NetSuite ERP

NetSuite ERP Software Solution

NetSuite ERP is a software solution for Enterprise Resource Planning (ERP).

To help you better understand NetSuite ERP, our NetSuite ERP certified & authorized consultants will discuss:

What is NetSuite ERP?

NetSuite ERP is a software solution for Enterprise Resource Planning (ERP) including company, subsidiaries, entities, segments, currencies, languages, accounting periods, accounting books, chart of account types, accounting contexts, accounting, accounting types, units of measure, item types, fixed assets management, leases management, expenses management, accruals, revenue management, advanced revenue management (ARM), allocation, taxes, transaction type groups, transaction numbering types, memorized transactions, approvals, order management, accounts payable, customer billing, accounts receivable, payment processing, collections and dunning, banking, budgets, forecasts, financials, financial planning and analysis (FP&A), intercompany management, intercompany transactions, intercompany elimination, file cabinet, administration and controls, internal controls and compliance, and analytics.

Contact Suite Certified to request NetSuite ERP software solution.

What is NetSuite ERP Company?

NetSuite ERP Company enables the management of a single separate legal entity representing the entire organization. Company can be domestic or international.

What are NetSuite ERP Subsidiaries?

NetSuite ERP Subsidiaries enable the management of a hierarchical structure of separate legal entities. Each subsidiary represents a separate legal entity within the organization. The hierarchical structure rolls up to a top-level root or parent subsidiary. Child subsidiaries can be created at lower levels in the hierarchical structure. Subsidiaries can be domestic or international. Company record provides some of the values used to create the top-level root or parent subsidiary record. For a subsidiary, the country selected determines the NetSuite edition and tax nexus associated with the subsidiary.

What are NetSuite ERP Entities?

NetSuite ERP Entities include company, subsidiaries, employees, vendors, leads, prospects, customers, partners, contacts, competitors, and other names. NetSuite entities enable duplicate entity management, other relationships linked records, vendor credit limit, customer credit limit, entity balances, and online access. NetSuite entities online access is available for employees (employee center), vendors (vendor center), customers (customer center/my account), and partners (partner center, advanced partner center).

What are NetSuite ERP Segments?

NetSuite ERP Segments include subsidiaries, locations, classes, departments, and custom segments. Segment balancing is the automated balancing of transactions by segment for custom segments.

What are NetSuite ERP Currencies?

NetSuite ERP Currencies enables multiple currencies, multi-currency customers, multi-currency vendors, currency exchange rates, currency consolidated exchange rates, currency budget exchange rates, cross currency triangulation, anchor currencies, direct rates, inverse rates, foreign currency variance, and currency revaluation. NetSuite foreign currency management is compliant with ASC 830, SFAS 52, and other foreign currency management regulations.

What are NetSuite ERP Languages?

NetSuite ERP Languages support multiple languages. NetSuite languages, including system-supported languages and additional configured languages, can be viewed in the user interface, websites, and customer printed transaction forms. Language translation uses translation collection translation strings, including stand-alone strings and custom strings.

What are NetSuite ERP Accounting Periods?

NetSuite ERP Accounting Periods allow for each transaction to be posted to an accounting period. NetSuite accounting periods can be locked for A/R, A/P, payroll, and all transactions. NetSuite accounting period close checklist includes up to 16 tasks, depending on the features enabled in NetSuite, to close an accounting period.

What are NetSuite ERP Accounting Books?

NetSuite ERP Accounting Books allow for one or more accounting books for book generic transactions, book specific transactions, general ledger, allocation, expense amortization, revenue recognition, currency revaluation, fixed asset depreciation, fixed asset revaluation, and statistical journals.

What are NetSuite ERP Chart of Account Types?

NetSuite ERP Chart of Account Types include accounts payable, accounts receivable, bank, cost of goods sold, credit card, deferred expense, deferred revenue, equity, expense, fixed asset, income, long term liability, other asset, other current asset, other current liability, other expense, other income, statistical, and unbilled receivables.

What are NetSuite ERP Accounting Contexts?

NetSuite ERP Accounting Contexts enable assignment of a different account number, account name, and language to each account, in the chart of accounts, for each subsidiary. NetSuite accounting contexts are applicable to transactions, searches, and reports.

What is NetSuite ERP Accounting?

