NetSuite invoice processing is a 4-step process. 

• Creating the invoice
• Getting an approval on it
• Receiving a payment against it
• GL posting

With the NetSuite Order to Cash Cycle, we have various methods to raise invoices against the Sales Order generated. Learn 4 NetSuite invoicing methods for your customers.

4 NetSuite Invoicing Methods 

1. Directly from an existing sales order

Generating an invoice from an existing sales order maintains continuity of the O2C cycle in the system. These invoices can be generated on a one-on-one basis as per the needs.

We have three options for filling an Invoice on a Sales Order: 

Bill Remaining

Here we bill the complete amount which exists as a balance on the Sales Order

Bill Next

This is used when we are billing the sales order in parts or as mutually decided in the Sales Contract

Batch Processing

Sales orders can be batch processed for all the invoices to be generated together without any specific instructions.

To batch process sales orders: 

Navigate to Transactions > Sales > Invoice Sales Order > Select the orders to create invoice against them > Done! 

2. From Item Fulfillment

For an invoice to be generated based on Item receipt/delivered, open the Item Fulfillment page in NetSuite.

This page demonstrates all the items with their current stage of fulfillment with other tabs for details of shipping and packaging.

Click on the Bill button which will redirect to open an invoice record based on the actual order. Fill in necessary fulfillment information and save the invoice.

3. From a Customer Record

For an invoice to be generated directly from a customer record, drill down on the Sales sub-list tab on the Customer Record page and click on the new invoice button. Enter required item details to be billed and save!

Just like the standalone invoice, this invoice will not be tied to the sales order.

4. A Standalone Invoice

Standalone Invoices are generated from the Sales Order Form by selecting the Form Type as ‘Invoice’.

These are individual invoices with no related story and will only have a payment record transaction attached to them as a related record.

These are mostly done in small businesses where Sales Order creation is not a mandate.

Whatever invoicing options we choose from, the ones based on the Sales Order will always have an audit trail to look back through related records having an exact idea on what was ordered and how it was fulfilled to trigger the next invoicing.

The post NetSuite Invoicing: 4 Methods to Invoice Customers in NetSuite appeared first on OdeBlog.

Migrating employees to new systems, rules, and procedures is a critical process that requires careful planning and execution to ensure a smooth transition and minimize disruption to operations.

To address these challenges and ensure a successful migration, here’s a list of essential steps for a successful ERP Change Management Plan.

6 Essential Steps for a Successful ERP Change Management Plan

Here is a list of must haves in an ERP Change Management Checklist as follows:

1. Analyze

Access impact of change.

Approach all levels of management in this study to build a case for change.

Identify opportunities and risks of the new platform and its suitability to existing business processes.

2.Risk Assessment

Understand your current workforce age dynamics before bringing in the new ERP in effect. Older generations are always reluctant to change and will take a considerate amount of time to adapt and accept the new ERP. Conduct a readiness assessment to analyze the bandwidth for it.

3. Bring in Strong Leaders to Cater the Change Culture

A change needs to be handled in a proactive as well as sensitive manner. Organizations need to identify and bring in leaders to make this process filled with trust and impact; both!

4. Communication Plan

Tailor your messages as per the audience.

Put up disclosures, milestones, objectives, and transition processes in an order with the current workforce.

Develop a trust amongst employees for the end goal of adapting to the new system.

5. Workforce Enablement

Address employee fears and concerns.

Give employees a breathing space into their new roles in the system.

Arrange group training sessions explaining all the security norms while implementing the transition process.

6. End User Training

Perform onboarding training sessions for the new active system in place.

Engage employees in system audit activities to understand the system better and self-monitor their work.

Customize your ERP training. Introduce online and offline training schedules to suit every employee’s comfort.

An effective ERP Training Strategy can go a long way towards mitigating employee resistance.

Takeaways

Thus, an ERP Implementation can be simple, or complex based on the various factors like size of the organization, crowd of the organization and a willingness of managing the transition chaos in the system.

However, not taking charge of an ERP change management can blister a serious ERP failure!By prioritizing ERP change management, you can equip your workforce with the confidence to embrace the new system.

The post ERP Change Management Plan for Success appeared first on OdeBlog.

With the huge pool of account and transaction types against them, NetSuite has the following types of Journal Entries suitable for each as follows.

9 Journal Entries Within NetSuite

1.System Generated Journals

These are read-only entries to represent the general ledger impact of transactions that are varying states of completeness in system. NetSuite auto-generates them based on the data you fill in a form which triggers this entry.

