usually complex and can vary widely from organization to organization.  Previously, you may have been manually calculating & maintaining these calculations in an Excel application, but NetSuite has an Incentive Compensation module that can assist with these calculations, as well as tracking, authorization, and payments.