bad+debt

http://www.exploreconsulting.com/netsuite_tips_and_tricks.htm#netsuite_tip_90 Fiscal calendars are also reflected in Quotas, Forecasts, Commissions, and Budgets.
 * Fiscal Calendars **
 * Create new fiscal calendars. A new menu item, Fiscal Calendars, is available at Setup > Accounting > Manage G/L > Fiscal Calendars. Set the First Fiscal Month for the calendar.
 * Assign fiscal calendars to subsidiaries. You can assign only one fiscal calendar at a time to a subsidiary.
 * On the Manage Accounting Periods page, select the fiscal calendar to view the accounting period rollup for the subsidiaries that use that fiscal calendar.
 * Click Set Up Full Year button and create the accounting periods for the fiscal calendar selected.

Writing off Bad Debt

This tip walks you through the steps of writing off a bad debt in NetSuite. Bad debts are unpaid invoice amounts that you cannot collect from customers. Writing off bad debt cleans up your accounts receivable register and gives you a more accurate estimate of the payments your company expects to receive.

To accurately write off bad debt for an invoice, you need to create a journal entry, credit the amount of the unpaid invoice to your //Accounts Receivable account// and debit the amount of the unpaid invoice to your //Bad Debt expense account//.

1. Go to Transactions > Financial > Make Journal Entries (Administrator). 2. In the Entry No. field, accept the default or enter a different number, if possible. 3. Accept or enter a date in the Date field. 4. If you use accounting periods, select one in the Posting Period field. 5. On the Lines subtab: 6. Verify that the Out of Balance field shows 0.00. Verify that the credit amount and debit amount(s) are equal to each other, and are for the exact amount of the invoice. //Note: You cannot save a journal entry that is out of balance.// 7. Click Save. <span style="background-color: rgba(255,255,255,0); text-decoration: none;">
 * <span style="background-color: rgba(255,255,255,0);">Journal Entry Steps: **
 * 1) <span style="background-color: rgba(255,255,255,0);">Enter a credit to A/R: In the Account field, select your Accounts Receivable account. In the Credit field, enter the amount of the invoice for which you do not expect to receive payment for. Enter other information on this line item as necessary. Click Add.
 * 2) <span style="background-color: rgba(255,255,255,0);">Enter a debit to a bad debt account: In the Account field, enter or select your Bad Debt Expense account. In the Debit field, enter the amount of the invoice for which you do not expect to receive payment. Enter other information on this line item as necessary and click add.

<span style="background-color: rgba(255,255,255,0);">To accept a customer payment to credit an invoice for which you do not expect payment: <span style="background-color: rgba(255,255,255,0);">1. Go to Transactions > Customers > Accept Customer Payments (Administrator). <span style="background-color: rgba(255,255,255,0);">2. Select the customer with the unpaid invoice. <span style="background-color: rgba(255,255,255,0);">3. On the Credit subtab of the Apply subtab, check the Apply box for the journal entry you just created. <span style="background-color: rgba(255,255,255,0); text-decoration: none;">

<span style="background-color: rgba(255,255,255,0);">4. On the Invoices subtab of the Apply subtab, check the Apply box for the unpaid invoice. Verify that the Payment Amount is set to 0.00. <span style="background-color: rgba(255,255,255,0); text-decoration: none;">

<span style="background-color: rgba(255,255,255,0);">5. Click Save.

<span style="background-color: rgba(255,255,255,0);">Once this payment record is saved, the invoice no longer is included in the Open Invoices report or in A/R Aging reports. You do not need to void the invoice. Note that the payment is not included in the customer payments list page, because the payment amount is now 0.00.

<span style="background-color: rgba(255,255,255,0);"> <span style="background-color: rgba(255,255,255,0);">//Click image to enlarge//

<span style="background-color: rgba(255,255,255,0); text-decoration: none;">

<span class="title2" style="background-color: rgba(255,255,255,0);">Workflow to Autoset Shipping Method Based on Items

<span style="background-color: rgba(255,255,255,0);">This tip shows how to create a workflow that will automatically set a pre-defined shipping item based on the type of items selected in the sales order.

<span style="background-color: rgba(255,255,255,0);">**Step 1** <span style="background-color: rgba(255,255,255,0);">Create a saved search for the input to the workflow. The criteria for the search will include all sales orders that needs the shipping item changed based on the item record selected in the sales order.

