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Setting Accounting Preferences in Netsuite

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Setting Accounting Preferences in Netsuite

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Setting Accounting Preferences

Published 03/04/2011 11:02 AM | Updated 08/07/2014 11:59 PM | Answer Id: 7672 NetSuite provides many accounting preferences that determine the flow of the accounting management user interface in your account. Preferences can be set at Setup > Accounting > Preferences > Accounting Preferences ( Administrator ), by a user who has the Set Up Accounting permission. These preferences should be defined when your account is first set up. You can change most of them at any time. The accounting preferences that can be set depend upon the NetSuite product purchased and the features enabled for your account. The following sections describe accounting preferences, grouped by the subtabs of the Accounting Preferences page where they are displayed:

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General Accounting Preferences

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Items/Transactions Accounting Preferences

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Order Management Accounting Preferences

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Projects Accounting Preferences

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Time & Expenses Accounting Preferences

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Approval Routing Accounting Preferences

Important

Click the Audit Trail link in this page header to review a list of changes to accounting preferences including the users who made the changes, dates of the changes, and preference values before and after changes. This list includes preferences that have been reset through scripting. See Auditing Account Preferences.

Invoicing, Inventory, and Finance Charge preferences also are available from additional menu options at Setup > Accounting. See Global Invoicing Preferences and Inventory Management Preferences.

General Accounting Preferences

The following types of preferences are available on the General subtab of the Accounting Preferences page:

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General Ledger

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Accounts Receivable

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Accounts Payable

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Classifications

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Revenue Recognition

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Amortization

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OneWorld

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Budget

General Ledger

Use Account Numbers

–

Choose to see both account numbers and names for general ledger accounts in lists, your chart of accounts, and most financial reports. Clearing this box will give you shorter fields on reports and forms.

Expand Account Lists

–

Choose your setting for account lists.



Clear this box to restrict lists to frequently use accounts. For example, income and expense accounts can be chosen on items to be resold, or expense accounts can be chosen on purchases.

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Check this box to enable additional choices in account lists. For example, select Cost of Goods Sold and balance sheet accounts for items, or asset accounts for vendors.

Cash Basis Reporting

–

Check this box to set standard reports to be on a cash basis rather than accrual basis, for all reports that support this choice. This setting also determines the default for custom reports created from standard reports that support cash basis. You can modify this setting for an individual custom report by setting the Cash Basis option on the More Options page of the Report Builder or Financial Report Builder. See Setting Up Cash Basis Reporting.

Aging Reports Use

–

Click Due Date to age by the due date assigned for bills and invoices. Click Transaction Date to age by the date of the bill or invoice.

Void Transactions Using Reversing Journals

–

Enable this preference to create a reversing journal entry that voids checks and transactions on days or periods different from the original transaction date. When enabled, clicking the Void button on transactions creates a reversing journal entry.

Require Approvals on Journal Entries

–

Choose to require approval of journal entries entered by employees before they post to your general ledger. Employees with approval permission can mark their journal entries approved when entering them.

Note

If you edit a sales order while using a role with permission to approve sales orders, a sales order status is not set to the Pending Approval status.

Enable Accounting Period Window

–

Automatically maintain a minimum number of unlocked current and future accounting periods. By default, this preference is not enabled. Use the Minimum Period Window Size preference to set the number of unlocked periods for the window. Enabling this feature also sets the Allow Transaction Date Outside of Posting Period preference to Disallow. You can reset the preference manually to Warn or Allow if you want.

Minimum Period Window Size

–

Set the number of unlocked current and future accounting periods for the accounting period window. The window size must be at least 1, and the maximum is 1000. NetSuite checks daily to verify that at least this number of current and future accounting periods are unlocked and automatically unlocks the next future period as needed. The query runs daily at 11 PM Auckland, New Zealand time zone (GMT +12).

Allow Transaction Date Outside of Posting Period

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Set a preference for handling mismatched transaction entry. Select one of the following:

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Disallow

–

When you choose this setting, users are not permitted to save a transaction unless the transaction date is within the date range for the posting period selected.

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Warn

–

When you choose this setting, users are warned when a transaction date is not within the date range for the posting period selected. Users can click Ok on the warning and save the transaction.

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Allow

–

When you choose this setting, users can enter a transaction even if the date is not within the date range for the posting period selected. No warning is given to the user before the transaction is saved.

GL Audit Numbering Method

–

Choose when the G/L audit numbering task is available to be processed as part of closing a period. The G/L audit numbering task can be performed only in the last month of the fiscal year, period, or quarter. When you run G/L audit numbering by quarter or year, transactions in closed periods are also numbered.

Note

The GL Audit Numbering Method field is visible only when the GL Audit Numbering feature is enabled. You can enable GL Audit Numbering at Setup > Company > Enable Features > Accounting under Basic Features. The Accounting Periods feature is a requirement for using the GL Audit Numbering feature.

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Warning

Changing the GL Audit Numbering Method preference may cause previously numbered transactions to be assigned new numbers.

