NetSuite: Financial Management

Student Guide
This printing: September 2021.

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ABOUT THE COURSE MATERIALS
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 Table of Contents | i

TABLE OF CONTENTS
About the Course Materials ........................................................................................ iii
Table of Contents ......................................................................................................... i
Before You Begin ......................................................................................................... 1
Create a Location......................................................................................................................... 1
Invoice a Sales Order ................................................................................................................... 1
Create a Memorized Transaction ................................................................................................ 2
Quick Close Accounting Preference ............................................................................................ 2
Bank and Credit Card Reconciliation Navigation ........................................................................ 3
Introduction ................................................................................................................ 4
Overview and Objectives............................................................................................................. 4
Course Overview ......................................................................................................................... 5
MODULE EXERCISES .................................................................................................................... 7
Subsidiaries, Classifications, and Chart of Accounts ................................................... 11
Overview and Objectives........................................................................................................... 11
WALKTHROUGH | Setting Up Subsidiaries................................................................................ 12
WALKTHROUGH | Working with Classifications ....................................................................... 13
WALKTHROUGH | Creating Accounts ....................................................................................... 14
MODULE EXERCISES .................................................................................................................. 15
Accounts Receivable .................................................................................................. 19
Overview and Objectives........................................................................................................... 19
WALKTHROUGH | Managing Customers and Invoices ............................................................. 20
WALKTHROUGH | Processing Payments and Credits ............................................................... 21
MODULE EXERCISES .................................................................................................................. 22
Billing Schedules ........................................................................................................ 29
Overview and Objectives........................................................................................................... 29
WALKTHROUGH | Create Billing Schedules .............................................................................. 30
WALKTHROUGH | Apply Billing Schedules................................................................................ 31
MODULE EXERCISES .................................................................................................................. 32
EXERCISE SOLUTIONS ................................................................................................................ 38
Accounts Payable ...................................................................................................... 39
Overview and Objectives........................................................................................................... 39
WALKTHROUGH | Managing Vendors and Bills ........................................................................ 40

NetSuite: Financial Management

ii | Table of Contents

WALKTHROUGH | Process Vendor Payments ........................................................................... 41

WALKTHROUGH | Process Vendor Credits ............................................................................... 42
WALKTHROUGH | Issue and Void Checks ................................................................................. 43
MODULE EXERCISES .................................................................................................................. 44
Banking......................................................................................................................51
Overview and Objectives........................................................................................................... 51
WALKTHROUGH | Banking ........................................................................................................ 52
MODULE EXERCISES .................................................................................................................. 53
Bank and Credit Card Reconciliation...........................................................................57
Overview and Objectives........................................................................................................... 57
WALKTHROUGH | Bank or Credit Card Reconciliation ............................................................. 58
WALKTHROUGH | Online Bank or Credit Card Reconciliation .................................................. 60
WALKTHROUGH | Reports and Analytics .................................................................................. 61
Payment Processing ...................................................................................................62
Overview and Objectives........................................................................................................... 62
Working with Journal Entries .....................................................................................63
Overview and Objectives........................................................................................................... 63
WALKTHROUGH | Working with Journal Entries ...................................................................... 64
WALKTHROUGH | Using Memorized Transactions ................................................................... 65
WALKTHROUGH | Create Intercompany Journal Entries ......................................................... 66
WALKTHROUGH | Advanced Intercompany Journal Entries .................................................... 67
WALKTHROUGH | Manual Elimination ..................................................................................... 68
WALKTHROUGH | Automatic Elimination................................................................................. 69
MODULE EXERCISES .................................................................................................................. 70
Budgeting ..................................................................................................................79
Overview and Objectives........................................................................................................... 79
WALKTHROUGH | Create Manual Budgets ............................................................................... 80
WALKTHROUGH | Importing a Budget ..................................................................................... 81
WALKTHROUGH | Copy Budgets............................................................................................... 82
WALKTHROUGH | Multiple Budgets ......................................................................................... 83
MODULE EXERCISES .................................................................................................................. 84
Expense Allocations ...................................................................................................89
Overview and Objectives........................................................................................................... 89
WALKTHROUGH | Create Expense Allocation Schedule ........................................................... 90
WALKTHROUGH | Intercompany Expense Allocation Schedule ............................................... 91

NetSuite: Financial Management

 Table of Contents | iii

WALKTHROUGH | Using Expense Allocation ............................................................................ 92

MODULE EXERCISES .................................................................................................................. 93
Financial Reports and Standard KPIs .......................................................................... 99
Overview and Objectives........................................................................................................... 99
WALKTHROUGH | Types of Financial Statements .................................................................. 100
WALKTHROUGH | Financial Report Builder ............................................................................ 101
WALKTHROUGH | Set Up KPI Portlet and Work with KPIs ..................................................... 102
MODULE EXERCISES ................................................................................................................ 103
Period and Year End Close ....................................................................................... 105
Overview and Objectives......................................................................................................... 105
WALKTHROUGH | Lock AP, AR, All .......................................................................................... 106
WALKTHROUGH | Perform Monthly Closing Activities .......................................................... 107
WALKTHROUGH | Inventory Period Close Tasks .................................................................... 108
WALKTHROUGH | Multiple Currencies and OneWorld Period Close Tasks ........................... 109
WALKTHROUGH | Eliminate Intercompany Transactions ...................................................... 110
WALKTHROUGH | Closing and Reopening Periods ................................................................. 111
WALKTHROUGH | Year End Reporting and Preparing for the Next Fiscal Year ..................... 112
MODULE EXERCISES ................................................................................................................ 113
Smart Dashboards ................................................................................................... 117
Overview and Objectives......................................................................................................... 117
WALKTHROUGH | Personalize Your Home Dashboard........................................................... 118
WALKTHROUGH | Set Up and Use Trend Graphs ................................................................... 119
WALKTHROUGH | Publish Searches and Snapshots ............................................................... 120
WALKTHROUGH | Add Additional Portlet Types .................................................................... 121
WALKTHROUGH | Publishing Dashboards .............................................................................. 122
MODULE EXERCISES ................................................................................................................ 123

NetSuite: Financial Management

 Before You Begin | 1

BEFORE YOU BEGIN

Before beginning this course, become familiar with the information in this section, as it
outlines differences between eLearning content and the NetSuite application.

This section contains supplemental information on the differences between eLearning

content and the NetSuite application. The exercises in this student guide were verified to
ensure accuracy and this student guide was updated accordingly.

This section highlights the eLearning content that may differ from the current NetSuite
release, including:

❖ Create a Location
❖ Invoice a Sales Order
❖ Create a Memorized Transaction
❖ Quick Close Accounting Preference

Create a Location
Branch ID is not present in creating a location.

Note: Refer to the Subsidiaries, Classifications, and COA module.

Invoice a Sales Order

The navigation menu path changed.

NetSuite: Financial Management

2 | Before You Begin

Note: Refer to the Accounts Receivable module.

TOD Recording and Exercise Guide NetSuite Application

SETUP > CUSTOMIZATION > SETUP > CUSTOMIZATION >
TRANSACTION FORMS > CUSTOMIZE TRANSACTION FORMS >
CUSTOMIZE

Create a Memorized Transaction

The steps and screens for creating a memorized transaction definition have changed. The
exercise contains the updated steps and screens.

Note: Refer to the Working with Journal Entries module.

Quick Close Accounting Preference

This time-saving preference is useful when re-opening one or more closed accounting periods
to make changes. User role permissions are required.

Note: Refer to the Period and Year End Close module.

NetSuite: Financial Management

 Before You Begin | 3

Bank and Credit Card Reconciliation Navigation

Match Bank Data page navigation:

⚫ To access the new Match Bank Data page using the 01: Americas CFO or 04: US
Controller, navigate to Financials > Banking > Reconcile Bank Statement or
Reconcile Credit Card Statement > click the Match Bank Data page from the notice
banner
 Or do a Global Search. In the Global Search field, enter page: Match Bank Data

Reconcile Account Statement page navigation

⚫ To access the Reconcile Account Statement page navigate to 01: Americas CFO or
04: US Controller:
Financials > Banking > Reconcile Bank Statement or Reconcile Credit Card
Statement > click the Match Bank Data page from the notice banner
From the Match Bank Data page, click Reconcile Account Statement
 Or do a Global Search. In the Global Search field, enter page: Reconcile Account
Statement

NetSuite: Financial Management

4 | Introduction

INTRODUCTION
Overview and Objectives

Overview
Welcome to NetSuite: Financial Management. This introductory module provides you with
important information to get the most out of this course.

This module provides an overview of NetSuite: Financial Management. This module reviews
the target audience for this course, course goals and objectives, daily agenda, case study,
class setup, student materials, and your NetSuite training account.

Objectives

❖ Manage customers and invoices

❖ Create billing schedules
❖ Manage vendors and bills
❖ Process banking transactions
❖ Set up the general ledger and process journal entries
❖ Run financial statements
❖ Use standard KPIs
❖ Create a budget
❖ Allocate expenses
❖ Process period and year end close
❖ Create smart dashboards

Student Exercises
This module includes the following hands-on exercises:

⚫ Exercise 01: Adjusting NetSuite Preferences

⚫ Exercise 02: Reviewing the Basics of NetSuite Navigation

NetSuite: Financial Management

 Introduction | 5

Course Overview

Course Agenda

Agenda Day 1

Course Introduction ➢ Course Overview

Subsidiaries, Classifications, and Chart of ➢ Create Subsidiaries

Accounts
➢ Create Classifications
(Dept/Class/Location)
➢ Create Parent/Child Accounts

➢ Restrict Accounts

Accounts Receivable ➢ Process Overview

➢ Manage Customers and Invoices

➢ Process Payments and Credits

Billing Schedules ➢ Create a Billing Schedule

➢ Apply Schedules

➢ Create a Monthly Bill

Accounts Payable ➢ Process Overview

➢ Manage Vendors and Bills

➢ Process Payments and Credits

➢ Issue and Void Checks

Banking and Payment Processing ➢ Make Deposits

➢ Transfer Funds

➢ Manage Company Credit Cards

➢ Reconcile Statements

➢ Payment Processing Options

Working with Journal Entries ➢ Make Journal Entries

➢ Memorized Transactions

➢ Intercompany Journal Entries

➢ Elimination Journal Entries

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6 | Introduction

Agenda Day 2

Budgeting ➢ Create Manual Budgets

➢ Import Budgets

➢ Copy Budgets

➢ Create Multiple Budgets

Expense Allocations ➢ Create a Schedule

➢ Process Transactions

Financial Reports and Standard KPIs ➢ Financial Reports Overview

➢ Use Standard KPIs

Period/Year End Close ➢ Multiple Calendars

➢ Period Close Checklist

➢ Locking Periods

➢ Closing/Reopening Periods

➢ Processing Year End

Dashboards ➢ Create Smart Dashboards

Course Materials
The following student materials will be required during class:

Student Guide NetSuite: Financial Management

NetSuite Training Account This account is available to you to for the benefit of the hands-
on exercises.

