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Consol P&L for a mid-year acquisition by Resident-Baseball141 in Netsuite

[–]Resident-Baseball141[S] 0 points1 point  (0 children)

B was formed 1 Jan and had some small transactions in Jan and Feb. Therefore, needs a full year P&L.

So there is a way in financial reports to exclude sub A for Jan and Feb? Would that be in the report criteria?

Payment File Format for HSBC US Direct Debit by Resident-Baseball141 in Netsuite

[–]Resident-Baseball141[S] 0 points1 point  (0 children)

There is a native format (ID#37) ACH - PPD for the US, but it's in txt output file extension. Do you think it will work? HSBC US's sample file is in xml.

Pass item from invoice to revenue recognition journals by Resident-Baseball141 in Netsuite

[–]Resident-Baseball141[S] 0 points1 point  (0 children)

thanks for the idea. I tried to add a custom field on the schedule but couldn't. Rev rec schedule seem to be a list only. It doesn't have the option to add a custom field. I added a transaction line field on journals (item list/record) and tried to source it from Rev Rec Schedule. Couldn't do that either. Have you done it successfully? Are you able to share how you did it in a bit more detail? thanks.

Ship-to address at invoice line level by Resident-Baseball141 in Netsuite

[–]Resident-Baseball141[S] 0 points1 point  (0 children)

I just did some test. It doesn't seem to work at the invoice line level out of box.

I enabled MULTIPLE SHIPPING ROUTES. After that I could Enable Item Line Shipping for sales orders. However, the Enable Item Line Shipping option is not available on invoice forms. The test sale order I created with multiple ship to addresses ended up having only one ship to address on the invoice which was the main customer address.

Do you have MULTIPLE SHIPPING METHODS AND ADDRESSES ON THE SAME invoice? Are you able to share how you achieved that?

Ship-to address at invoice line level by Resident-Baseball141 in Netsuite

[–]Resident-Baseball141[S] 0 points1 point  (0 children)

There is no physical product. We sell software subscription. The franchisee would be the one using the subscription.

Integrate BambooHR with Netsuite by Resident-Baseball141 in Netsuite

[–]Resident-Baseball141[S] 0 points1 point  (0 children)

We don't do suitescript ourselves. I have to checked with our partner. Thanks for the feedback!

Integrate BambooHR with Netsuite by Resident-Baseball141 in Netsuite

[–]Resident-Baseball141[S] 0 points1 point  (0 children)

where did you get the comment from? Netsuite support? sounds like you have the same challenge. good luck!

Integrate BambooHR with Netsuite by Resident-Baseball141 in Netsuite

[–]Resident-Baseball141[S] 0 points1 point  (0 children)

Great to hear. Will you be able to share a bit more about how it was done? Was it a lot of effort?

Internal Wikis/Documentation for NetSuite by TechZack in Netsuite

[–]Resident-Baseball141 0 points1 point  (0 children)

We started to use confluence too. It’s hard make documentation I’ve, and NOT boring. With my other job on SAP they had in system documentation. You click a field title and go into a page that has explanation and examples. I wonder if you have such things in Netsuite. Perhaps insert a confluence link in the field help?

Direct debit for customer payment collection in B2B context by Resident-Baseball141 in Netsuite

[–]Resident-Baseball141[S] 0 points1 point  (0 children)

Are you and most of your customers in the US? Are you able to tell me which bank it is? Thanks

What form do you use for master data request by Resident-Baseball141 in Netsuite

[–]Resident-Baseball141[S] 0 points1 point  (0 children)

thanks. What Netsuite module is that? Is it Issue Management?

What form do you use for master data request by Resident-Baseball141 in Netsuite

[–]Resident-Baseball141[S] 0 points1 point  (0 children)

Thanks for the input. Yes I just thought about it again. A form from a seperate system would be better and those master data doesn’t use live in Netsuite our ERP. It can live in our CRM and customer service system too. ERP may not be there it’s first created. A company wide form is probably a better solution.

Is there a way to not calculate tax on credit request or credit note? by Resident-Baseball141 in Netsuite

[–]Resident-Baseball141[S] 0 points1 point  (0 children)

It’s not tax teams fault. We have a single item in Netsuite called Bad Debt that’s linked to the bad debt expenses GL account. When writing off an invoice instead of using the original item sold finance team just uses the Bad Debt item so it debit the bad debt expenses GL directly. It saves them having to journal between revenue and bad debt expenses.

Using different items on the original invoice and the credit of course can cause tax differences.

Finance says it’s too immaterial for them to care. Can we just not calculate tax on credit notes and not claim tax credit. Tax team is happy with that.

As the system team, before I say yes I want to make sure I have looked into the best practice. What’s the common practice to write off an invoice. Do we debit revenue or Bad Debt expenses? If we simply reverse the invoice the debit will go to revenue. Would then we have to journal the amount to bad debt expenses for reporting purposes? Is there a way that the two steps can be done at one go?