NetSuite ERP Accounting includes chart of accounts, chart of account types, general ledger, general ledger account type numbers, general ledger account type normal balances, general ledger account opening balances, general ledger account impacts, subledger, accounting segments, accounting periods, accounting books, accounting contexts, and accounting types. NetSuite accounting supports accounting standards including Generally Accepted Accounting Principles (GAAP), Financial Accounting Standards Board (FASB), and Accounting Standards Codification (ASC).

What are NetSuite ERP Accounting Types?

NetSuite ERP Accounting Types include cost accounting, accrual accounting, cash basis accounting, financial accounting, governmental accounting, fund accounting, not-for-profit accounting, and lease accounting.

What are NetSuite ERP Units of Measure?

NetSuite ERP Units of Measure enables defining units used to stock, purchase, consume, and sell items, and track statistical (non-monetary) accounts.

What are NetSuite ERP Item Types?

NetSuite ERP Item Types include inventory, assembly/BOM, kit/package, group, lot numbered, serialized, matrix, non-inventory, service, other charge, expense, download, discount, markup, gift certificate, payment, subtotal, and description. Item Options feature allows for options or attributes to be assigned to items. Item Pricing feature allows for item pricing based on subsidiaries, currencies, price levels, and/or quantity brackets. Merchandise Hierarchy feature allows for items to be organized in a hierarchical structure.

What is NetSuite ERP Fixed Assets Management?

NetSuite ERP Fixed Assets Management enables fixed assets proposal, creation, acquisition, depreciation, revaluation, split, transfer, and retirement. Fixed assets depreciate by units, instead of by time, is supported for usage. Fixed assets source transaction types include assembly build, check, credit card, expense report, inventory adjustment, inventory transfer, item receipt, journal, and vendor bill. Depreciation methods can include preconfigured depreciation methods or custom depreciation methods. Alternate depreciation methods are supported.

What is NetSuite ERP Leases Management?

NetSuite ERP Leases Management supports finance leases and operating leases. NetSuite leases management allows for leases creation, modification, payments, interest, right-of-use, liability, and creation of associated leased assets. NetSuite leases management is compliant with Accounting Standards Codification (ASC) 842 and International Financial Reporting Standard (IFRS) 16.

What is NetSuite ERP Expenses Management?

NetSuite ERP Expenses Management enables expense report policies, expense reports, corporate card expenses, direct expenses, expense allocation, expense amortization, expense accrual, billable expenses, expense approvals, and expense forecasting.

What is NetSuite ERP Accruals?

NetSuite ERP Accruals enables automatic generation and posting of accruals to the general ledger based on variances in vendor bills. NetSuite accruals is available for inventory, non-inventory, other charge, and service items.

What is NetSuite ERP Revenue Management?

NetSuite ERP Revenue Management enables direct revenue, recurring revenue, revenue recognition, revenue allocation, revenue restriction, revenue approvals, and revenue forecasting.

What is NetSuite ERP Advanced Revenue Management (ARM)?

NetSuite ERP Advanced Revenue Management (ARM) enables revenue (and negative revenue) deferral followed by revenue (and negative revenue) allocation, recognition, and reclassification across a range of time. NetSuite Advanced Revenue Management (ARM) is compliant with Accounting Standards Codification (ASC) 606 and International Financial Reporting Standard (IFRS) 15. NetSuite Advanced Revenue Management (ARM) features include revenue pricing, carve-in/out, multi-element arrangement, revenue allocation, contingent revenue handling, revenue catch up, revenue reclassification, and rule-based revenue treatment. NetSuite Advanced Revenue Management (ARM) source records include sales transactions (sales transaction lines), projects, subscriptions (subscription lines), and custom records (third party). Revenue Management Plug-In is required for custom records (third party). NetSuite Advanced Revenue Management (ARM) source transaction types include customer sales order, customer invoice, customer cash sale, customer return authorization, customer credit memo, customer cash refund, and journal entry. NetSuite Advanced Revenue Management (ARM) records types include revenue arrangement, revenue element, revenue recognition event, revenue recognition plan, revenue recognition forecast plan, journal entry, and intercompany journal entry. NetSuite Advanced Revenue Management (ARM) setup and configuration can include system accounts, deferred revenue accounts, foreign currency adjustment accounts, item revenue categories, recognition event types, revenue allocation groups, fair value formulas, fair value dimensions, fair value price lists, revenue field mapping, revenue recognition events, revenue recognition rules, revenue forecast rules, project revenue rules (charge rule types), advanced cost amortization (cost amortization plans), items, discount and markup items, and revenue arrangement approval. NetSuite Advanced Revenue Management (ARM) item fields include Revenue Recognition Rule, Rev Rec Forecast Rule, Create Revenue Plans On, Allocation Type, Direct Revenue Posting, Hold Revenue Recognition, Deferral, Permit Discount, and Auto-Expansion For Revenue Management.