Example– Depreciation Entry created by the system using details of Asset filled up in the FAM forms.

2.Advanced Inter-Co Journal

These are entries between two or more subsidiaries. One of these if receiving and one originating. There can be multiple originating and receiving subsidiaries Appropriate currencies need to be selected for each to create the required impact in financials.

Example- Product X purchased by subsidiary from parent company.

3.Amortization and Expense Allocation Journals

NetSuite’s Automated Intercompany Management capability offers tools to oversee intercompany transactions and automatically create elimination journal entries as needed. These entries flow as per the amortization and allocation schedule setup. They automatically transfer balances from expense accounts to others.

Example- Distribution of one-time common cost incurred over a period of 12 months.

4.Revenue Recognition Journals

Based on enabling the Advanced Revenue Management module, these entries are dependent on the revenue recognition schedules to recognize revenue against items and services over a period of time.

5.Statistical Journals

If the Statistical Accounts feature is enabled, you can make single sided transactions by class, department, location, or custom segment. Statistical journals appear as a positive, debit amount.

These are a part of non-posting Journal Entries which do not impact company financials.

Example- Head count of employees in hire to retire cycle.

6.Book Specific Journals

Dependent on enabling the Multi-Book features, each company can maintain 2 books of accounts. One covering the parent and others covering the subsidiaries.

With this you can book specific journal entries and related book specific intercompany journal entries.

7.Period End Journals

Being a part of the Period Closure checklist, these journals are auto created at backend as we proceed to close the books of accounts in the system.

8.Balancing Journals

When the Balancing Segments feature is enabled, the transactions created by the process that balances transactions by segment are called balancing journals.

9.Manual Journals

To accommodate and adjust changes in the books of account which were not dependent on system filled information, we can use the option of Manual Journals which then can be hand-filled or uploaded in a CSV format into the system.

With these we can conclude, majority of the journals in NetSuite are system dominated as they are completely automated by the system with minimum manual interference. This in-turn brings in more control over the integrity and confidentiality in the system.

The post Types of Journal Entries in NetSuite to Post appeared first on OdeBlog.

Keyboard shortcuts in NetSuite enable users to perform common tasks quickly, reducing the time spent on repetitive actions. 

In this guide, we’ll break down some simple NetSuite keyboard shortcuts that can help your team get work done faster and more efficiently. 

5 Basic NetSuite Keyboard Shortcuts

1. Global Search Shortcuts

These can be used anytime in NetSuite.

• Ctrl + Alt + N: Create a new record
• Alt + R : Reload the page

2. Recent Record Shortcuts

Recent Records are record specific shortcuts that show the last 12 records accessed or worked on. -Alt + E : Edit the current record

• Alt + D : Delete the current record
• Alt + A: Add a new record
• Alt + P: Print a record
• Alt + S: Save a record
• Alt + C: Cancel changes to a record
• Alt + Q: Close a record
• Ctrl + Alt + M: Open the mass update page for the current record

3.Saved Search Shortcuts

For easy access of Saved Search;

• Ctrl + Alt + S: Save a search
• Ctrl + Alt +L: Load a saved search

4. List Shortcuts

Used while building a list record.

• Ctrl + Alt + T: Add a new task
• Ctrl + Alt + E: Edit the selected record
• Ctrl + Alt + D: Delete the selected record
• Ctrl + Alt + P: Print the selected record
• Ctrl + Alt + I: Open the selected record in a new tab
• Ctrl + Alt + B: Open the selected record in a new window

5. Transaction Entry

These are used for creating and editing a transaction record on screen.

• Alt + I – Insert a new line
• Alt + T – Insert a new line above the current line
• Alt + B – Insert a new line below the current line
• Alt + U – Undo the last action

Apart from these shortcuts, there are various others which can be searched using Alt+ ? to show keyboard help for others. These shortcuts also depend on various factors like Admin enabled or not plus may vary depending on the browser used and the version of NetSuite we are using.

The post Oracle NetSuite Keyboard Shortcuts You Need to Know appeared first on OdeBlog.

With restrictions of 20000 lines in each pickup file comes along the tedious data management to test the validity and verification of data!

One mistake and the list of errors blacks up our import cycle and makes us sit with a series of resolution to re-import the file back before we can proceed with the next portion of data migration.

Thus, CSV Imports are a big trouble to shoot before we could process further our data into NetSuite system.

To avoid these potential CSV Import Errors, here are several ways we could save the bait and make the entire CSV Imports a lot easier.