NetSuite: Financial Management

 Introduction | 7

MODULE EXERCISES

Optional Exercises

02 Adjusting NetSuite Preferences

03 Reviewing the Basics of NetSuite Navigation

NetSuite: Financial Management

8 | Introduction

Scenario: You may want to adjust how web pages in NetSuite display dates, time zone, as
well as the default language.

Note: The course materials assume the English (U.S.) language, but you can
switch between English (U.S.) and English (International).

Adjust Several Preferences

Navigate to Home > Set Preferences.

On the General tab (the default tab), adjust the following in the Localization and
Formatting field groups:

Language English (U.S.) or English (International)

Time Zone Adjust to your desired time zone.

Date Format Adjust to your desired date format.

On the Defaults field group, uncheck Show Internal IDs. This allows you to view account
numbers and not internal IDs for fields and records in NetSuite.

On the Analytics tab, check the Show List When Only One Result checkbox (if not
already checked).

Review other preferences, as necessary.

Click Save.

Navigate to Setup > Accounting > Accounting Preferences.

On the General subtab, check Use Account Numbers.

Click Save.

NetSuite: Financial Management

 Introduction | 9

Scenario: Refer to this exercise if you’re new to NetSuite or have limited experience with it.
You can refer to this exercise at any time to enhance your productivity.

Note: View Getting Started training videos available in SuiteAnswers for

additional information outside of this exercise or as an alternative.

Working with a List of Records

Navigate to Customers > Lists > Customers. A list view of Customer records displays.

There are various filters at the top of the page, such as Sales Rep and Stage. There is
nothing you need to change now; keep this in mind when viewing other record lists, as
you may need to adjust these selectors.

List views can be sorted by clicking on most column headings. Notice the arrow () in
the Name column heading. This indicates that the records are currently sorted in
ascending order by Name.

Click the Name column heading to refresh the list with the set of customers in
descending order of Name.

Click the Name column heading again to change the sort order back to ascending order
by Name. Most columns are sortable by clicking on the column headings.

Viewing and Editing Records

Set the View dropdown list in the header to All.

Click View beside the ABM Industries customer. You are in view-only mode for the
customer.

Click Edit on the Customer record to open ABM Industries in edit mode.

Modify the Comments field (under Primary Information) and click Save. You are
returned to view-only mode for the customer.

Hover the mouse over the Actions drop-down and choose New. This opens a form to
create a new customer. You can also create a new customer by navigating to Customers
> Lists > Customers > New.

Managing Multiple Tabs

Open a list of Tasks by navigating to Activities > Scheduling > Tasks.

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10 | Introduction

Re-open the ABM Industries Customer record by hovering the mouse over the Recent
Records icon (the clock icon located in the upper-left corner of the NetSuite navigation
bar). Choose Edit to open the customer in edit mode or choose the customer itself to
open in view only mode.

Re-open a list of Tasks in a new browser tab by navigating to Activities > Scheduling >
Tasks, right-clicking on Tasks, and selecting Open Link in New Tab.

The selection in the context menu may vary slightly across different browsers
as well as on the Mac OS platform.

From the list of Tasks, right-click to open the task titled Phase 2: Design in a separate
tab, either in edit or view-only mode.

Using Global Search

Enter cu: value in the Global Search box located in the center of the page.

Global Search

This immediately performs a search in the system on customers (due to the cu prefix)
whose names contain “value.” From here you can select the record for viewing or
editing.

Use the above approach with any type of record in NetSuite. You can also enter without
a prefix and the search will be across all records in NetSuite. For example, entering
customers returns a set of customer pages (many of reports and searches).

Enter sea: customers in the Search box and the results are filtered to saved searches
containing “customers” in the title.

NetSuite: Financial Management

 Subsidiaries, Classifications, and Chart of Accounts | 11

SUBSIDIARIES, CLASSIFICATIONS, AND CHART OF

ACCOUNTS
Overview and Objectives

Overview
This module provides an overview of managing data through hierarchical structures, using
classifications, and setting up the chart of accounts.

Objectives

❖ Create a subsidiary
❖ Define the types of subsidiaries
❖ Create departments, locations and classes
❖ Create parent and child accounts
❖ Create accounts for banking
❖ Restrict accounts to subsidiaries, departments, locations, and classes

Student Exercises
This module includes the following hands-on exercises:

⚫ Exercise 01: Create a Department

⚫ Exercise 02: Create a Parent and Child Account

NetSuite: Financial Management

12 | Subsidiaries, Classifications, and Chart of Accounts

WALKTHROUGH | Setting Up Subsidiaries

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ Create a subsidiary

Scenario Gill, Inc. has expanded their operations into Argentina and need to
create a new subsidiary within the South America organizational
hierarchy.
In this walkthrough, you will learn how to:
➢ Create a subsidiary
➢ Identify the differences between a subsidiary and an
elimination subsidiary

NetSuite: Financial Management

 Subsidiaries, Classifications, and Chart of Accounts | 13

WALKTHROUGH | Working with Classifications

Tasks to be During this walkthrough, we will demonstrate the following tasks:

Demonstrated
➢ Create a department
➢ Create a location

Scenario Legal expenses are currently reported in the Admin department.

Gill Inc. would like to create a Legal department in order to report
on each separately. In the previous walkthrough, a subsidiary for
Argentina was created. Gill Inc. now wants to create a Buenos
Aires location for the Argentina subsidiary.
In this walkthrough, you will learn how to:
➢ Create a department
➢ Create a location

NetSuite: Financial Management

14 | Subsidiaries, Classifications, and Chart of Accounts

WALKTHROUGH | Creating Accounts

Tasks to be During this walkthrough, we will demonstrate the following tasks:

Demonstrated
➢ Create a parent account
➢ Create a child account
➢ Create a bank account
➢ Restrict an account to a subsidiary

Scenario Gill Inc. supports to preserve local artistic and cultural heritage as
well as celebrate the arts. A charitable contributions parent
account and an arts/culture child account need to be created to
capture these expenses. Gill Inc. also needs to create a checking
account for the Argentina subsidiary.
In this walkthrough, you will learn how to:
➢ Create a parent and child account and restrict its use
➢ Create a bank account

NetSuite: Financial Management

 Subsidiaries, Classifications, and Chart of Accounts | 15

MODULE EXERCISES

Student Exercises Duration

01 Create a Department 5 minutes

02 Create a Parent and Child Account 5 minutes

Scenario: The expenses associated with the management of office and retail space is
currently reported in the Admin department. Gill Inc. would like to create a Facilities
department in order to report on each department separately.

In this exercise, you will create a new department and restrict it to the Americas subsidiary.

Create a Department

Make sure you are logged in as 04: US Controller.

Navigate to Financial > Lists > Departments > New.

Enter the following:

Field Description

Name Facilities

SubDepartment Of Leave blank

Subsidiaries Gill Inc HQ : Americas

Include Children Checked

Department is Inactive Unchecked

Click Save.

Click the crosslink List link (upper right of page) to return to the list of departments to
view the new Facilities department.

NetSuite: Financial Management

16 | Subsidiaries, Classifications, and Chart of Accounts

Scenario: Gill Inc. supports to preserve natural resources and beautify the environment
around them. A charitable contributions account and an environment sub account need to be
created to capture these expenses. The charitable contributions account will be a summary
account to be used for reporting purposes only.

In this exercise, you will create a summary parent account and a child subaccount.

Create a Summary Account

Navigate to Financial > Lists > Accounts > New.

Enter the following:

Field Description

Number 6050

Name Charitable Contributions

Subaccount Of Leave blank.

Type Expense

General Rate Type Average

Cash Flow Rate Type Average

Track Billable Expenses In Leave blank.

Deferral Account Leave blank.

Eliminate Intercompany Transactions Unchecked

Description Leave blank.

Date Accept default date.

Summary Checked

Inactive Checked

Restrict to Department Leave blank.

Restrict to Class Leave blank.

Restrict to Location Leave blank.

Clear the field if a location is displayed.

NetSuite: Financial Management

 Subsidiaries, Classifications, and Chart of Accounts | 17

Field Description

Subsidiaries Gill Inc HQ

Include Children Checked

1099-MISC Category Leave blank.

Click Save and New.

Create a Child Account

Enter the following:

Field Description

Number 6054

Name Environmental

Subaccount Of 6050 Charitable Contributions

Type Expense

General Rate Type Average

Cash Flow Rate Type Average

Track Billable Expenses In Leave blank.

Deferral Account Leave blank.

Eliminate Intercompany Transactions Unchecked

Description Leave blank.

Date Accept default date.

Summary Unchecked

Inactive Unchecked

Restrict to Department Leave blank.

Restrict to Class Leave blank.

Restrict to Location Leave blank.

Clear the field if a location is displayed.

Subsidiaries Gill Inc HQ

NetSuite: Financial Management

18 | Subsidiaries, Classifications, and Chart of Accounts

Field Description

Include Children Checked

1099-MISC Category Leave blank.

Click Save.

NetSuite: Financial Management

 Accounts Receivable | 19

ACCOUNTS RECEIVABLE
Overview and Objectives

Overview
This module provides an overview of the accounts receivable process flow, managing
customers and invoices, and processing customer payments and credits.

Objectives

❖ Describe the Accounts Receivable workflow

❖ Create and maintain customers
❖ Create an invoice
❖ Invoice sales orders
❖ Receive and apply payments from customers
❖ Create customer deposits and credits

Student Exercises
This module includes the following hands-on exercises:

⚫ Exercise 01: Invoice a Sales Order*

⚫ Exercise 02: Create an Invoice*
⚫ Exercise 03: Accept Customer Payments*

NetSuite: Financial Management

20 | Accounts Receivable

WALKTHROUGH | Managing Customers and Invoices

Tasks to be During this walkthrough, we will demonstrate the following tasks:

Demonstrated
➢ Create a new customer
➢ Create an invoice
➢ Invoice a sales order

Scenario Gill, Inc. has entered into an agreement with Leo Burnett, a global
advertising agency, to provide office supplies to their local offices.
In this walkthrough, you will learn how to:
➢ Create a new customer record for Leo Burnett
➢ Create an invoice for items sold to Leo Burnett’s Sydney,
Australia office
Your will also learn how to invoice for orders fulfilled on a sales
order.