What is NetSuite ERP Allocation?

NetSuite ERP Allocation enables allocation of account balances by subsidiary, account, and segment. NetSuite allocation includes allocation schedules, dynamic allocation schedules, and intercompany allocation schedules.

What are NetSuite ERP Taxes?

NetSuite ERP Taxes enables tax periods, tax schedules, domestic taxes, international taxes, purchase transaction taxes, sales transaction taxes, tax reporting, and tax payments. NetSuite taxes can be implemented using Legacy Tax, or SuiteTax. SuiteTax allows for a different tax calculation engine for each tax nexus, and provides greater flexibility to support specific country requirements and legislation changes regarding tax calculation and reporting. Electronic tax filing is available for Austria, Belgium, Colombia, Czech Republic, Denmark, Germany, Ireland, Philippines, and United Kingdom.

What are NetSuite ERP Transaction Type Groups?

NetSuite ERP Transaction Type Groups include employees, sales pipeline, payroll, commissions, purchases, payables, inventory, manufacturing, order management, sales, billing, customers, fixed assets, bank, and financial.

What are NetSuite ERP Transaction Numbering Types?

NetSuite ERP Transaction Numbering Types include Internal ID, GL audit numbering, auto-generated numbering (document numbers), auto-generated numbering (transaction numbers), and advanced numbering.

What are NetSuite ERP Memorized Transactions?

NetSuite ERP Memorized Transactions enable transactions to be memorized for recurrence according to a schedule. NetSuite memorized transactions operations include create/memorize, create/memorize and enter, enter without changes, enter with changes, update, recreate/rememorize, and delete. NetSuite memorized transactions can be automatic or manual with a reminder.

What are NetSuite ERP Approvals?

NetSuite ERP Approvals routing can be hierarchical approval chain, or custom approval chain based on non-sequential approval process and conditionalized routing for record approvals. NetSuite approvals record types include employee expense report, vendor purchase requisition, vendor purchase order, vendor blanket purchase order, vendor purchase contract, vendor prepayment, vendor bill, vendor bill payment, customer sales order, customer invoice, customer revenue arrangement, journal entry, project resource allocation, project time, item engineering change order, and item order reservation.

What is NetSuite ERP Order Management?

NetSuite ERP Order Management includes transaction workflows for vendor purchase order to vendor payment, vendor return authorization to vendor bill credit (or bank deposit), customer sales order to customer payment (or customer cash sale), and customer return authorization to customer credit memo (or customer refund).

What is NetSuite ERP Accounts Payable?

NetSuite ERP Accounts Payable enables vendor prepayments, vendor bills, vendor bill payments, vendor in-transit payments, vendor bill credits, and vendor payment installments.

What is NetSuite ERP Customer Billing?

NetSuite ERP Customer Billing enables customer cash sales, customer invoices, customer statement charges, electronic invoicing, billing schedules, recurring billing, contract billing, subscription billing, billing operations, and scheduled billing operations.

What is NetSuite ERP Accounts Receivable?

NetSuite ERP Accounts Receivable includes customer invoices, customer statement charges, customer payments, customer payment installments, and customer statements.

What is NetSuite ERP Payment Processing?

NetSuite ERP Payment Processing enables inbound payments, outbound payments, payment methods, payment instruments, payment processing profiles, payment gateways, payment operations, purchase card data, merchant initiated transactions, 3D Secure 2, alternative external payments, and payment link. NetSuite payment processing payment methods and instruments include cash, gift certificates, checks, credit cards, debit cards, purchase cards, payment card tokens, general tokens, ACH, EFT, direct deposits, PayPal, wire transfers, Zelle, SEPA, BACS, PAD, SWIFT, and electronic bank payments (bank files). NetSuite Electronic Bank Payments supports bill payments, positive pay, customer payments, customer refunds, payment schedules, payment batches, payment approvals, and payment notifications.

