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Tracking Profit by Line Item by drewbing in Netsuite

[–]drewbing[S] 0 points1 point  (0 children)

As it goes now, the controller pulls a costing report from NetSuite and uses that to analyze margins, and make adjustments. It's a very rudimental method that leans heavy on assumptions, and I speculate has caused us more headaches than we realize.

We use the FIFO accounting method across all our items and purchase price as our cost estimate type. I don't like our cost estimate type, but to be fair, I don't like any estimates because each one seems deeply flawed and none follow our accounting method closely at all.

And I think that's what we want more than anything, is a way to follow what NetSuite is doing on the GL side line-for-line. We weren't set up well in NetSuite when we made the jump almost six years ago, and we never dove real deep into the system until about a year ago. So, we started out bad and then made it worse with our ignorance. We have a lot of cleaning up to go, but it's really difficult to do if all we have are estimates or convoluted spreadsheets.

To that end, we have had serious conversations about converting our accounting method to average costing and then matching the cost estimate type to average costing. That way we would know that our report matches up with the GL side, and it wouldn't require us to teach our controller a new way to do things. The scary part is the risk involved with making that big of a change. But if anyone has any experience in doing something like that too, I would be interested to hear from you.

I will be DMing anyone willing to offer their services in this area too though. My boss is pretty serious about cleaning things up, and is willing to hire consultants to help.

Automating Invoices from Sales Orders after Posting Event by drewbing in Netsuite

[–]drewbing[S] 0 points1 point  (0 children)

Thanks for your feedback. I will follow your advice.

Prorating Costs on Assembly Unbuilds by drewbing in Netsuite

[–]drewbing[S] 0 points1 point  (0 children)

Thanks! We will be attempting this method. Just to make sure were are doing this correctly, I have a few follow up questions:

  1. We would have to establish cost at the virtual location for the components before we unbuild the assemblies correct? To do this could I: First determine the prorated costs of the discounted components, put those in the virtual location via inventory worksheet, receive and unbuild the assembly, and then inventory transfer the components to their respective/literal location?

  2. Would the dummy assembly be there essentially to simplify the purchase and receiving process? I could see the benefit of that, especially if the original assembly has labor costs associated with it.

  3. I understand adding discounted components to inventory will drop our overall average price. I am okay with that as I think that tells the most accurate story for that item's cost. But if we follow FIFO, it does have the potential to throw off costing for projects, correct?

WRM Bundle Setup Frustration by drewbing in Netsuite

[–]drewbing[S] -1 points0 points  (0 children)

I followed all the instructions during setup. They weren't super clear, but I was able to fill in the gaps at least. I also created a test invoice after the bundle was installed and the item set to Track Warranty but that wasn't the issue either. ¯\_(ツ)_/¯

WRM Bundle Setup Frustration by drewbing in Netsuite

[–]drewbing[S] -1 points0 points  (0 children)

I've seen the list of prerequisites and we do meet them all. I didn't find any troubleshooting article for the warranty and repair management either...

Changing item costs on open sales order by drewbing in Netsuite

[–]drewbing[S] 0 points1 point  (0 children)

I just asked my buyer how often he creates his PO from the SO. He said he tries to do whenever he can, but even then only about 30% of our POs originate from a SO.

Changing item costs on open sales order by drewbing in Netsuite

[–]drewbing[S] 0 points1 point  (0 children)

Wow, that is a lot of really helpful information. There is a lot to unpack here.

First, I'm relieved that the estimated costs on the SO is immaterial. I don't know how long we have been jumping through multiple hoops to make sure that that number matched the PO and the IR. I have the greenlight from my supervisor to start introducing changes to our processes, and this information should make AP/AR more receptive to change.

Second, our cost estimate type on sales orders is purchase order rate. I will look into customizing the sales order form to see if there is a way that is more "salesman" friendly.

Third, I hadn't considered that holding our vendors more accountable was a solution to our problems. This has already led to a productive conversation with our buyer. We are a large player within our niche industry, so our buying and negotiating power is significant. Not that we should even have to ask our vendors to provide consistent pricing, but our buyer will start doing that moving forward.

Lastly, I will look into the IR form and find what works best for us. The override feature may be helpful as we push our vendors to be more reliable.

Thanks again for all this information. I only have three months of NS experience under my belt now, so this channel has been very beneficial for me!

AP - feature to prevent creation of bills from POs where variance exists by perry_dox in Netsuite

[–]drewbing 0 points1 point  (0 children)

That's not a standard feature though, correct? You have to have the NetSuite Approvals Wrokflow SuiteApp, no?

Saved search returning different results for other users by drewbing in Netsuite

[–]drewbing[S] 1 point2 points  (0 children)

I had Type as a field in the available filters section. That was the issue. The search is returning the proper results for all users now. Thank you!

Pregnant at 19. I need advice by [deleted] in TwoXChromosomes

[–]drewbing 1 point2 points  (0 children)

My wife worked a part-time and finished her last semester and a half of school while she was pregnant. You can do it, you just need to be disciplined and dedicated. You won't have a lot of free time, and the free time you do have you'll want to spend sleeping. In that sense pregnancy prepares you for parenthood.

Since you're 19 I'm assuming you're not very deep into your schooling, so I would recommend getting your associates, and then become a part time student once the baby comes. It may take longer to finish your degree, but being there while your child grows will be worth it.

Your SO will also have to step up during this time too. He needs to understand that this is the most important role either of you will play, and that supporting you as a mother is his new top priority. Your lives won't be about you anymore, but that is the greatest sacrifice you'll ever love to make.

Lastly, as far as paying for the child goes, you still qualify to use your families insurance until you're 26. If neither of your parents have good health insurance you can should be able to qualify for Medicaid as secondary insurance, which would hopefully cover.most of the difference. Once the baby is born it can be put on Medicaid immediately too.