NetSuite: Financial Management

 Accounts Receivable | 21

WALKTHROUGH | Processing Payments and Credits

Tasks to be During this walkthrough, we will demonstrate the following tasks:

Demonstrated
➢ Accept customer payments
➢ Record customer deposits
➢ Record customer credits

Scenario Gill, Inc.’s accounts receivable department received several

checks from customers in their daily mail delivery. They were also
notified that items have been returned from customers.
In this walkthrough, you will learn how to:
➢ Accept customer payments from Leo Burnett and Angelo
International
➢ Record a customer deposit from Angelo International
➢ Record a customer credit and refund to Smith Supplies

NetSuite: Financial Management

22 | Accounts Receivable

MODULE EXERCISES

Student Exercises Duration

01 Invoice a Sales Order* 5 minutes

02 Create an Invoice* 5 minutes

03 Accept Customer Payments* 5 minutes

Scenario: Gill, Inc. has fulfilled and shipped items sold on a sales order to REI. As a member of
the accounts receivable department you must now invoice REI for the items sold.

In this exercise, you will invoice a sale order.

Invoice a Sales Order

Make sure you are logged in as 11: US A/R Analyst.

Navigate to Customers > Sales > Invoice Sales Orders.

On the Invoice Sales Orders page, enter/select the following:

Field Description

Customer REI

Posting Date Dec YYYY (Current year)

Date 12/1/YYYY (Current year)

Next Bill On or Before 12/31/YYYY (Current year)

To Be Printed Yes

To Be Emailed No

A/R Account 1100 Accounts Receivable

On the Orders subtab, check Invoice box next to any open sales order(s). Make note of
the sales order number(s) selected.

Click Submit.

The Process Status page opens, displaying the invoices being processed.

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 Accounts Receivable | 23

Click Refresh until the Submission Status is Complete. Verify there are zero errors.

Click Complete hyperlink in the Submission Status column.

The Processed Records page opens, displaying the invoices processed.

In the Results Record column, click an Invoice #.

The Invoice page opens and has a status of Open.

Verify the invoice was created from the sales order number noted in step 3.

Click the Actions dropdown list from the invoice header and select GL Impact. Review
the accounts debited and credited.

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24 | Accounts Receivable

Scenario: An employee of REI physically came into a Gill, Inc. store and purchased goods, but
wants to be billed later.

In this exercise, you will create an invoice.

Create an Invoice

Navigate to Customers > Sales > Create Invoices.

Enter the following in the Primary Information field group:

Field Description

Custom Form Standard Product Invoice

Invoice # Autofills by default

Customer REI

Project Leave blank.

Date 12/1/YYYY (Current year)

Start Date Leave blank.

End Date Leave blank.

Posting Period Dec YYYY (Current year)

Due Date 12/31/YYYY (Current year)

PO # Leave blank.

Memo Walk-in purchase

Verify the following in the Classification field group:

Field Description

Subsidiary US 1

Location US West Distribution Center

NetSuite: Financial Management

 Accounts Receivable | 25

Click the Items subtab, Items sublist and enter the following:

Item Qty Tax Code

APPAREL : Old Faithful Sweater : Old Faithful Sweater-C-L 2 -Not Taxable-

APPAREL : Oxbow Shirt : Oxbow Shirt-A-L 2 -Not Taxable-

Click Add.

Click the Billing subtab. Verify the Terms are Net 30.

Click Save.

The Invoice page displays with a status of Open. Make note of the invoice number.

Click the Actions dropdown list from the invoice header and select GL Impact. Review
the accounts debited and credited.

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26 | Accounts Receivable

Scenario: Gill, Inc.’s accounts receivable department received a check from REI for items sold
on open invoices.

In this exercise, you will accept the customer’s payment.

Accept Customer Payments

Navigate to Customers > Accounts Receivable > Accept Customer Payments.

Enter the following in the Primary Information field group:

Field Description

Custom Form Standard Customer Payment

Customer REI

Payment # Accept default.

Currency USD

Exchange Rate 1.0

A/R Account 1100 Accounts Receivable

Undep. Funds Select radio button.

Date 12/1/YYYY (Current year)

Posting Period Dec YYYY (Current year)

Verify the following in the Classification field group:

Field Description

Subsidiary US 1

Department Leave blank.

Class Leave blank.

Location US West Distribution Center

Click the Apply subtab, Invoices tab.

Check Apply next to the invoices created in the Invoice a Sales Order and Create an
Invoice exercises.

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 Accounts Receivable | 27

Click the Payment Method tab and enter the following:

Field Description

Payment Method Check

Check # 274

Click Save.

The Payment page displays with a status of Not Deposited.

Click the Actions dropdown list from the invoice header and select GL Impact. Review
the accounts debited and credited.

NetSuite: Financial Management

28 | Accounts Receivable

NetSuite: Financial Management

 Billing Schedules | 29

BILLING SCHEDULES
Overview and Objectives

Overview
This module provides an overview of the types of billing schedules available, as well as
creating and applying a schedule.

Objectives

❖ Describe the types of billing schedules

❖ Explain how dates drive billing schedules
❖ Create a standard and time and materials billing schedule
❖ Apply a billing schedule to a sales order
❖ Apply a billing schedule to a line item on a sale order
❖ Create the next bill (invoice) from a sales order

Student Exercises
This module includes the following hands-on exercises:

⚫ Exercise 01: Create a Standard Billing Schedule*

⚫ Exercise 02: Apply a Billing Schedule to a Sales Order*
⚫ Exercise 03: Invoice a Sales Order

NetSuite: Financial Management

30 | Billing Schedules

WALKTHROUGH | Create Billing Schedules

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ Create a standard billing schedule
➢ Create a time and materials billing schedule

Scenario Gill, Inc. sells an optional three (3) year support agreement on all
electronics. Gill, Inc. also offers an additional service for customer who want
in-home set up of their electronics.
In this walkthrough, you will learn how to:
➢ Create a standard, quarterly billing schedule
➢ Create a monthly schedule based on utilization of time

NetSuite: Financial Management

 Billing Schedules | 31

WALKTHROUGH | Apply Billing Schedules

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ Link a billing schedule to an item (optional)
➢ Apply a billing schedule to a sales order
➢ Apply a billing schedule to a line item
➢ Invoice a sales order
➢ View the schedule history

Scenario Gill, Inc. sold Bay Media Research computing supplies. Instead of
billing 100% upfront, Gill, Inc. will associate a billing schedule to
the sale and invoice it over a period of time.
In this walkthrough, you will learn how to:
➢ Apply a billing schedule to an item record, sales order, and
sales order line item
➢ Create the next invoice on the billing schedule from the sales
order

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32 | Billing Schedules

MODULE EXERCISES

Student Exercises Duration

01 Create a Standard Billing Schedule* 5 minutes

02 Apply a Billing Schedule to a Sales Order* 5 minutes

03 Invoice a Sales Order 5 minutes

Scenario: Gill, Inc. provides customers with the option to pay for computer equipment in full
or monthly.

In this exercise, you will create a billing schedule to bill customers who opt for monthly
payments.

Set Up Billing Schedule

Make sure you are logged in as 04: US Controller.

Navigate to Financial > Lists > Billing Schedules > New.

On the Billing Schedule page, enter the following:

Field Description

Type Standard

Name 25% Down, 25% Monthly

Initial Amount 25%

Initial Payment Terms Leave blank. This ensures terms from the
Customer record are used.

Recurrence Frequency Monthly

Repeat Every 1 month

Recurrence Count 3

In Arrears Checked

Recurrence Payment Terms Leave blank. This ensures terms from the
Customer record are used.

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Field Description

Public Checked

Click Save.

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34 | Billing Schedules

Scenario: Bay Media Research has ordered several 21” monitors from Gill, Inc. The sales
manager negotiated payment terms rather than paying 100% upfront.

In this exercise, you will create a sales order and apply the billing schedule created in the
previous exercise to this sales order.

Create a Sales Order

Navigate to Customers > Sales > Enter Sales Orders.

Enter the following in the Primary Information field group:

Field Description

Custom Form Standard Sales Order

Order # Autofills

Customer Bay Media Research

Date 12/1/YYYY (Current year)

Status Pending Fulfillment

Start Date Leave blank.

End Date Leave blank.

Memo Optional, enter if you want.

Enter the following in the Classification field group:

Field Description

Subsidiary US 1

Department Leave blank.

Class Leave blank.

Location US West Distribution Center

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 Billing Schedules | 35

Click on the Items subtab and enter the following:

Field Description

Item COMPUTING : Monitors: HP L2025 (21”)

Quantity 15

Click Add.

Make sure Standard 10% Discount is selected in the Discount Item dropdown.

Apply Billing Schedule

Click the Billing subtab.

From the Billing Schedule field, select 25% Down, 25% Monthly.

Click Save.

Click Fulfill so that you can bill the sales order in the next exercise.

Click Save on the Item Fulfilment page.

View Schedule History

Click Recent Records to retrieve the sales order just created.

Click the Billing subtab, Schedule sublist.

When is the first bill due from Bay Media Research?

Answer

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36 | Billing Schedules

Scenario: Gill, Inc. needs to bill Bay Media Research for the 21” monitors purchased from Gill,
Inc. Gill, Inc. will create a bill for the 25% down payment, as well as, the first monthly
payment due.

In this exercise, you will invoice the sales order created in the previous exercise.

Invoice Sales Orders

Navigate to Customers > Sales > Invoice Sales Orders.

On the Invoice Sales Order page, enter the following:

Field Description

Customer Bay Media Research

Posting Period Dec YYYY (Current year)

Date 12/1/YYYY (Current year)

Next Bill on or Before 12/31/YYYY (Current year)

To Be Printed Yes

To Be Emailed No

A/R Account 1100 Accounts Receivable

Check Invoice next to the sales order created in the previous exercise.

Click Submit.

Click Refresh until Percent Complete is 100%.

Invoice for the Next Installment

Click Recent Records and select the sales order just billed.

Click Next Bill.

On the Invoice page, accept all defaults and click Save.

Click Recent Records and select the sales order just billed.

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 Billing Schedules | 37

Click the Related Records subtab. Note the following:

Bill #1 25% of the sales order billed at sales order date

Bill #2 25% of the remaining balance of the sales order billed the following month

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38 | Billing Schedules

EXERCISE SOLUTIONS

View Schedule History

When is the first bill due from Bay Media Research?