How to Prevent CSV Import Errors?

1. TRIM Spaces

The real challenge is resolving the SPACE errors while importing records. This especially comes as a challenge while dealing with email records and names.

To help here out comes the TRIM formula! (Formula – TRIM(cell))

Done! This gives us records without any extra spaces to upload via CSV.

2. PROPER Spellings

Another trouble in filling out direct data is of using uneven capital letters under any forms.

To help resolve this, we have the PROPER formula to rescue;

(Formula – PROPER(cell))

This will help us to streamline data in grammatically correct sequence with capital letters to be used only wherever required.

You can also go in with Format Painter and apply a same formatting across rows/columns.

3. Triple Check Grammatical Errors for Custom Fields

A slight change in pronunciation of Custom Fields will only create Havoc as NetSuite will not sync with the related records and will not trigger auto-fill correctly and the series of data being left out will move in dominos!

Be super specific with every colon and semi-colon which is a part of your spelling too.

Thus, apply for the TRUE formulas and re-check Custom Records thoroughly before any upload into the system.

4. Use Differentiable External Ids

While NetSuite creates its own Internal Ids, it becomes at most imp for us to have our related External Ids in hand which are very easily differentiated amongst the variety of records we have.

Example – Customer records can have Ids beginning from CUS while Vendor Records have VEN and so on….

5. Fill All Mandatory Columns

Irrespective of whether data was provided by client or not! Fill in dummy data with relevant reference to the principle record to avoid any blank field errors.

6. Check for Formatting Requests Set-up under General and User Preferences

Especially the Date and Numbering Formats! Any deviation from these might lead to non-pickup of details from the CSV File leading to errors.

Thus, using these tips and tricks will save you from the wrath of answering validation errors and reducing rounds of CSV Imports; making your 1st step towards Data Migration smoother.

The post 6 Ways to Save Ourselves from CSV Import Errors appeared first on OdeBlog.

Reports and saved searches are both great analytical tools that have a huge importance for NetSuite decision making function. However, both tools comes with their own pros and cons, with their main intention of drilling down output for details and customizing this output in the best possible manner to display data visually.

To learn the difference between Reports and Saved Searches in NetSuite, view our comparison chart below.

What is NetSuite Reports?

NetSuite’s Recent Records feature shows the last 12 records accessed or worked on by the user. This is especially useful if you forget a specific action taken on a record or need to quickly return to a previously viewed record.

What is NetSuite Saved Search?

A saved search is a reusable search definition that includes advanced filters and display options. Saved Searches offer valuable reporting and tracking capabilities and can be used for business analysis and strategic decision-making.

NetSuite Reports vs. Saved Searches

Both the records and saved searches tools in Oracle NetSuite play crucial roles in analytical decision-making, each serving a unique purpose. Records provide detailed, real-time data on individual transactions or activities, offering insight into specific events and actions. This helps users track and manage individual records effectively. On the other hand, saved searches allow users to create reusable search definitions with advanced filters and display options. They enable efficient reporting and data analysis by aggregating and summarizing information from multiple records. Together, these tools enhance the ability to analyze and interpret data, facilitating more informed and strategic decision-making.

The post Reports vs Saved Searches in NetSuite appeared first on OdeBlog.

Each organization brings in a pile of data which is not only a key asset, but a holistic gateway to related records dependent on it. As businesses continue to grow, ERPs keep building transactions leading to a huge ocean of data which then needs to be nit-pecked for a relevant information we are looking out for!

While navigation to reach information can be a challenge for many, there are several navigation tools in NetSuite that helps its users to operate dashboards, reports, and searches more efficiently! In this blog, we’ll dive into basic tools to help navigate NetSuite.

6 NetSuite Shortcuts that will Save You Time

1. Shortcuts

NetSuite provides a Shortcut Portlet on the User Dashboard for the user to put in all the relevant data he needs to get to every now and then.

Another manner to reach these records is to make them added to Shortcuts by clicking the Star Icon the NetSuite page. We can also create a NetSuite Shortcut Group and add all these pages at one place.

We can also get the Navigation Portlet SuiteApp to our help and make things easier.

2. NetSuite Keyboard Shortcuts

There are specific key-board shortcuts which help the user to speed up the navigation process. We can do that in NetSuite by pressing the Alt+ The given underlined keyboard shortcut on the field/subfield.

3. Recent Records

Recent records navigate us to the last 12 records accessed/worked by the user in the latest. This becomes very useful when user misses out on remembering a particular action taken on a record or just simply get back on the record you were on! To see all the Recent records, you can select All Records to view/edit the record.