Accounts Receivable

Accept Payments Through Top-Level Customer Only

–

Check this box if you want to apply payments, deposits, and credit only the through the top level customer in a customer-subcustomer hierarchy. Leave this box clear if you want to be able to apply payments, deposits, and credits to any open invoice entered for any customer or subcustomer in a customer hierarchy. This preference is available only if you have enabled the Consolidated Payments feature.

Show Only Open Transactions on Statements

–

Choose to view only open transactions when you view or print statements.

Customer Credit Limit Handling

–

Select your preferred handling method for when a customer exceeds their allowed credit limit:

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Ignore

–

Select this method to enter sales orders and invoices without a warning for a customer at or above their credit limit.

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Warn Only

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Select this method to generate a warning when a sales order or invoice is entered that puts the customer at or above their credit limit. You can choose to enter or cancel the transaction after the warning has appeared.

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Enforce Holds

–

Select this method to block the entry of a sales order or invoice that puts the customer at or above their credit limit. This method also blocks the addition of items to existing orders for customers at or above their credit limit.

Note

This preference does not affect the entry of opportunities, estimates, or cash sales. The setting you choose applies to all employees unless you enable an override that permits individuals to set their own preference. To do so, an administrator must allow an override of the company setting at Setup > Company > Preferences > General Preferences.

Open Transactions on Statements

–

Select your preferred handling method when you generate statements:

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Open Transactions by Today

–

If you generate statements and check the Show Only Open Transactions box, only invoices with payment dates after the current date are included. You're Reading a Free Preview Page 4 is not shown in this preview.

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Open Transactions by Statement Date

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If you generate statements and check the Show Only Open Transactions box, only transactions open by the statement date are included. The balance shown is as of the statement date.

Customer Credit Limit Includes Orders

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Clear this box to include only billed orders when you make credit limit calculations. Check this box to include orders that are entered but not yet billed when you make credit limit calculations. This ensures that customers do not place orders over their credit limit.

Note

Unbilled orders are included whether or not they are approved. Closed and canceled orders are not included in these calculations.

Days Overdue for Warning/Hold

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Set this preference to manage customers that are delinquent in making payments. Define a grace period after the due date of invoices, after which, customers are unable to place new orders on terms until they have paid their overdue invoices. In this field, enter the number of days overdue at which you want to generate a warning.

Include Tax for Term Discounts

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Check this box to include taxes for term discount calculations. (See example below.)

Include Shipping for Term Discounts

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Check this box to include shipping charges for term discount calculations. For example, an invoice has terms of 1% Discount Net 30. If a customer pays within 30 days, they receive a 1% discount.

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Total amount for items sold = $1000

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Tax = 10% ($100)

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Shipping= $100

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If the Include Tax for Term Discounts preference is on, the discount is 1% * $1100.

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If the Include Shipping for Term Discounts preference is on, the discount will be 1% * $1100.

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If both preferences are

on

(Include Tax for Term Discounts and Include Shipping for Term Discounts), the discount is 1% * $1200.

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If both preferences are

off

(Include Tax for Term Discounts and Include Shipping for Term Discounts), the discount is 1% * $1000.

Accounts Payable

Default Vendor Payments To Be Printed

–

Enable this preference to check the To Be Printed box by default when processing bill payments. You're Reading a Free Preview Page 5 is not shown in this preview.

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Vendor Credit Limit Warnings

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Check this box to receive a warning when you exceed the credit limit for a vendor. The setting you choose applies to all employees unless you enable an override that permits individuals to set their own preference. To do so, an administrator must allow an override of the company setting at Setup > Company > Preferences > General Preferences ( Administrator ).

Vendor Credit Limit Includes Orders

–

Clear this box to include only billed orders when you make vendor credit limit calculations. Check this box to include purchase orders that are entered but not yet billed when you make vendor credit limit calculations. This ensures that vendors do not have new orders entered over their credit limit. Unbilled orders are included whether or not they are approved. Closed and canceled orders are not included in these calculations.

Classifications

Make Departments (Divisions) Mandatory

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Check this box to make the Department field required on records and transactions. If you enable the preference to make departments mandatory and use a form customized to display a department at both the header and line level, the selection is mandatory at both the header and line level.

Make Classes (Sales Channels) Mandatory

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Check this box to make the Class field required on records and transactions. If you enable the preference to make classes mandatory and use a form customized to display a class at both the header and line level, the selection is mandatory at both the header and line level.

Make Locations (Warehouses) Mandatory

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Check this box to make the Location field required on records and transactions. If you enable the preference to make locations mandatory and use a form customized to display a location at both the header and line level, the selection is mandatory at both the header and line level.

Allow Per-Line Departments (Divisions)

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Clear this box to select a department in the header of a transaction. When this preference is disabled, the department chosen in the header applies to all line items on the transaction. Check this box to associate a department with individual line items on a transaction. When this preference is enabled, you can choose a different department for each line item on transactions. If you enable this preference, you can customize forms to select a department at both the header and line level at the same time. For more information, see Customizing Forms for Per-Line and Header Classifications. You're Reading a Free Preview Page 6 is not shown in this preview.

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