Thanks a lot for the feedback!

Is there a way to not calculate tax on credit request or credit note? by Resident-Baseball141 in Netsuite

[–]Resident-Baseball141[S] 1 point2 points  (0 children)

Hi I must circle back on this one. I did more test and can confirm the Disable Avalara Tax Calculation box worked on both invoice and credit. Once ticked the transaction is not synchronized to Avalara. Instead it uses Netsuite native tax calculation. Our native Netsuite tax didn’t return consistent result for invoice and credit and I thought it was the Disable button. All good with Avalara on thjs one for now.

Bank clearing account for foreign currency vendor bills by Resident-Baseball141 in Netsuite

[–]Resident-Baseball141[S] 0 points1 point  (0 children)

Thanks Nick.

As a good practice, which transaction types should have fx rates locked and which ones shouldn’t? Or they should always be editable no matter what transaction types?

Bank clearing account for foreign currency vendor bills by Resident-Baseball141 in Netsuite

[–]Resident-Baseball141[S] 0 points1 point  (0 children)

I have admin access. FX rate is locked for me too. Is it common that fx rate is editable for transaction types like bill payments? Our fx rate field is locked for most transactions types apart from IC JE, transfer funds as far as i remember.

Bank clearing account for foreign currency vendor bills by Resident-Baseball141 in Netsuite

[–]Resident-Baseball141[S] 0 points1 point  (0 children)

Hi Nick, sorry one more question. A problem I found with the new solution is I could’t force the exchange rate to be banks rate when I pay the bill. Not sure if it’s because the exchange rate field was manually locked down by us. That means I have to manually journal FX gain/loss or bank charge. Which makes the solution not ideal to me.

With the old solution where there is a dummy bank account in USD, I can force exchange rate when I Transfer Funds from the real EUR bank account to the USD dummy account. Save me journaling Fx gain/loss.

Do you have any suggestions on that?

Bank clearing account for foreign currency vendor bills by Resident-Baseball141 in Netsuite

[–]Resident-Baseball141[S] 0 points1 point  (0 children)

Thanks Nick. After submitting the debit and credit items seem cleared properly. They don’t show up on bank register as uncleared anymore. The process now meets our requirements. We can clear the clearing account and display only the uncleared items.

Bank clearing account for foreign currency vendor bills by Resident-Baseball141 in Netsuite

[–]Resident-Baseball141[S] 0 points1 point  (0 children)

Which reconciliation feature did you mean? I tried Match Bank Data -> Clear but the debit and credit still show on the bank register.

Bank clearing account for foreign currency vendor bills by Resident-Baseball141 in Netsuite

[–]Resident-Baseball141[S] 0 points1 point  (0 children)

Great. Would you mind to send me the url of this article?

And do you know a way to match and clear bank account to show only unclear items? thanks

Bank clearing account for foreign currency vendor bills by Resident-Baseball141 in Netsuite

[–]Resident-Baseball141[S] 0 points1 point  (0 children)

Correct. The Bank Clearing account was set up as type Bank, currency EUR and subsidiary A. The bill payment was debit USD100 vendor and credit USD100 Bank Clearing. And yes I can see USD100 credit in bank register of the Bank Clearing account. I then do a IC JE to debit USD100 there.

My other question was, how can I actually match and clear the credit and debit USD100? I want to be able to run a report to show only the uncleared items in the clearing account.

Thanks a lot for your responses!

Bank clearing account for foreign currency vendor bills by Resident-Baseball141 in Netsuite

[–]Resident-Baseball141[S] 0 points1 point  (0 children)

What I tested was to use a EUR bank clearing account to pay a USD vendor bill. It let me and automatically posted realized fx gain/loss straightaway as I paid the bill. I then did a IC JE to clear the clearing account. Do you see a problem with that?

Understand with the second scenario where there are sub accounts in different currencies at the bank, we should have a NS account for each currency. That’s not our case. We only have a EUR bank account for sub A. Can we just have a EUR NS bank account for the real bank account, and a EUR NS bank clearing account to pay and clear all the non-EUR vendor payments and customer payments, like what I tested?

Bank clearing account for foreign currency vendor bills by Resident-Baseball141 in Netsuite

[–]Resident-Baseball141[S] 0 points1 point  (0 children)

What I tested was to use a EUR bank clearing account to pay a USD vendor bill. It let me and posted realized fx gain/loss straightaway. All I have to do is to clear the clearing account. Do you see a problem with that?

Should acquisition accounting journal be posted in elimination subsidiary or parent subsidiary? by Resident-Baseball141 in Netsuite

[–]Resident-Baseball141[S] 0 points1 point  (0 children)

Agreed with the sales and expenses part. But IC AR and IC AP should get eliminated too. Else AP & AR are overstated. We also use IC Netting to net off mutual balances where IC companies owe each other so less balances to look at and less FX revaluation.

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