Learn how to Use the NetSuite Recent Records Menu

4. Portlets

NetSuite Portlets is an amazing tool that customizes your dashboard to optimize navigation. They provide quick snapshots of key information on the user dashboard. NetSuite can customize existing portlets or create new ones within the “Setup” tab.

5. Global Search Shortcuts

Another easy and important navigation option is Global Search bar. Located at the top and center, it is the most powerful navigation option in NetSuite. When using the Global Search we tend to use the prefix of the record type we are searching with a colon and min 3 letters of the record we are searching here for.

Example:

• Customer – ERP Associates Global Search Format – cus:ERP
• For including inactive records to the search, add a ‘+’ sign to search. Example – cus:ERP+
• For searches where the exact spelling of the required record is not known, we use the wildcard search formula using ‘%’

6. Quick Search Portlet

Quick Search is another search tool to simplify navigation in NetSuite. It is a portlet to be added to the dashboard for general and transaction searches on a record along with their dates.

Thus, Quick Search is another helpful option for routine checks over transactions and their related information.

Conclusion

These navigation tools in NetSuite make searching for and using records and transactions super accessible and easy! Easy streamlining and easy hustle over data!

For all things NetSuite, view our “NetSuite Know-How” blogs

The post Navigation Tools in NetSuite That Make Life Simpler appeared first on OdeBlog.

For instance, auditors, policymakers, and regulators each require different reporting and disclosure standards. Similarly, board members, investors, and internal users all view the business from unique perspectives, necessitating tailored financial insights.

This variety of requirements stresses the importance of segment reporting that adheres to established international principles—bringing us to IFRS 8 Segment Reporting.

In this blog, we’ll dive into the requirements of reporting under IFRS 8 and how NetSuite’s Segment Reporting adheres to its standards.

IFRS 8 Segment Reporting

IFRS 8 aligns identification and reporting of different operating segments to promote a better link between financial statements and the resultant profit being generated from each. This helps in better cost benefit analysis and presents a true profitability index for the stakeholders.

Reporting requires disclosures that enable users to evaluate the nature and financial effects of the business activities in which it engages and the economic environment in which it operates.

This makes a company to make the following disclosures in their financial reporting statements.

• Nature and type of segments
• Information about these segments – Revenue, Profit and Loss, Expenses, Liabilities etc
• Any material disclosures on reconciliation and policies

Segment Reporting in NetSuite Under IFRS 8

NetSuite ERP is no short of their reporting perquisites adhering to IFRS 8 and providing Segment Reporting as per the stakeholder requirements as follows:

1. Classification of Records

NetSuite follows classification of master data into various segments termed as Locations, Departments and Classes. These bifurcations can be used collate and classify information as needed. The nomenclature for these can be changed as per the reporting requirements of the statue and management.

2. Custom Reports

Although NetSuite owns a series of classic reports with adequate filters on each to facilitate classification and disclosure of segments, it also has its custom report builder to make this segmental classification better to suite each business house and process operations. We can Customize existing reports or build a complete new set of rows and columns using a Custom Report Builder in NetSuite

3. Custom Saved Searches

Another best and convenient option is to build a Saved Search putting on the information we want to see on our report with all the criteria of ifs and buts. This also gives us an added opportunity to add highlights, add custom filters to make an advanced search.

4. Create Custom Segments

Using custom segments lets you create custom classifications similar to class, department and location. These Custom Segments can also be used as a search filter and columns in NetSuite. This can also be displayed on a GL Impact page if it is configured to have a GL Impact. We can enable these on Enable Features – Setup > Company > Enable Features

The post IFRS 8 Segment Reporting in NetSuite appeared first on OdeBlog.

Where the legacy NetSuite pricing model covers the basics of attaching a base price and subsequent quantity and online pricing to items –it lacks in handling huge volumes of billing and subscription processes with a unique start and end date for customers.

And that brings us to the Add-On Module of SuiteBilling which concentrates not only on different pricing but gives more insight into flexible billing schedules and automated invoicing providing real-time visibility into billing and financial activity.

Thus, SuiteBilling is a core billing functionality model for subscription-based businesses where pricing and billing go hand in hand based on actual consumption made by the customer in a metered manner!

SuiteBilling Pricing Models

SuiteBilling comes with a pre-defined set of Pricing Models supported by this system as follows:

Flat Model

Charge customers the same value in each billing cycle.