Answer 12/1/YYYY (Current year)

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 Accounts Payable | 39

ACCOUNTS PAYABLE
Overview and Objectives

Overview
This module provides an overview of the accounts payable process flow, managing vendors
and bills, processing vendor payments and credits, issuing and voiding checks, and examining
other payment methods.

Objectives

❖ Describe the Accounts Payable workflow

❖ Create a new vendor
❖ Create and receive against purchase orders
❖ Create, approve and pay a bill
❖ Issue vendor credits
❖ Write, print and void checks

Student Exercises
This module includes the following hands-on exercises:

⚫ Exercise 01: Bill a Purchase Order

⚫ Exercise 02: Create and Approve a Bill*
⚫ Exercise 03: Pay a Bill*
⚫ Exercise 04: Print a Check

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40 | Accounts Payable

WALKTHROUGH | Managing Vendors and Bills

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ Create a new vendor
➢ Create a purchase order (PO)
➢ Create bills
Bill POs
Bill without a PO

Scenario Gill, Inc. recently established a new relationship with Fellowes to

bring on a new line of office accessories.
In this walkthrough, you will learn how to:
➢ Create a new vendor record for Fellowes
➢ Create a purchase order to purchase products from Fellowes
➢ Create a bill from the purchase order

In addition, you will learn how to create a bill without a purchase

order for telephone services.

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 Accounts Payable | 41

WALKTHROUGH | Process Vendor Payments

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ Approve vendor bills
➢ Pay vendor bills

Scenario Gill, Inc. requires vendor bills to be approved before payment is

issued. As the Controller, you will verify that the amount requested
on the bill is the correct amount that corresponds to the purchase
order. Once the vendor bill has been approved, you will pay it
when it becomes due.
In this walkthrough, you will learn how to:
➢ Approve a single bill
➢ Bulk process vendor bill approvals
➢ Pay bills to a single vendor
➢ Process payments to several vendors at one time

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42 | Accounts Payable

WALKTHROUGH | Process Vendor Credits

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ Create vendor credits
➢ Apply vendor credits

Scenario As the Controller, you were informed that several items on orders
received from the supplier were damaged and returned. The
vendor values you as a customer and is offering a discount on
future purchases.
In this walkthrough, you will learn how to:
➢ Create a vendor credit manually, directly from a vendor bill
and directly from a vendor return
➢ Apply a vendor credit on a credit transaction, bill payment, and
a single vendor payment

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 Accounts Payable | 43

WALKTHROUGH | Issue and Void Checks

Tasks to be During this walkthrough, we will demonstrate the following tasks:

Demonstrated
➢ Write checks
➢ Print checks and forms
➢ Void checks

Scenario The accounts payable manager is providing lunch to reward her

department for working late several evenings in order to process
bills before month-end. The local deli only accepts cash or check.

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44 | Accounts Payable

MODULE EXERCISES

Student Exercises Duration

01 Bill a Purchase Order 5 minutes

02 Create and Approve a Bill* 10 minutes

03 Pay a Bill* 5 minutes

04 Print a Check 5 minutes

Scenario: Gill, Inc. purchased computer accessories from Sullivan Distributors, Inc. on a
purchase order. Subsequently, Gill, Inc has received an invoice from Sullivan Distributors, Inc.
requesting payment for merchandise received.

In this exercise, you will bill an open purchase order.

Bill a Purchase Order

Make sure you are logged in as 10: US A/P Analyst.

Navigate to Vendors > Purchases > Bill Purchase Orders.

From the Vendor dropdown list, select Sullivan Distributors, Inc. to filter the results on
the Bill Purchase Orders page.

Check Bill that has an order total of $394.50.

Click Submit. The Bill page opens.

Verify/Enter the following in the Primary Information field group:

Field Description

Form Standard Vendor Bill

Reference No 12345. This represents the invoice number.

Vendor Sullivan Distributors, Inc.

Account 2000 Accounts Payable

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 Accounts Payable | 45

Field Description

Amount This is brought over from the purchase order, but it is good
practice to review against the purchase order and invoice for a
3-way match.

Currency USD

Exchange Rate 1.0

Due Date Autofills based on Date and Terms fields.

Date 12/1/YYYY

Posting Period Dec YYYY

Memo Optional, enter if you want.

Approval Status Approved

Verify the following in the Classification field group:

Field Description

Subsidiary US 1

Click the Expenses and Items subtab, Items sublist.

Verify the Item, Quantity, Rate, Amount, and Location. These fields are brought over
from the purchase order (PO), but it is good practice to review against the PO.

Click the Billing subtab. Verify the Terms is Net 30.

Click Save.

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46 | Accounts Payable

Scenario: Pacific Gas and Electric invoiced Gill, Inc. for monthly services consumed. A
purchase order does not exist and no inventory was received.

In this exercise, you will enter and approve a bill for utilities consumed.

Create a Bill

Navigate to Vendors > Purchases > Enter Bills.

Enter the following in the Primary Information field group:

Field Description

Form Standard Vendor Bill

Reference Number 00-20150727 (Vendor’s invoice number)

Vendor Pacific Gas and Electric

Tip: Type the first few characters of the vendor’s name to

narrow the results.

Account 2000 Accounts Payable

Amount Leave blank. It will autofill as you add expenses.

Currency USD

Exchange Rate 1.0

Due Date Autofills based on Date and Terms fields.

Date 12/1/YYYY

Posting Period Dec YYYY

Memo Optional, enter if you want.

Approval Status Change the status to Pending Approval.

Enter the following in the Classification field group:

Field Description

Subsidiary US 1

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 Accounts Payable | 47

Click the Billing subtab and enter the following:

Field Description

Terms Due on receipt

Click the Expenses and Items subtab, Expenses sublist and enter the following:

Field Description

Category Leave blank.

Account 6300 Utilities

Amount 368.27

Department Admin

Location US West Distribution Center

Click Add.

Enter the remaining amount of the bill to the Sales and Services departments.

Field Description

Category Leave blank.

Account 6300 Utilities

Amount 518.62

Department Sales

Location US West Distribution Center

Field Description

Category Leave blank.

Account 6300 Utilities

Amount 439.43

Department Service

Location US West Distribution Center

Click Add.

Click Save.

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48 | Accounts Payable

Approve Bill

If you navigated away from the page, click Recent Records to select the Pacific Gas and
electric bill.

Click Edit on the Bill page.

Verify that all information is correct.

Change the Approval Status field to Approved.

Click Save. The bill status is now Open.

Navigate to Actions > GL Impact to view the general ledger posting.

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 Accounts Payable | 49

Scenario: In the previous exercise, you created and approved a bill for Pacific Gas and
Electric. The Pacific Gas and Electric invoice is due upon receipt, therefore you must pay the
bill immediately.

In this exercise, you will pay a vendor bill.

Pay a Bill

Navigate to Vendors > Accounts Payable > Pay Bills.

Enter the following:

Field Description

A/P Account 2000 Accounts Payable

Account 1028 Checking

Date 12/1/YYYY

Posting Period Dec YYYY

Subsidiary US 1

Department Leave blank.

Class Leave blank.

Location US West Distribution Center

Start Date Leave blank.

End Date Leave blank.

To Be Printed Check the box.

Check the Date Due box next to the Pacific Gas and Electric bill.

Check the Pay box next to any other bills you would like to pay.

Click Save.

The Processed Bill Payments page opens.

Click Refresh until the Status is Complete.

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50 | Accounts Payable

Scenario: Gill Inc.’s accounts payable department prints checks twice per week. Because
Pacific Gas and Electric bills are due upon receipt you need to include this bill in the check
run.

In this exercise, you will print a check voucher.

Navigate to Payroll and HR > Payroll > Print Checks and Forms.

Click the Checks link.

Enter the following on the Print Checks page:

Field Description

Account 1028 Checking

First Check Number Inserts the next available check number to be printed.

Print Back to Front Leave unchecked.

Check Type Voucher

Check the Print box next to Pacific Gas and Electric bill.

Click Print.

The check is displayed in a new tab in PDF format.

Close the check tab.

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 Banking | 51

BANKING
Overview and Objectives

Overview
This module provides an overview of the banking functions to accurately track your cash.

Objectives

❖ Make a deposit
❖ Enter fund transfers
❖ Enter and pay company credit card charges
❖ Write Checks

Student Exercises
This module includes the following hands-on exercises:

⚫ Exercise 01: Make a Deposit

⚫ Exercise 02: Transfer Funds

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52 | Banking

WALKTHROUGH | Banking

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ Make deposits
➢ Transfer funds
➢ Enter company credit card charges
➢ Write checks

Scenario Gill, Inc. needs to record activity to their banking accounts for
payments and deposits received from customers. They also need
to record company credit card activity.
In this walkthrough, you will learn how to:
➢ Deposit monies received from Leo Burnett & Angelo
International
➢ Transfer funds to replenish the petty cash account
➢ Enter transactions for the company credit card
➢ Pay the company credit card bill

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 Banking | 53

MODULE EXERCISES

Student Exercises Duration

01 Make a Deposit 5 minutes

02 Transfer Funds 5 minutes

Scenario: Gill, Inc. records customer payments to the Undeposited Funds account until
payments are deposited in the bank. Gill, Inc. also received a refund check from their
insurance carrier for the prior policy period because the yearly premium was calculated
incorrectly. Gill, Inc. typically deposits checks daily, but due to a bank holiday funds were
deposited the following day.

In this exercise, you will make deposits in the bank account for payments received from
customers to clear the Undeposited Funds account and deposit monies received from the
insurance carrier.

Deposit Payments Received

Make sure you are logged in as 04: US Controller.

Navigate to Financial > Banking > Make Deposits.

Enter the following in the Primary Information field group:

Field Description

Custom Form Standard Deposit

Account 1028 Checking

Amount Autofills based on the total amount of

payments, other deposits, and cash back
selected or entered on the Deposits subtab.

Date 12/02/YYYY (Current year)

Posting Period Dec YYYY (Current year)

Memo Optional

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54 | Banking

Field Description

To Be Printed Checked

Allows you to print all the slips at once

for multiple deposits before printing.

Note: Currency, Exchange Rate, and Subsidiary default based on the bank
account selected.

Enter the following in the Classification field group:

Field Description

Subsidiary US1

Department Leave blank.

Class Leave blank.

Location US West Distribution Center

Click the Deposits subtab, Payments sublist.

