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ASC 606 and the impact on your business
The ASC 606 revenue recognition standard represents the most widespread change to revenue recognition rules in recent years. Effective Dec. 15th 2017 (nonpublic companies have an additional year), the new regulation was created to replace the industry-specific guidelines with a single standard across all industries. The implementation of new comprehensive revenue recognition guidance brings monumental change to how companies account for revenue and disclose revenue related information. The core principle underlying the guidance in ASC 606, included in ASC 606-10-10-2, states “recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” Below are the 5 steps of contract creation within the guidelines (with certain exceptions) of ASC 606. 1. Identify the contract(s) with a customer. A contract in the ASC 606 guidelines applies to an […]
Renaming Records in NetSuite
One of the most important features in a CRM or ERP software service is to be able to make customizations with ease. In this article, we will go over renaming records in NetSuite, to change the names of your records and transactions from NetSuite's default names to names that fit the terminology of your company. The ability to customize fields, centers, tabs, and records in NetSuite allows any company to make their NetSuite environment custom-tailored to meet their business needs.  Specifically speaking, one of the first action items a company steps through during their NetSuite implementation is reviewing the default terminology used in NetSuite (Setup > Company > Rename Records/Transactions) For example, service companies may consider their “customers” as “clients.”  By simply adjusting the record name on this setup page, NetSuite will adjust all non-customized records, transactions, and page names accordingly.  Using your company’s terminology in NetSuite can facilitate the […]
From AdWords to NetSuite - Implement Pay Per Click Campaign data into CRM
Who uses NetSuite? NetSuite provides a full CRM (customer relationship management) and ERP (cloud-based enterprise resource planning) technology solutions. A traditional answer would be sales and accounting. But business has changed a lot in the past two years, in particular, marketing. There has been a rise in machine learning automation as opposed to rules-based. This helped search engine marketers adopt Programmatic Marketing and use automated bidding or Real-time Bidding (RTB). Business collaboration and connection are replacing hierarchy and bureaucracy. So the challenge that digital marketers are facing is integrating SEM data into NetSuite for full sales cycle visibility. With a custom integrated marketing solution, you can now import Pay Per Click data directly into NetSuite CRM. Adding fields like campaigns and keywords with metrics like clicks, costs, and conversion rates add valuable insight into the lead generation process. This allows development of robust reporting within a single software solution. PPC advertising is carried […]
New NetSuite Features in 2017.2 Release - SuiteScript and SuiteFlow
With the release of NetSuite-2017-2, we can look forward to a new set of features to add to the existing NetSuite system we all know and love. NetSuite will be buffing up across the board. This blog we will focus specifically on SuiteScript and SuiteFlow updates. Priority Settings on Script Deployments  All map/reduced and scheduled script deployments have now priority settings included. You are now able to set the priority to ‘Low’, ‘Standard’, or ‘High’. Standard priority is the default setting. Use Low priority if the script can afford a longer wait time. High priority marked scripts will be moved up in the queue and will be processed more quickly. This feature should prove to be beneficial for both developers and customers. There are many scenarios where certain tasks need to be executed more immediately than others while other tasks can wait a little longer before being processed. You can also […]
What's New in NetSuite 2017.2
Each new release of NetSuite brings a host of fresh features and improvements to existing functionality - 2017.2 is no exception. In a sign of Oracle’s focus on customer satisfaction, many of the new features originated as enhancements requested by the user community. This article will review a few of the most anticipated enhancements that are introduced in NetSuite 2017.2: 1. Advanced BOM functionality Historically, a NetSuite Assembly item has a one-to-one relationship with a Bill of Materials. The Bill of Materials can be modified, but the modification would then be used in all future builds or work orders. Similarly, existing BOM versioning capabilities (Revision Number or Effective Date) ensure that all assemblies are produced using the same BOM at a given point in time. The Advanced BOM, introduced in 2017.2, severs the link between Assembly Item and BOM, allowing multiple concurrent BOMs for a single assembly item and for […]
Noteworthy Highlights of SuiteWorld17
SuiteWorld hosted its annual cloud ERP conference this year from April 24-27 in beautiful Las Vegas at the Sands Expo & Convention Center.  The conference, SuiteWorld17, brought together keynote speakers, global companies, partners, and developers in the largest gathering of NetSuite users to date. When we look back at SuiteWorld17, there were 5 key noteworthy highlights that Oracle + NetSuite announced regarding their evolution as a company, as well as how their solutions are expanding to address the needs of SMB and Enterprise companies. This blog will recap the key announcements from SuiteWorld17—and what to expect from Oracle + NetSuite in the near future. Oracle + NetSuite Acquisition Plenty of reasons to cheer for this acquisition! The message was clear that Oracle is 100% behind their newly acquired global business unit. The NetSuite team will call their shots and do what they need to stay on the path of success […]
SuiteWorld 2017: What's Suite in Vegas?
