NetSuite ERP (Enterprise Resource Planning) Solution

NetSuite ERP Software Solution

NetSuite ERP is a software solution for Enterprise Resource Planning (ERP). Elevate, optimize, and automate Enterprise Resource Planning (ERP) business area in a single, integrated, secure, flexible, and powerful cloud business software solution with NetSuite ERP. NetSuite ERP provides the essential platform and comprehensive tools to achieve high quality, united, productive, profitable, and scalable Enterprise Resource Planning (ERP) business area with reduced operational expenses. NetSuite ERP enables real-time accurate visibility, insightful analytics, and actionable forecasts to measure Enterprise Resource Planning (ERP) business area success. NetSuite ERP supports most countries, currencies, languages, industries, models, areas, processes, and departments.

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

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.

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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.

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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.

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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).

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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.

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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.

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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.

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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.

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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.

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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, non posting, other asset, other current asset, other current liability, other expense, other income, statistical, and unbilled receivables.

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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.

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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).

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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.

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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.

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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.

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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.

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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. The associated leased assets go through the fixed asset life cycle. NetSuite leases management is compliant with Accounting Standards Codification (ASC) 842 and International Financial Reporting Standard (IFRS) 16.

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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.

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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.

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NetSuite ERP Revenue Management

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

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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, journal entry, and custom transaction. 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) revenue reclassification types include carve in/carve out adjustment, foreign currency adjustment, unbilled receivable adjustment, foreign currency gain or loss on contract asset, and net contract asset or liability per element.

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.

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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.

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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 support sales tax, consumption tax, GST, HST, LCT, PST, QST, RST, and VAT tax types. 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.

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NetSuite ERP Transaction Types Groups

NetSuite ERP Transaction Types Groups include employees, sales pipeline, payroll, commissions, purchases, payables, inventory, manufacturing, order management, sales, billing, customers, fixed assets, bank, and financial. There are more than 100 transaction types across all NetSuite transaction types groups.

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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.

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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.

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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.

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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).

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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.

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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.

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NetSuite ERP Accounts Receivable

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

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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 (third-party websites), and payment link. NetSuite payment processing payment methods and instruments include cash, gift certificates, checks, credit cards, debit cards, EMV, 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.

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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.

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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.

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NetSuite ERP Budgets

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

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NetSuite ERP Forecasts

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

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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).

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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. NetSuite Planning and Budgeting (NSPB) is for planning, budgeting, forecasting, and actuals. NSPB allows for workforce planning, project planning, operating expenses (OpEx) and expense planning, revenue planning, financial planning, balance sheet planning, revenue and gross margin, cash projections, indirect cash flow, driver and trended forecasting, and financial reporting and variance analysis. NSPB uses NSPB Sync, NSPB-Financials Sync, and NSPB-SuitePeople Sync SuiteApps for access, configuration, and data synchronization.

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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.

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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 vendor return authorization/customer return authorization pair, intercompany vendor credit/customer credit memo 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).

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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.

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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.

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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.

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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.

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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.

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For assistance…

Suite Certified is a renowned NetSuite ERP solution provider for companies and organizations around the world, Certified & Authorized by Oracle NetSuite, with extensive subject matter expertise in both functional and technical NetSuite. Suite Certified earned all NetSuite Certifications & Authorizations, including 10 NetSuite Certifications and 2 NetSuite Authorizations, while acquiring 25 years of experience with NetSuite. Suite Certified is NetSuite certified & authorized, skilled, and experienced to implement all business requirements, from the most basic to the most complex, in NetSuite ERP to ensure NetSuite ERP is a business asset for your company or organization. Suite Certified is NetSuite certified & authorized, skilled, and experienced with all NetSuite ERP features and functionality.

If you believe your company or organization can benefit from NetSuite ERP, we invite you to Contact Suite Certified.