In the From field enter the date 12/1/YYYY (YYYY=current year).

In the To field, enter the date 12/31/YYYY (YYYY=current year) to filter the results in the
Payments sublist.

Check the box next to each transaction for REI.

Note: You accepted payment from REI in Exercise 03 from the Accounts
Receivable module.

Add Deposits not Related to Transaction Payments

Click the Other Deposits sublist and enter the following:

Field Description

Name MetLife

Amount 634.71

Account 6102 Insurance Expense : Liability

Payment Method Check

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 Banking | 55

Field Description

Number 10054

Department Leave blank.

Class Leave blank.

Location Leave blank.

Clear the field if a location is displayed.

Click Add.

Click Save.

Click the Actions dropdown list and select GL Impact. Review the accounts debited and
credited.

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56 | Banking

Scenario: Gill, Inc. diligently monitors the financial markets and regularly moves money to
their investment account to maximize their investment earnings.

In this exercise, you will transfer funds from the Checking account to the Investment account.

Transfer Funds

Navigate to Financial > Banking > Transfer Funds.

Enter the following:

Field Description

From Account 1028 Checking

The balance of this account and its

currency display.

To Account 1040 Investment Fund - US

Date 12/15/YYYY (Current year)

Posting Period Dec YYYY (Current year)

Amount 10,000

Amount Autofills

Memo Optional

Subsidiary Defaults from the From Account

Department Leave blank.

Class Leave blank.

Location Leave blank.

Clear the field if a location is displayed.

Click Save.

Navigate to Actions > GL Impact. The transfer is complete and the balances for the bank
accounts automatically update.

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 Bank and Credit Card Reconciliation | 57

BANK AND CREDIT CARD RECONCILIATION

Overview and Objectives

Overview
To keep your financials accurate, regularly reconcile NetSuite bank and credit card
statements against your bank and credit card registers. Performing reconciliation regularly is
key to optimizing the other NetSuite banking functions, including Checks, Deposits, and
Credit Cards

Objectives
Upon completion of this tutorial, you will be able to

❖ Reconcile a bank or credit card statement manually

❖ Import a bank statement
❖ Reconcile an imported bank or credit card statement
❖ Correct a bank reconciliation report
❖ Identify key reports and analytics

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58 | Bank and Credit Card Reconciliation

WALKTHROUGH | Bank or Credit Card Reconciliation

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ Reconcile a bank or credit card statement manually
➢ Correct a bank statement reconciliation

Scenario As the Controller, manually reconcile an end-of-month bank

statement. When you discover that the previous reconciliation is
not balanced, correct the bank reconciliation
In this walkthrough, you will learn how to:
➢ Navigate the Match Bank Data page
➢ Clear transactions in the Match Bank Data page
➢ Navigate the Reconcile Account Statement page
➢ Reconcile a bank or credit card statement
➢ Delete a reconciled statement
➢ Correct a previously reconciled statement

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 Bank and Credit Card Reconciliation | 59

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60 | Bank and Credit Card Reconciliation

WALKTHROUGH | Online Bank or Credit Card

Reconciliation

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ Import a bank or credit card statement
➢ Reconcile a bank or credit card statement online

Scenario Your administrator set up your NetSuite account to use the

Intelligent Transaction Matching tools. As the Controller, import a
bank statement, match transactions, and reconcile the statement
In this walkthrough, you will learn how to:
➢ Import a bank data using a BAI2 file
➢ Match bank lines to account transactions
➢ Auto-create a reconciliation rule based on matched
transactions
➢ Create additional transactions during the matching process
➢ Reconcile account statement

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 Bank and Credit Card Reconciliation | 61

WALKTHROUGH | Reports and Analytics

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ Reconciliation Report

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62 | Payment Processing

PAYMENT PROCESSING
Overview and Objectives

Overview
Netsuite offers several payment processing options that are convenient and secured. This
module evaluates the different payment processing options in NetSuite and their functions.

Objectives
Upon completion of this tutorial, you will be able to

❖ Discuss payment processing options

NetSuite: Financial Management

 Working with Journal Entries | 63

WORKING WITH JOURNAL ENTRIES

Overview and Objectives

Overview
This module provides an overview of adjusting the balances in the ledger accounts through
journal entries.

Objectives

❖ Create and approve a journal entry

❖ Reverse a journal entry
❖ Import a journal entry
❖ Memorize a transaction
❖ Create intercompany journal entries
❖ Create manual and automatic elimination journal entries

Student Exercises
This module includes the following hands-on exercises:

⚫ Exercise 01: Create a memorized transaction

⚫ Exercise 02: Create an intercompany and elimination journal entry

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64 | Working with Journal Entries

WALKTHROUGH | Working with Journal Entries

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ Making journal entries
➢ Reversing journal entries
➢ Approving journal entries
➢ Importing journal entries
➢ Bill variance journal entries

Scenario The close of the month is approaching and Gill, Inc.’s accountant
needs to perform the tasks associated with their month-end close
process.
In this walkthrough, you will learn how to:
➢ Create, approve and reverse a journal entry for accrued
advertising expenses
➢ Import a journal entry to save time
➢ Account for bill variances based on discrepancies

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 Working with Journal Entries | 65

WALKTHROUGH | Using Memorized Transactions

Tasks to be During this walkthrough, we will demonstrate the following tasks:

Demonstrated
➢ Create a transaction
➢ Create a memorized transaction template
➢ Post a memorized transaction
➢ Review a memorized transaction

Scenario Every month as part of the month-end close process, depreciation

expense needs to be recorded. The accountant would like to save
time by eliminating the need to create the journal entry and just be
reminded to post the entry each month.
In this walkthrough, you will learn how to:
➢ Create and post a memorized transaction that will recur over
time

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66 | Working with Journal Entries

WALKTHROUGH | Create Intercompany Journal Entries

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ Set From/To subsidiaries
➢ Set currency
➢ Enter ICJE lines

Scenario When the monthly insurance bill was due, accounts payable
coded the entire invoice to Brazil. However, Uruguay owed a
portion of the invoice. The accountant needs to record an
intercompany journal entry to account for the amount due to/due
from each subsidiary.
In this walkthrough, you will learn how to:
➢ Create an intercompany journal entry for Uruguay to
reimburse Brazil for the portion of the invoice that was paid on
their behalf

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 Working with Journal Entries | 67

WALKTHROUGH | Advanced Intercompany Journal Entries

Tasks to be During this walkthrough, we will demonstrate the following tasks:

Demonstrated
➢ Set Originating Subsidiary and Currency
➢ Enter Advanced ICJE Lines

Scenario Some North American subsidiaries share certain supplies

expenses. When the monthly supplies bill was due, accounts
payable coded the entire invoice to the US 1 subsidiary. However,
Canada and Mexico owed $500 each of the invoiced amount. The
accountant needs to record an advanced intercompany journal
entry to account for the amount due to/due from each subsidiary.
In this walkthrough, you will learn how to:
➢ Create an advanced intercompany journal entry for Canada
and Mexico to reimburse US 1 for the portion of the invoice
that was paid on their behalf.

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68 | Working with Journal Entries

WALKTHROUGH | Manual Elimination

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ Create a manual elimination journal entry

Scenario In the previous walkthrough, you created an intercompany journal

entry between Brazil and Uruguay. In order to not account for the
entries twice when generating the South America consolidated
reports, the entries need to be eliminated.
In this walkthrough, you will learn how to:
➢ Create an elimination journal entry to account for the activity
between Brazil and Uruguay

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 Working with Journal Entries | 69

WALKTHROUGH | Automatic Elimination

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ Create an automatic elimination journal entry

Scenario During the month office expenses were paid by the United States
subsidiary on behalf of US 1. The accountant needs to create the
intercompany journal entry to account for the amount due
from/due to each subsidiary. Gill, Inc. has the Automated
Intercompany Management feature enabled so that intercompany
journal entries are automatically eliminated during the month-end
close process.
In this walkthrough, you will learn how to:
➢ Create an intercompany journal entry that generates the
elimination journal entry automatically.

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70 | Working with Journal Entries

MODULE EXERCISES

Student Exercises Duration

01 Create a Memorized Transaction 10 minutes

02 Create an Intercompany Journal Entry 10 minutes

Scenario: Every month as part of the month-end close process, depreciation expense needs
to be recorded. The Controller would like to save time by eliminating the need to create the
journal entry and just be reminded to post the entry each month.

In this exercise, you will create and post a memorized transaction that will recur monthly.

Create Transaction

Make sure you are logged in as 04: US Controller.

Navigate to Financial > Other > Make Journal Entries.

Select US 1 as the subsidiary in the Classification field group.

Note: When a journal entry is associated with a subsidiary, the journal posts to
that subsidiary and the schedule is restricted to be viewed only by entities
associated with the subsidiary.

Enter/verify the following in the Primary Information field group:

Field Description

Currency USD

Exchange Rate 1.00

Date 12/31/20YY (Current year)

Posting Period Dec 20YY (Current year)

Enter the following on the Lines tab:

Field Description

Account 6060 Depreciation Expense

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 Working with Journal Entries | 71

Field Description

Debit 950.00

Location US West Distribution Center

Press Enter to navigate to the second line.

Enter the following on the second line:

Field Description

Account 1510 Acc. Dep – Furniture & Fixtures

Credit 350.00

Location US West Distribution Center

Press Enter to navigate to the third line.

Enter the following on the third line:

Field Description

Account 1511 Acc. Dep – IT Equipment

Credit 400.00

Location US West Distribution Center

Press Enter to navigate to the fourth line.

Enter the following on the fourth line:

Field Description

Account 1520 Acc. Dep – Machinery & Equipment

Credit 200.00

Location US West Distribution Center

Do not save the transaction.

Under Actions, click Memorize.

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72 | Working with Journal Entries

Create Memorized Transaction Definition

On the Memorized Transaction Definition page, enter the following:

Field Description

Name Acc. Depreciation JE

Type Journal

Action Reminder

Allow Posting in Locked Periods Unchecked

Override Transaction Date Unchecked

Next Date 12/31/20YY (Current year)

Repeat Every 1

Time Period Month

Indefinite Check the box.

In the Recurring subtab, enter the following:

Field Description

Next Date 12/31/20YY (Current year)

Repeat Every 1

Time Period Month

Indefinite Check the box.

Click Save.

Post Memorized Transaction

Navigate to Financial > Lists > Enter Memorized Transactions.

Check Enter next to Acc. Depreciation JE.

Click Submit.