Example: Month on month rental charges for using an editing software irrespective of any other parameters attached to it.

Volume Model

Based on consumption and quantity involved in the transaction. This can also be called as quantity-based pricing. This is frequently used to increase sales for a period.

Example: Spotify charging $99 for a month however charging $799 for the entire year making the customer to evidently choose 12 months subscription over a monthly 1 month assuring the sales figure to boom every month.

Tiered Model

Where rate of each unit of consumption or entitlement tier id applied to a given range. The total end rate value is comprised of varying per unit rates to achieve the final amount to change.

Example: Electricity consumption based on units where the price per unit is governed by boundaries. Internet Data Packs giving access to Data based on the scales of unit’s usage.

Apart from the pricing varieties available for a customer to choose SuiteBilling homes these set of added advantages giving it an edge;

SuiteBilling Rating Models

SuiteBilling not only has pricing models, but also gives us an option to use the Rating Model. Whether we want billing subscriptions to be one-time charges, recurring fees or in-advance or in-arrears. This combination of easy subscription setup and maintenance along with flexible rating models significantly increases the billing process efficiency.

Billing Accounts

SuiteBilling allows multiple billing accounts for a single customer and sub-customer.

For example, a customer having franchises needs the license fee charged to the parent company and the service fees need to be billed to sub customers.

Change Orders

SuiteBilling allows you to schedule and automate changes to subscriptions meaning you don’t need to manually monitor and track customer subscription changes. Any alterations to prices and/or quantities can be made immediately or scheduled for a later time using a change order.

Revenue Recognition

SuiteBilling has the NetSuite’s Advanced Revenue Management linked within thus, there’s no requirement for additional software to accomplish this tricky area of accounting as it is compliant with revenue recognition rules.

Thus, SuiteBilling is a unique subscription billing tool which exclusively concentrates on customer billing and invoicing guarantying customer specific pricing and discounting leading to real time financial reporting of billing and financial data.

The post A Guide to NetSuite SuiteBilling appeared first on OdeBlog.

Different business, different types of revenue and with this comes in the added responsibility of recognition of revenue.

To have a uniformity of reporting revenue across business lines, comes the requirement of having an international reporting standard in place.

Thus, for Revenue it is ASC 606 – a single comprehensive model for entities to use in accounting for revenue arising from contracts from customers.

This ASC 606 is a 5-step model making revenue recognition and allocation more streamlined and effective for stakeholders to trust the business and skip from fraudulent business practices of revenue inflation.

ASC 606 –The Five Step Model

Step 1 – Identify the contract with the Customer

ASC 606 defines contract to be any form of agreement between two or more parties that creates enforceable rights and obligations between them.

This emphasizes the contract to have min 2 identifiable parties where the monetary payment terms are identifiable on exchange of goods/services as determined.

Any change in price or scope of this contract leads to creation of a new contract between the parties.

Step 2 – Identify the Performance Obligations in the Contract

Identify what calls for completion of service against the order generated by the customer.

It could be actual delivery of goods, completion of training activities for the staff post-delivery or it could just be an actual dispatch of goods irrespective the delivery of goods happened or not.

First understand and identify the deliverables and second whether each deliverable should be considered separate or not.

Determine this with the customer what calls a completion of service and mention the same exclusively in the contract.

Step 3 – Determine the Transaction Price

The transaction price is the amount of consideration (e.g. payment or contract revenue) to which a reporting organization expects to be entitled to in exchange for transferring promised goods or services to a customer. This amount excludes third party obligations like sales tax.

However, it should take into consideration discounts, incentives, rebates and other price concessions.

Step 4 – Allocation of Transaction Price As per the Performance Obligation

This is a real accounting step whereby all the first three steps are put into effect, and we allocate the Transaction price as per decided in the performance obligations.

This step is all about mapping fair values to your goods/services exchanged as per the contract in your books of account.

Step 5 – Recognition of Revenue

Revenue is reported when or as it satisfies the performance obligation by transferring the promised goods or service to a customer. Obligations can be satisfied point-in-time or overtime as per what is agreed by the parties to the contract.

Hence amount of revenue recognized in a period = value of services obliged at that stated period.

Thus ASC 606 is an evidence-based reporting standard providing accuracy on amount timing and uncertainty of revenue and related cash flows.

It clearly outlines contracts for how organizations must recognize revenue leading to better SOX compliance across industries including public, private and non-profit entities.

The post ASC 606 – The International Revenue Recognition Standard At a Glance appeared first on OdeBlog.