What are NetSuite ERP Collections and Dunning?

NetSuite ERP Collections and Dunning allows for basic collection including finance charges, entity groups, templates, and mail merges. NetSuite collections and dunning allows for dunning including customers, invoices, invoice groups, evaluation workflows, procedures, procedures priority order, levels, level rules, selection criteria, recipients, delivery methods, templates, email templates, PDF templates, email sending queue, PDF printing queue, pausing, pause reasons, resuming, resending, and evaluation results.

What is NetSuite ERP Banking?

NetSuite ERP Banking enables bank transfers, bank deposits, financial institution data imports, corporate card expense data imports for expense reports, bank reconciliation, credit card reconciliation, and automated cash application for customer invoices.

What are NetSuite ERP Budgets?

NetSuite ERP Budgets can be created for company, subsidiary, category, customer, project, project task, item, and standard segments.

What are NetSuite ERP Forecasts?

NetSuite ERP Forecasts include workforce, sales pipeline, items demand, projects, expenses, revenue, cash, and financials.

What are NetSuite ERP Financials?

NetSuite ERP Financials enables current assets, fixed assets, lease assets, period-close, retained earnings, year-end close, income statement, cash statement, and balance sheet. NetSuite financials support financial standards including International Financial Reporting Standards (IFRS), and International Accounting Standards Board (IASB).

What is NetSuite ERP Financial Planning and Analysis (FP&A)?

NetSuite ERP Financial Planning and Analysis (FP&A) enables budgeting, operating expenses (OpEx), capital expenses (CapEx), forecasting, and strategic planning.

What is NetSuite ERP Intercompany Management?

NetSuite ERP Intercompany Management includes subsidiaries, representing entities, transfer price methods, intercompany transactions, intercompany balance overview, intercompany netting, intercompany elimination, and consolidated reporting. NetSuite intercompany management features include automated intercompany management, intercompany framework, centralized purchasing and billing, and intercompany cross-subsidiary fulfillment. NetSuite intercompany management supports consolidation method, and equity method consolidation.

What are NetSuite ERP Intercompany Transactions?

NetSuite ERP Intercompany Transactions include intercompany purchase order/sales order pair, intercompany inventory drop ship (intercompany purchase order/sales order pair), intercompany vendor bill/customer invoice pair, intercompany transfer order, project intercompany cross charge request (cross charges journal entry), intercompany adjustments (advanced intercompany journal entry), manage intercompany cross charges (cross charges journal entry), netting statement, and netting settlement (cross charges journal entry).

What is NetSuite ERP Intercompany Elimination?

NetSuite ERP Intercompany Elimination enables unrealized profits or losses in intercompany transactions to be eliminated until intercompany profits or losses are realized through the sale of assets or companies to third parties. Failure to eliminate unrealized profits and losses will result in misstated consolidated net income or loss in the consolidated financial statements.

What is NetSuite ERP File Cabinet?

NetSuite ERP File Cabinet enables folders, files, document publishing, folder restrictions, and file restrictions. NetSuite file cabinet can include file drag and drop, or Box for NetSuite.

What are NetSuite ERP Administration and Controls?

NetSuite ERP Administration and Controls provides tools to administer and control the NetSuite environment, including NetSuite status, NetSuite application performance management (APM), personal information removal, user access reset, auto-generated numbers, deletion reason, GL impact locking, and audit trails.

What are NetSuite ERP Internal Controls and Compliance?

NetSuite ERP Internal Controls and Compliance enables record approvals, Sarbanes-Oxley (SOX) compliance, segregation of duties, change management, and audit reports.

What are NetSuite ERP Analytics?

NetSuite ERP Analytics include searches, reports, workbooks, key performance indicators, key performance indicator scorecards, dashboards, SuiteQL, and SuiteAnalytics Connect. Summary types, when ordered by fields, functions, formulas, SQL expressions, and comparative calculated measures can be added to NetSuite analytics.

For assistance…

If you believe your company or organization can benefit from NetSuite ERP, we invite you to contact our NetSuite ERP consulting company. Our NetSuite ERP consultants are certified & authorized, skilled, and experienced for more than 24 years.