SuiteWorld 2017 experience as told by our very own NetSuite consultant, Ilija Budimir. Wow, this year SuiteWorld (SW) was amazing! Not so much because it was packed with new faces and not because Oracle’s CEO was announcing big, bold plans, but because it took place in Sin City! SW felt bigger and more glamorous than usual.   Although I only spent two days at the conference, I have many takeaways and thoughts I would love to share with you, customers, NetSuite enthusiasts, and colleagues.   I will not speak about the new announcements and modules that are being rolled out as you can read up on these here: SuitePeople Global Expansion Initiatives NetSuite 2017.1 Release Sneak Peek Instead, I will give you some of my impressions of SuiteWorld 2017. Hopefully, this will motivate you to attend next year’s edition of NetSuite’s largest conference.   I arrived in Las Vegas on […]
New SuiteBuilder Features in NetSuite 2017.1 Release
With the release of 2017.1, we can look forward to a host of new features to add to the existing NetSuite system we all know and love. While NetSuite will be buffing up across the board, this blog will focus on updates to SuiteBuilder, NetSuite’s built-in collection of tools allowing “point and click” customization of the user interface without the use of sophisticated technical skills. 1.Printing Saved Search Results in Advanced PDF Templates Advanced PDF templates can now be linked to Saved Searches. There will be a “New Template” button located under Customization->Forms->Advanced PDF templates that will allow you to choose from a list an of available Saved Searches to link to. Additionally, when creating a saved search, you will see the option to create a new linked template when viewing the search in ‘Edit’ mode, as shown in the third screenshot below. Once you have linked a template to […]
NetSuite Global Search Tips
Who doesn’t love shortcuts? Did you know that there are a bunch of hidden shortcuts in NetSuite that can save you a few extra clicks? Our NetSuite experts have come up with a few tips and tricks for all the NetSuite users out there. Use record type prefixes followed by colon (:) or carat (^) in global search keywords to narrow search results Examples: Cu: or Cus: or C^ to bring up Customer records Some prefixes will prove better filters than others (for example, inv: could bring up inventory items or inventory adjustments where as ite: more clearly indicates a search for an item) Language preferences / record-renaming (for example, if Vendors are called Suppliers) will impact global search prefixes Capitalizing the first letter of the search prefix will open the record in ‘Edit’ mode – entering the prefix in lower case will open the record in ‘View’ mode Cu: […]
How to Automatically Send Customer Statementsin NetSuite
Tired of manually sending customer statements every time? Here is how you can easily set up a workflow in NetSuite that will allow you to automatically send customer statements. Create a Custom Field that will act as a flag This field will be used to act as a flag.  If this check box is checked, then this customer wants to receive a statement email on a recurring basis.  If this field is not checked, the customer will not receive an emailed statement. Navigate to Customization -> List, Records, Fields -> Entity Fields -> New Change Type to Check Box and apply it to Customer  Check this box on the customer records of the customers that want to have a balance email sent Create a Saved Search for Customers with Open Balances The results of this search will be the list of customers that need to be emailed Navigate to Lists […]
[Live Event] NetSuite Tips & Tricks
NetSuite User Group will be featuring FMT Consultants at upcoming live event On January 19, 2017, we will be hosting a featured presentation at the San Diego NetSuite User Group event. During this session, we will be discussing tips & tricks on optimizing your NetSuite development. A few key topics we will be covering include: Hidden powers of global search How to automatically send customer statements On screen alert messages your users can't ignore And more tips from our team of consultants! We invite you to join us for this special presentation and network with like-minded NetSuite individuals. This event is completely free of charge, and we'll even throw in some beverages and hors d'oeurvres! If you are interested in attending, please RSVP here. Space is limited so don't wait till the last minute! Save My Seat →
[Video] NetSuite Year-End Close Tutorial
  There's no need for unnecessary stress as you close the books this year! Follow along our tutorial and learn best practices, tips and tricks from the NetSuite experts to help you get through your year-end close painlessly. For more NetSuite resources, please visit here. 
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