<span style="background-color: rgba(255,255,255,0);">**Step 2** <span style="background-color: rgba(255,255,255,0); color: #000000;"> <span style="background-color: rgba(255,255,255,0); color: #000000;">//Click image to enlarge//
 * <span style="background-color: rgba(255,255,255,0);">Navigate to Setup > Customization > Workflows > New
 * <span style="background-color: rgba(255,255,255,0);">Enter the name of the workflow
 * <span style="background-color: rgba(255,255,255,0);">Select the record type as Transaction
 * <span style="background-color: rgba(255,255,255,0);">Sub Type = Sales Order
 * <span style="background-color: rgba(255,255,255,0);">Trigger Type = After Record Submit

<span style="background-color: rgba(255,255,255,0); color: #000000;">**Step 3** <span style="background-color: rgba(255,255,255,0); color: #000000;">Create a new state. Enter the name and save it. <span style="background-color: rgba(255,255,255,0); color: #000000;">//Click image to enlarge//

<span style="background-color: rgba(255,255,255,0); color: #000000;">**Step 4** <span style="background-color: rgba(255,255,255,0); color: #000000;">Create a new action to set the field value based on the saved search, as shown the figure below. Then save the action. <span style="background-color: rgba(255,255,255,0); color: #000000;"> <span style="background-color: rgba(255,255,255,0); color: #000000;">//Click image to enlarge//

<span style="background-color: rgba(255,255,255,0); color: #000000;">Release the workflow in testing state first, run some tests and if everything tests correctly then change status to “Released.”

<span class="title2" style="background-color: rgba(255,255,255,0);">Profit Margin Percentage on Income Statement

<span style="background-color: rgba(255,255,255,0); color: #000000;">This tip shows how to add a margin percentage line in the income statement. This will enable you to see what your profit margins are from various sales channels at a glance.

<span style="background-color: rgba(255,255,255,0); color: #000000;">**Example** <span style="background-color: rgba(255,255,255,0); color: #000000;">For this example we have assumed a company that has a single product line with three different channels Online, Retail and Packages

<span style="background-color: rgba(255,255,255,0); color: #000000;">To create an income statement with margins navigate to Reports>Financial>Income Statement set the date range for example from 1/1/2012 to 5/31/2012 and Column to Month and hit the Customize button. <span style="background-color: rgba(255,255,255,0); color: #000000;">
 * 1) <span style="background-color: rgba(255,255,255,0);">Add Header and Summary Rows. Rename it to Product Line = “A". Set it as Child of Net Revenue.

<span style="background-color: rgba(255,255,255,0); color: #000000;">//Click image to enlarge//

<span style="background-color: rgba(255,255,255,0); color: #000000;">
 * 1) <span style="background-color: rgba(255,255,255,0);">Add Header and Summary Rows. Rename it to “Online” and set it as Child of “A”.

<span style="background-color: rgba(255,255,255,0); color: #000000;">//Click image to enlarge//

<span style="background-color: rgba(255,255,255,0); color: #000000;">
 * 1) <span style="background-color: rgba(255,255,255,0);">Add Financial Section. Rename it to “Online” and set it as Child of “Online”, Summary Label=F, and Display=Collapsed. Set filter to Account Name=”Online”.’

<span style="background-color: rgba(255,255,255,0); color: #000000;">//Click image to enlarge//


 * 1) <span style="background-color: rgba(255,255,255,0);">Add Financial Section. Rename it to “Online COGS” and set it as Child of “Online”, Summary Label=F, and Display=Collapsed. Set filter to Account Name=”Online COGS”.

<span style="background-color: rgba(255,255,255,0);">

<span style="background-color: rgba(255,255,255,0);">//Click image to enlarge//

<span style="background-color: rgba(255,255,255,0); color: #000000;">
 * 1) <span style="background-color: rgba(255,255,255,0);">Add Formula Row and unmark Show Currencies checkbox. Set the following Formula. (([Onlline] + [Online COGS]) / [Online] * 100.0)

<span style="background-color: rgba(255,255,255,0); color: #000000;">//Click image to enlarge//


 * 1) <span style="background-color: rgba(255,255,255,0);">Follow the same steps for “Retail and Packages”.
 * 2) <span style="background-color: rgba(255,255,255,0);">Rename the report (“A” Income Statement) and hit Save.

<span class="title2" style="background-color: rgba(255,255,255,0);">Tiered Case Categories

<span style="background-color: rgba(255,255,255,0);">Here is a method to assign tiered case category and sub category to cases. Adding tiered category will allow you to track issues in greater detail.

<span style="background-color: rgba(255,255,255,0);">**Example** <span style="background-color: rgba(255,255,255,0);">In our example we will only look at 2 levels. We have created 2 Issue categories at the main level and a detailed issue at the sub-level category: <span style="background-color: rgba(255,255,255,0);">Note: You can create as many levels as required.
 * <span style="background-color: rgba(255,255,255,0);">Main Level labeled as: ‘Damaged Product’ and ‘Adverse Reaction’
 * <span style="background-color: rgba(255,255,255,0);">Sub-Issue for Damaged Product: ‘Odor’ and ‘Gelcap Broken’
 * <span style="background-color: rgba(255,255,255,0);">Sub-Issue for Adverse Reaction: ‘Diarrhea’ and ‘Vomiting’

<span style="background-color: rgba(255,255,255,0);">**STEPS IN NETSUITE** <span style="background-color: rgba(255,255,255,0);">**Create a New Custom Record** <span style="background-color: rgba(255,255,255,0);">Note: These record fields can only be created from within the custom record itself which in our example is called ‘Tiered Category Record’
 * <span style="background-color: rgba(255,255,255,0);">Create a record type [Setup > Customization > Record Type > New]
 * <span style="background-color: rgba(255,255,255,0);">Create the two fields from within the custom record (created in previous step) as shown circled above (labeled as 1)