Review Memorized Transaction

On the Process Status page, click Refresh until Status = Complete; Percent Complete =
100% and Message = 0 Errors.

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 Working with Journal Entries | 73

Navigate to Financial > Lists > Enter Memorized Transactions > List.

Click View next to Acc. Depreciation JE.

Click the Transactions tab.

Click the Document Number to view the journal.

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74 | Working with Journal Entries

Scenario: The accounts payable department received an invoice for legal services and coded
the entire invoice to the US 1 subsidiary, however US 2 owed a portion of the invoice. In
order to not account for the entries twice when generating the United States consolidated
reports, the entries need to be eliminated.

In this exercise, you will create an intercompany journal entry for US 2 to reimburse US 1 for
the portion of the invoice that was paid on their behalf. You will also create an elimination
journal entry to account for the activity between US 1 and US 2.

Create Intercompany Accounts

Navigate to Financial > Lists > Accounts > New.

Enter the following:

Field Description

Number 1311

Name Due from US 2

Type Other Current Asset

Restrict to Location Leave blank.

Subsidiaries Gill Inc HQ

Include Children Checked

Click Save.

Create Intercompany Journal Entry

Navigate to Financial > Other > Make Intercompany Journal Entries.

Enter the following in the Classification field group:

Field Description

Subsidiary US 1

To Subsidiary US 2

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 Working with Journal Entries | 75

Set Currency

Enter/verify the following in the Primary Information field group:

Field Description

Custom Form Standard Journal Entry

Entry No Autopopulates

Currency USD

Exchange Rate Autopopulates

Approved Checked

Date 12/15/20YY (Current year)

Posting Period Dec 20YY (Current year)

Reversal Date Leave blank.

Memo Optional, enter if you want.

Enter ICJE Lines

On the Lines tab, enter the following:

Field Description

Subsidiary US 1

Account 1311 Due from US 2

Debit 1000.00

Location Leave blank. Clear field, if necessary.

Press Enter to navigate to the second line.

On the second line, enter the following:

Field Description

Subsidiary US 1

Account 6080 Professional Fees : Legal

Credit 1000.00

Location Leave blank. Clear field, if necessary.

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76 | Working with Journal Entries

Press Enter to navigate to the third line.

On the third line, enter the following:

Field Description

Subsidiary US 2

Account 6080 Professional Fees : Legal

Debit 1000.00

Press Enter to navigate to the fourth line.

On the fourth line, enter the following:

Field Description

Subsidiary US 2

Account 2311 Due to US 1

Credit 1000.00

Click Add.

Verify the Debit and Credit out of balance fields at the top of the page are blank. If
either field contains an amount, your line items are out of balance and you cannot save
the entry.

Click Save.

Create a Manual Elimination Journal Entry

Navigate to Financial > Other > Make Journal Entries.

Enter the following in the Classification field group:

Field Description

Subsidiary xElimination US

Enter the following in the Primary Information field group:

Field Description

Custom Form Standard Journal Entry

Entry No Auto-populates

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 Working with Journal Entries | 77

Field Description

Currency USD

Exchange Rate 1.0

Approved Checked

Date 12/31/20YY (Current year)

Posting Period Dec 20YY (Current year)

Reversal Date Leave blank.

Defer Entry Unchecked

Memo Optional, enter if you want.

Enter the following on the Lines tab:

Field Description

Account 2311 Due to US 1

Debit 1000.00

Press Enter to navigate to the second line.

On the second line, enter the following:

Field Description

Account 1311 Due from US 2

Credit 1000.00

Click Add.

Click Save.

Navigate to Reports > Financial > Balance Sheet.

Set the As of Date to Dec 20YY and Subsidiary Context to US 1.

Click Refresh. Review account 1311 Due from US 2.

Change the Subsidiary Context to US 2 and click Refresh.

Review account 2311 Due to US 1.

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Change the Subsidiary Context to United States (Consolidated) and click Refresh to
review the impact of the elimination journal entry.

NetSuite: Financial Management

 Budgeting | 79

BUDGETING
Overview and Objectives

Overview
This module provides an overview of the various ways budgeting can be accomplished in
NetSuite. We will look at creating manual budgets, importing budgets, copying budgets, and
creating multiple budgets to meet what if scenarios.

Objectives

❖ Create a budget manually and via upload

❖ Apply budgets to Items, Customers/Projects and Classifications
❖ Copy budgets
❖ Create and use budget categories
❖ Examine subsidiary budgets (OneWorld)

Student Exercises
This module includes the following hands-on exercises:

⚫ Exercise 01: Create a budget for a department

⚫ Exercise 02: Copy a budget

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80 | Budgeting

WALKTHROUGH | Create Manual Budgets

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ Set budget details
➢ Enter budget amounts

Scenario Gill, Inc. opened several new retail locations over the year thereby
increasing their personnel. They need to budget for the increase in
insurance expense related to the personnel hired and the new
buildings.
In this walkthrough, you will learn how to:
➢ Set up a budget manually
➢ Enter budget amounts
Individually
Using Fill and Distribute

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 Budgeting | 81

WALKTHROUGH | Importing a Budget

Tasks to be During this walkthrough, we will demonstrate the following tasks:

Demonstrated
➢ Create a budget in preferred tool
➢ Import into NetSuite
➢ View imported data

Scenario Gill, Inc. has a lengthy chart of accounts and to save time during
the budgeting process the Controller has decided to enter budget
figures in a CSV file and import those figures into NetSuite.
In this walkthrough, you will learn how to:
➢ Download the NetSuite Budgets Template file
➢ Enter data in the CSV file
➢ Import data into NetSuite
➢ View the imported data

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WALKTHROUGH | Copy Budgets

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ Copy a budget

Scenario The Controller is starting the budgeting process for the next fiscal
year. As a way to save time he will copy last year’s actuals, but
wants to increase amounts by 5%.
In this walkthrough, you will learn how to:
➢ Copy a budget and modify the amounts

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 Budgeting | 83

WALKTHROUGH | Multiple Budgets

Tasks to be During this walkthrough, we will demonstrate the following tasks:

Demonstrated
➢ Create budget categories

Scenario Interest rates are fluctuating and the Controller wants to budget for
these events occurring in the market. He needs to create three
budgets to account for best, worst and most likely case scenarios.
In this walkthrough, you will learn how to:
➢ Create a budget categories for the best, worst and most likely
case scenarios

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84 | Budgeting

MODULE EXERCISES

Student Exercises Duration

01 Create a Budget for a Department 5 minutes

02 Copy a Budget 10 minutes

Scenario: Gill, Inc.’s Controller is beginning the budgeting process for the next fiscal year. He
wants to start by creating an expense budget for the Accounting department, assuming
overhead expenses will increase by 3%.

In this exercise, you will create a budget category and manually enter a budget.

Create Budget Category

Make sure you are logged in as 04: US Controller.

Navigate to Setup > Other Setup > Accounting Lists > New.

From the Accounting Lists page, select Budget Category.

In the Name field, enter Increase in Overhead.

Check the Global box.

Click Save.

Set Budget Details

Navigate to Financial > Lists > Set Up Budgets.

Enter the following on the Budget page:

Field Description

Subsidiary Gill Inc HQ

Year FY 20YY

Select the year for which you want to

create the budget.

Budget Category Increase in Overhead

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 Budgeting | 85

Field Description

Budget Category Type Global

Currency Grayed out.

This is the base currency of the root

parent company.

Customer/Project Leave blank.

Item Leave blank.

Class Leave blank.

Department Accounting

Location Leave blank.

Account Type Expense

Enter Budget Amounts

Check Apply next to the following accounts:

6104 Insurance Expense : Workers’ compensation

6106 Insurance Expense : Disability

6120 Meals & Entertainment

6165 Dues & Subscriptions

6170 Postage & Delivery

In the first column (Jan YYYY), for account 6104 Insurance Expense : Workers’
Compensation, enter 12000 and then click Distribute.

The 12000 will be allocated across the fiscal year as 1000 for each month.

Enter the following for account 6106 Insurance Expense : Disability:

JAN YYYY APR YYYY JUL YYYY OCT YYYY

3750 3750 3750 3750

Enter 100 in the first column (Jan YYYY) for each remaining account checked, and then
click Fill.

The 100 displays in each month, totaling 1200 for the fiscal year for each account.

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Click Save.

View Budget Data

On the Budgets list page, apply the following filters to view the budget you just created:

Field Description

Year FY YYYY

Select the year for which you created the

budget.

Subsidiary Gill Inc HQ

Department Accounting

Category Increase in Overhead

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 Budgeting | 87

Scenario: Gill, Inc.’s Controller wants to save time creating the budget for the next fiscal year.
As a way of expediting the process, he will copy last year’s actuals and increase amounts by
5% to account for changes in the market.

In this exercise, you will copy a budget and modify the amounts.

Copy Budgets

Navigate to Financial > Lists > Copy Budgets.

Enter the following on the Copy Budgets page:

Field Description

Fiscal Calendar Standard Fiscal Calendar

Actuals From Year Select the radio button.

FY 20YY. Select the previous fiscal year.

Example: The current FY is 2015; select

FY 2014 to base the 2015 budget on
2014 actual data.

To Budget Year FY 20YY. Select the current fiscal year.

Budget Category Interest Rates Fall by < 2.5%

Keep Customer Detail Uncheck

Keep Item Detail Uncheck

Keep Department Detail Check

Keep Class Detail Check

Keep Location Detail Check

Account Type Income

Modify By 5%

Replace Check

Click Save.

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88 | Budgeting

View Budget Data

On the Budgets list page, apply the following filters to view the budget you just created:

Field Description

Year FY YYYY

Select the year for which you created the

budget.

Subsidiary All

Category Interest Rates Fall by < 2.5%

Department All

Class All

Location All

Click View next to any Sales account to view the Budget page.

NetSuite: Financial Management

 Expense Allocations | 89

EXPENSE ALLOCATIONS
Overview and Objectives

Overview
This module provides an overview of creating expense and intercompany allocation
schedules, creating the journal entries associated with the schedules and viewing schedule
history.