<span style="background-color: rgba(255,255,255,0);"> <span style="background-color: rgba(255,255,255,0);">//Click image to enlarge//

<span style="background-color: rgba(255,255,255,0);">**Create Selections** <span style="background-color: rgba(255,255,255,0);">We will now create the selections that we want to appear in the case forms that the customer reps would select when creating a case. These selections can be created from multiple places. In this example we will go to the record shown above and click on ‘View Records’ (circled above & labeled as 2) <span style="background-color: rgba(255,255,255,0);">Note: The selections you see circled & labeled as 3 above come from a List/Record type of Multiple Select.
 * <span style="background-color: rgba(255,255,255,0);">Create a new record and select the options you want to assign to this record. In our example we create a record called ‘Adverse Reaction’ for a pharmaceutical company support case form.
 * <span style="background-color: rgba(255,255,255,0);">Select the sub-category selections you want to assign to this main category.

<span class="title2" style="background-color: rgba(255,255,255,0);">Accept Deposits on Sales Orders and Invoice Flows

<span style="background-color: rgba(255,255,255,0);">There are a number of great enhancements in NetSuite’s 2012.1 Release. One of them is the ability to accept deposits on sales orders and invoice flows. We’ve had several customers request this functionality. With Release 2012.1, it’s now quite simple to do so!

<span style="background-color: rgba(255,255,255,0);">This great new feature streamlines the order-to-cash process for companies that require deposits during the sales order process, especially those that take custom orders in B2B environments. After creating the sales order in Release 2012.1, you can simply click the new **Create Deposit** button to open a new deposit transaction linked to the order.

<span style="background-color: rgba(255,255,255,0);">

<span style="background-color: rgba(255,255,255,0);">//Click image to enlarge//

<span style="background-color: rgba(255,255,255,0);">Once the deposit is created and saved in NetSuite; it is reserved for future use. Upon invoicing, it is then automatically applied against the outstanding balance of the invoice. This helps greatly to reduce errors with accounts receivable when deposits are not correctly applied.

<span style="background-color: rgba(255,255,255,0);">For accounts receivable, NetSuite makes it easier than ever to accept, track and apply a sales order specific deposit to an invoice. Fields on the deposit are sourced in and a reference is established to the sales order.

<span class="title2" style="background-color: rgba(255,255,255,0);">NetSuite 2012.1 Feature - RETURN LABELS

<span style="background-color: rgba(255,255,255,0);">Many of Explore Consulting’s customers have been looking for a way to streamline their returns management process while improving customer service.

<span style="background-color: rgba(255,255,255,0);">The new Return Labels feature in release 2012.1 allows printing of a return label that's included in shipments during the fulfillment process, making it simple for customers to return items when necessary. This feature is only for customers shipping using FedEx.

<span style="background-color: rgba(255,255,255,0);">To print returns labels in NetSuite 2012.1, you must do the following:

<span style="background-color: rgba(255,255,255,0);">1) Set up return addresses for the company, subsidiary and/or location

<span style="background-color: rgba(255,255,255,0);">2) Next, on the Shipping Items screen, enable both the new Return Label Integration checkbox, and the FedEx service desired for returns

<span style="background-color: rgba(255,255,255,0);">3) To print Return Labels, select the new Integrated Return Label checkbox during Item Fulfillment and confirm the default Return Shipping Address.

<span style="background-color: rgba(255,255,255,0);">

<span style="background-color: rgba(255,255,255,0);">//Click image to enlarge//

<span style="background-color: rgba(255,255,255,0);">4) Once the label is printed, the return tracking number will be available, along with the shipment tracking number on the fulfillment record, Cash Sale page and the Return Authorization page.

<span style="background-color: rgba(255,255,255,0);">

<span style="background-color: rgba(255,255,255,0);">//Click image to enlarge//

<span class="title2" style="background-color: rgba(255,255,255,0);">Creating a Shared, Group Calendar in NetSuite

<span style="background-color: rgba(255,255,255,0);">Two of our customers recently asked us how to set one calendar as the default for all employees to share, thereby allowing everyone to easily view company-wide schedules and events in one place. They had mistakenly assumed that by having an individual share her or his individual calendar in NetSuite, this would perhaps create one shared calendar for all employees to see.

<span style="background-color: rgba(255,255,255,0);">In order for several employees to share one calendar in NetSuite, you must first create an employee group. You then set a default calendar for the group to share.

<span style="background-color: rgba(255,255,255,0);">The steps to create an employee group and set a default calendar are outlined below.

<span style="background-color: rgba(255,255,255,0);">**Step 1:** Create a new employee group in NetSuite by going to **Lists > Relationships > Groups > New**

<span style="background-color: rgba(255,255,255,0);">