Objectives

❖ Create an expense and intercompany allocation schedule

❖ Create expense allocation journal entries
❖ View details of allocation schedules

Student Exercises
This module includes the following hands-on exercises:

⚫ Exercise 01: Create an allocation schedule*

⚫ Exercise 02: Post allocation journal entries

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WALKTHROUGH | Create Expense Allocation Schedule

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ Create expense allocation schedule

Scenario In Australia, the same landlord manages the buildings occupied by

Gill, Inc.’s Brisbane, Melbourne, and Perth locations. The landlord
bills the Brisbane location for rent incurred for all locations instead
of billing each independently. When the accounts payable
department enters the bill, Brisbane then incurs the expense for
Melbourne and Perth. Gill, Inc.’s accounting manager would like to
automate the process of allocating the rent expense to avoid
errors when journal entries are created manually.
In this walkthrough, you will learn how to:
➢ Create an expense allocation schedule for rent expense

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 Expense Allocations | 91

WALKTHROUGH | Intercompany Expense Allocation Schedule

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ Create intercompany expense allocation schedule

Scenario The insurance vendor in South America bills the Brazil subsidiary
for expenses incurred for all subsidiaries instead of billing each
subsidiary independently. When the accounts payable department
enters the bill, Brazil then incurs the expense for Uruguay and
Argentina. Gill, Inc.’s accounting manager would like to automate
the process of allocating the insurance expense to avoid errors
when journal entries are entered manually.
In this walkthrough, you will learn how to:
➢ Create an intercompany expense allocation schedule for
insurance expenses

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92 | Expense Allocations

WALKTHROUGH | Using Expense Allocation

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ Process Purchase Transactions
➢ Create Expense Allocation Journal Entries
➢ View Allocation History

Scenario The accounts payable analyst received the monthly invoice from
Pacific Gas and Electric. When entering the bill, the AP analyst
codes the entire amount to the Admin department. As part of the
month-end close, the utilities expense needs to be allocated to the
appropriate departments.
In this walkthrough, you will learn how to:
➢ Create expense allocation journal entries
➢ View the allocation history

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 Expense Allocations | 93

MODULE EXERCISES

Student Exercises Duration

01 Create an Allocation Schedule* 5 minutes

02 Post Allocation Journal Entries 5 minutes

Scenario: Gill, Inc’s. corporate office purchase supplies in bulk and then distributes those
supplies to various departments. Each department is responsible for their portion of the cost
based on a percentage of head count.

In this exercise, you will create an allocation schedule to distribute the supplies expense to
various departments.

Create Expense Allocation Schedule

Make sure you are logged in as 04: US Controller.

Navigate to Financial > Lists > Create Allocation Schedules.

Enter the following in the Primary Information field group:

Field Description

Name Supplies Expense by Dept

Subsidiary US 1

Frequency Monthly

Next Date 12/31/20YY

Remind Forever Radio Button

Allocation Mode Fixed Allocation

Enter the following on the Source tab:

Field Description

Account 6230 Supplies Expense

Name Cray Inc.

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94 | Expense Allocations

Field Description

Department Unassigned

Location Unassigned

Class Unassigned

Click Add.

Click the Destination tab.

Check Values are Percentages, and select Normalize.

Enter the following for the Admin department:

Field Description

Account 6230 Supplies Expense

Name Cray Inc.

Department Admin

Location Unassigned

Class Leave blank.

Weight 30

Click Add.

Enter the following for the Accounting department:

Field Description

Account 6230 Supplies Expense

Name Cray Inc.

Department Accounting

Location Unassigned

Class Unassigned

Weight 25

Click Add.

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 Expense Allocations | 95

Enter the following for the Marketing department:

Field Description

Account 6230 Supplies Expense

Name Cray Inc.

Department Marketing

Location Unassigned

Class Unassigned

Weight 45

Click Add.

Click Save.

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96 | Expense Allocations

Scenario: The accounts payable department received an invoice from Cray Inc. the supplier of
office supplies for Gill Inc. The accounts payable clerk creates the bill and does not associate
it with a department, class or location. As part of the month-end close process, the supplies
expense account needs to be allocated to the appropriate departments.

In this exercise, you will create a bill and create expense allocation journal entries to transfer
the amount to the assigned departments.

Process Purchase Transactions

Navigate to Vendors > Purchases > Enter Bills.

Enter the following in the Primary Information field group:

Field Description

Form Standard Vendor Bill

Vendor Cray Inc.

Account 2000 Accounts Payable

Amount 2500

Currency USD

Exchange Rate 1.0

Due Date 12/15/YYYY (Current year)

Date 12/1/YYYY (Current year)

Posting Period Dec YYYY (Current year)

Approval Status Approved

In the Classification field group, select US 1 as the subsidiary.

Click the Expenses and Items subtab, Expenses sublist, and enter the following:

Field Description

Category Leave blank.

Account 6230 Supplies Expense

Amount 2500

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 Expense Allocations | 97

Field Description

Department Leave blank.

Location Leave blank. Clear the field if a location is

displayed.

Click Add.

Click Save.

Create Expense Allocation Journal Entries

Navigate to Financial > Lists > Create Allocation Schedules > List.

Click View next to the Supplies Expense by Dept schedule.

On the allocation schedule, click Create Journal Entry.

On the Journal page, review the debits and credits on the Lines subtab.

View Schedule History

Click Recent Records to return to the allocation schedule.

On the Allocation Schedule page, click the History tab.

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98 | Expense Allocations

NetSuite: Financial Management

 Financial Reports and Standard KPIs | 99

FINANCIAL REPORTS AND STANDARD KPIS

Overview and Objectives

Overview
This module provides an overview of the standard financial statements available, how
NetSuite constructs a financial statement, and how to setup the KPI portlet with standard
KPIs.

Objectives

❖ Identify the structure of a financial statement

❖ Set up standard KPIs

Student Exercises

This module includes the following hands-on exercises:

⚫ Exercise 01: Run an Income Statement

⚫ Exercise 02: Add a Standard KPI to the Home Dashboard

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100 | Financial Reports and Standard KPIs

WALKTHROUGH | Types of Financial Statements

Tasks to be This walkthrough will review the following financial statements and
Demonstrated runtime options:
➢ Income Statement
➢ Budget Income Statement
➢ Balance Sheet
➢ Cash Flow
➢ Footer options

Scenario The Controller needs to become familiar with the types of financial
statements available.
In this walkthrough, you will review:
➢ Available NetSuite Financial Statements and footer settings

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 Financial Reports and Standard KPIs | 101

WALKTHROUGH | Financial Report Builder

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ Access Financial Report Builder
➢ Header/Summary rows
➢ Financial sections
➢ Formula rows
➢ Text rows and reference rows

Scenario Now that the Controller is familiar with the types of Financial
Statements available, he needs to understand how to utilize the
Financial Report Builder in order to customize statements that
meet company requirements.
In this walkthrough, you will review:
➢ Elements of the Financial Report Builder

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102 | Financial Reports and Standard KPIs

WALKTHROUGH | Set Up KPI Portlet and Work with KPIs

Tasks to be During this walkthrough, we will demonstrate the following tasks:

Demonstrated
➢ Set up the KPI portlet
➢ Configure the KPIs
➢ Configure KPI headlines
➢ Analyze KPI data
➢ Refresh KPIs

Scenario The Controller wants to track specific metrics and quickly spot
changes in the business but doesn’t want to spend time running
reports and drilling for data.
In this walkthrough, you will learn how to:
➢ Set up the KPI portlet on the Home Dashboard
➢ Configure standard KPIs
➢ Refresh KPIs

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 Financial Reports and Standard KPIs | 103

MODULE EXERCISES

Required Exercises Duration

01 Run an Income Statement 5 minutes

02 Add a Standard KPI to the Home Dashboard 5 minutes

Scenario: The Controller needs to become familiar with the footer options available when
running financial statements.

Run an Income Statement (Profit and Loss)

Make sure you are logged in as 04: US Controller.

Navigate to Reports > Reports Overview.

Expand the Financial field group, if necessary.

Review the available standard NetSuite financial reports.

Select Income Statement (or Profit and Loss).

Change Footer Options

Modify the filters at the bottom of the report:

Filter Select/Enter

Subsidiary Context Americas (Consolidated)

Column Total

Period This Fiscal Year

Refresh the report.

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104 | Financial Reports and Standard KPIs

In this exercise, you add a standard Trend Graph portlet to the Home Dashboard.

Add a Trend Graph to the Home Dashboard

Click Personalize in the top right corner of the Home page.

Select the Trend Graph portlet.

Close the Personalize Dashboard menu.

Click Set Up in the Trend Graph portlet.

The default for this trend graph is Sales by month. To see another view, choose another
option on the menu such as Receivables.

Change the Period to Calculate Moving Average to 3.

Click Save.

Practice switching between different types of graphs by using the graph type buttons in
the upper right corner of the graph.

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 Period and Year End Close | 105

PERIOD AND YEAR END CLOSE

Overview and Objectives

Overview
This module provides an overview of the steps required to close a period and the features in
NetSuite designed to assist with managing the period/year end process.

Objectives

❖ Manage multiple (fiscal) calendars

❖ Use the Period Close Checklist
❖ Lock, close and reopen an accounting period
❖ Explain an automatic and manual close
❖ Create accounting (fiscal) periods and years
❖ Generate customer statements

Student Exercises
This module includes the following hands-on exercises:

⚫ Exercise 01: Close Accounting Periods

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106 | Period and Year End Close

WALKTHROUGH | Lock AP, AR, All

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ Access checklist
➢ Lock AR
➢ Lock AP
➢ Lock All

Scenario Gill, Inc.’s business process is to lock accounts payable and

accounts receivable as of the last day of the month to prevent any
further entries from being made to these accounts. The general
ledger is locked on the fifth (5) business day after the end of the
month to allow time for the accounting department to post month-
end journal entries.
In this walkthrough, you will learn how to:
➢ Access the NetSuite Period Close Checklist
➢ Lock AR, AP for the US 1 subsidiary
➢ Lock All for all subsidiaries

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 Period and Year End Close | 107

WALKTHROUGH | Perform Monthly Closing Activities

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ Generate customer statements
➢ Reconcile subledger reports

Scenario As part of the month-end close process, Gill, Inc.’s accounting

department generates customer statements to remind them of
invoices due. And, now that the accounts receivable and accounts
payable accounts are locked, the accountant can start reconciling
the subledgers to the financial reports.
In this walkthrough, you will learn how to:
➢ Generate customer statements
➢ Generate the AR and AP Register reports

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108 | Period and Year End Close

WALKTHROUGH | Inventory Period Close Tasks

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ Resolve date/period mismatch
➢ Review negative inventory
➢ Review inventory cost accounting
➢ Review inventory activity

Scenario The accountant needs to check for inventory cost and quantity
inconsistencies before closing the inventory tasks on the checklist.
In this walkthrough, you will learn how to:
➢ Reconcile transactions that are not dated within the
corresponding financial period
➢ Identify negative inventory that can be corrected
➢ Run the costing accounting process
➢ Run the Inventory Activity Detail report

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 Period and Year End Close | 109

WALKTHROUGH | Multiple Currencies and OneWorld Period Close

Tasks

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ Create intercompany adjustments
➢ Revalue open foreign currency balances
➢ Calculate consolidated exchange rates

Scenario Prior to preparing subsidiary and consolidated financial statements

the accounting department needs to account for foreign currency
transactions.
In this walkthrough, you will learn how to:
➢ Close create intercompany adjustments
➢ Revalue open foreign currency balances
➢ Calculate consolidated exchange rates

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110 | Period and Year End Close

WALKTHROUGH | Eliminate Intercompany Transactions

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ Intercompany Reconciliation Report
➢ Eliminate Intercompany Transactions
➢ Intercompany Elimination Report

Scenario During the month, the United States subsidiary paid office
expenses on behalf of US 1 and an intercompany journal entry
was created to account for the amount due from/due to for each
subsidiary. Gill, Inc. has the Automated Intercompany
Management feature enabled so that intercompany journal entries
are automatically eliminated during the month-end close process.
In this walkthrough, you will learn how to:
➢ Generate the Intercompany Reconciliation report to identify
unmatched or incorrectly matched intercompany transactions
➢ Post elimination journal entries for the period
➢ Generate the Intercompany Elimination report to view
transactions marked for elimination and the resulting journal
entries

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 Period and Year End Close | 111

WALKTHROUGH | Closing and Reopening Periods

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ Close a period
➢ Quick close accounting preference
➢ Reopen a closed period
➢ System and user notes

Scenario The accounting department has reconciled and verified all month-
end closing activities and informed the controller that the period
can be closed. Later, the controller is informed that a material
journal entry was missed and needs to be recorded in the closed
period.
In this walkthrough, you will learn how to:
➢ Close a period
➢ Reopen a closed period
➢ Track system notes and create user notes

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112 | Period and Year End Close

WALKTHROUGH | Year End Reporting and Preparing for the Next

Fiscal Year

Tasks to be During this walkthrough, we will demonstrate the following tasks:

Demonstrated
➢ Review automatic close
➢ Create new fiscal year

Scenario Now that the year has been closed, Gill, Inc. needs to provide their
financial statements to the board of directors and set up the next
open fiscal year.
In this walkthrough, you will learn how to:
➢ Generate an income statement and balance sheet to show
how automatic close works in NetSuite
➢ Set up a full year for the standard fiscal calendar

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 Period and Year End Close | 113

MODULE EXERCISES

Student Exercises Duration

01 Close Accounting Periods 10 minutes

Scenario: Gill, Inc.’s accounting department has completed its month-end closing operations.
The Controller now needs to begin closing the period in NetSuite.

In this exercise, you will use NetSuite’s Period Close Checklist to close the period.

Access the Period Close Checklist

Make sure you are logged in as 04: US Controller.

Navigate to Setup > Accounting > Manage Accounting Periods.

On the Manage Accounting Periods page, ensure the Filters is set to Standard Fiscal
Calendar.

Click Expand All.

Locate the oldest open period.

Click the checklist icon to open the Period Close Checklist for the selected period.

Lock AR, AP, All

Click the Go to Task (green arrow) for Lock AR.

Click Mark All to select all subsidiaries.

Click Submit.

Repeat the above steps to lock AP and All.

Notice how the Status has changed from Open to Closed for Lock AR, AP, and All.

Note: You could select Lock All to lock AR, AP and GL at one time.

Once the tasks are locked, posting to these accounts are prohibited unless a user has
the Override Period Restriction permission.

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114 | Period and Year End Close

Resolve Date/Period Mismatches

Click Go to Task (green arrow) for Resolve Date/Period Mismatches.

Click Resolve Date/Period Mismatches.

If there are records that are mismatched, you could click Edit to change the posting
period to match the date. Click Save.

Click Back to Period Close.

Click Mark Task Complete.

Inventory Period Close Tasks

Click Go to Task (green arrow) for Review Negative Inventory.

Click Review Negative Inventory.

Change the Location to US East Distribution Center.

Note: Negative inventory values can be corrected by a positive adjustment;

however, this is not covered in this course.

Click Back to Period Close.

Click Mark Task Complete.

Note: You can mark the task complete even though you didn’t take any action to
correct the negative inventory.

Click Go to Task (green arrow) for Review Inventory Cost Accounting.

Click Review Inventory Cost Accounting.

Ensure that there are no costing items to be corrected and that Cost of Goods Sold
(COGS) are not already currently running.

Click Back to Period Close.

Click Mark Task Complete.

Click Go to Task (green arrow) for Review Inventory Activity.

Click Review Inventory Activities. This opens a customizable version of the Inventory
Activity Detail report.

Use the Back arrow to return to the Review Inventory Activity task.

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 Period and Year End Close | 115

Click Mark Task Complete.

OneWorld Period Close Tasks

Click Go to Task (green arrow) for Create Intercompany Adjustments.

You will not create any automated adjustments for intercompany expenses.

Click Mark Task Complete.

Click Go to Task (green arrow) for Revalue Open Foreign Currency Balances.

Click Currency Revaluation.

On the Month End Currency Revaluation page, enter the following:

Field Description

Subsidiary Gill Inc HQ

Include Children Checked

Match Source Classification Unchecked

Account Category All

Click Save.

Click Mark Task Complete.

Click Go to Task (green arrow) for Calculate Consolidated Exchange Rates.

Click Calculate Consolidated Exchange Rates.

Click Calculate.

Click Back to Period Close.

Click Mark Task Complete.

Click Go to Task (green arrow) for Eliminate Intercompany Transactions.

Click Run Intercompany Eliminations.

Clear the Location field. Then click Save.

Click Mark Task Complete.

Close the Period

Click Go to Task (green arrow) for Close.

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116 | Period and Year End Close

Click Close Period.

Navigate to Setup > Accounting > Manage Accounting Periods to verify the period is
closed.

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 Smart Dashboards | 117

SMART DASHBOARDS
Overview and Objectives

Overview
This module provides an overview of incorporating analytics on the dashboard and distribute
custom smart dashboards to specific roles.

Objectives

❖ Define dashboard layouts

❖ Set up and use trend graphs
❖ Publish searches and report snapshots
❖ Add KPI meters
❖ Set up reminders
❖ Add shortcuts
❖ Publish dashboards

Student Exercises

This module includes the following hands-on exercises:

⚫ Exercise 01: Set Up Your Dashboard

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118 | Smart Dashboards

WALKTHROUGH | Personalize Your Home Dashboard

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ Define the dashboard layout
➢ Add SuiteAnalytics

Scenario Each member of the accounting department has their own

individual needs and would like to have access to their most
important data at their fingertips on the Home Dashboard.
In this walkthrough, you will learn how to:
➢ Choose layouts that work best for you and your screen size
➢ Create a unique dashboard based on your needs

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 Smart Dashboards | 119

WALKTHROUGH | Set Up and Use Trend Graphs

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ Add trend graphs to the home dashboard
➢ Set up standard trend graph portlets

Scenario The accounting department would like to further define their Home
Dashboard by adding trend graphs that illustrate the differences in
KPI data values over time.
In this walkthrough, you will learn how to:
➢ Personalize the Home Dashboard with standard and custom
trend graphs

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120 | Smart Dashboards

WALKTHROUGH | Publish Searches and Snapshots

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ Publish search
➢ List portlet
➢ Report snapshots

Scenario The accounting department would like to further define their Home
Dashboard by having immediate access to report’s summary data
and saved searches.
In this walkthrough, you will learn how to:
➢ Add a custom search portlet
➢ Add a list portlet
➢ Add a standard report snapshot

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 Smart Dashboards | 121

WALKTHROUGH | Add Additional Portlet Types

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ KPI Meters
➢ Reminders
➢ Shortcuts
➢ Calendar

Scenario The accounting department would like to further define their Home
Dashboard by visually displaying data for a KPI and adding
portlets that allow them to take action immediately.
In this walkthrough, you will learn how to:
➢ Add and set up a KPI meter portlet
➢ Add a reminder
➢ Add a shortcut
➢ Add a calendar portlet

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WALKTHROUGH | Publishing Dashboards

Tasks to be This walkthrough will demonstrate the following tasks:

Demonstrated
➢ Create and assign a customized role
➢ Customize dashboard layout and content
➢ Select dashboard roles and settings
➢ Select the tabs
➢ Set dashboard restriction modes

Scenario The AP Manager has asked the Controller to publish a Home

Dashboard for the AP Analysts so that every AP Analyst has the
same dashboard, with limited ability to modify it. They have
discussed the content to be added and the layout of the portlets.
In this walkthrough, you will learn how to:
➢ Customize the AP Analyst role and assign it to Controller role
➢ Design the Home Dashboard
➢ Publish the Dashboard

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MODULE EXERCISES

Student Exercises Duration

01 Set Up Your Dashboard 10 minutes

Scenario: As a member of the accounting department for Gill, Inc. you have your own needs
and would like to have access to the most important data at your fingertips.

In this exercise, you will personalize the Home dashboard to display various SuiteAnalytics.

Add a Report Snapshot

Make sure you are logged in as 04: US Controller.

Click Personalize in the top right corner of the Home dashboard.

Add a Report Snapshots portlet.

Close the Personalize Dashboard menu.

Click Set Up in the Report Snapshots portlet.

From the Snapshot dropdown list, select Invoices.

Change the Display Type to List.

Click Save.

Add a Custom Reminder

Click Set Up in the Reminders portlet.

Select Custom from the Type dropdown list.

Select the Campaigns by Profitability saved search.

Click Save.

Click the Edit pencil icon to edit the reminder.

Check Display as Headline.

Click + Add Rule to set highlighting rules.

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Change the color and set the greater than or equal to parameter.

Click Save.

Add a Trend Graph

Click Personalize.

Add a Trend Graph portlet.

Close the Personalize Dashboard menu.

Click Set Up in the Trend Graph portlet.

Select Bank Balance from the KPI field and define the attributes.

Click Save.

Change the Create New Menu

Hover over Create New Menu and click Personalize at the end of the list.

Check links that are important to a Controller. Uncheck those not relevant. Re-arrange
so that the links display in a logical order.

Click Save.

Add and Arrange the Portlets

Select other portlets, as desired.

Organize the dashboard by dragging and dropping the portlets.

Note: Remember design considerations. Dashboards should not be too busy or

overloaded with information.

NetSuite: Financial Management