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How to Use Statistical Accounts for Expense Allocations in NetSuite ERP
This article discusses the use of statistical accounts to perform expense allocations in NetSuite ERP. Statistical accounts are non-monetary accounts that can be used to maintain statistical information for a variety of metrics. For example, a statistical account could be established to maintain the employee headcount by the department in an organization. This statistical account could then be used to allocate the total amount of expenses in a general ledger account for a given time period amongst various departments, for example, allocating rent expense amongst the departments by head count.  The statistical accounts functionality is included with the NetSuite Advanced Financials module. Below we will discuss the following: Enabling features for statistical accounts Creating statistical accounts Viewing statistical accounts Creating statistical journal entries to establish the balances in the statistical accounts Performing expense allocations using statistical accounts Enabling Features for Statistical Accounts You must enable statistical accounts in the enabled […]
FMT's Custom NetSuite Solutions: Serialized Number Tracking
Over the years FMT’s NetSuite team has produced a number of innovative solutions that can be characterized as a combination of configuration, custom scripting, and custom workflow development. Most of the time, these customizations are driven by real and unique customer needs that cannot be satisfied by NetSuite’s out-of-the-box functionality. The Need Recently, we were contacted by a client who was frustrated by their inability to track serial numbers in NetSuite. This client did not know how to manage warranties within their system and asked for our recommendation on how to solve this issue. We immediately scanned NetSuite for available Saved Searches/Reports relative to serial number tracking. Unfortunately, the results of our query were disappointing; there were no out-of-the-box reports related to serial numbers that we could find. We determined that we could build a Saved Search for our customer, but this solution proved to be lacking relative to their unique needs. […]
6 Simple Steps for Building Customizations for NetSuite
While NetSuite is an excellent ERP application that can handle most situations your users will throw at it right out of the box, there may be times when your business needs a little bit more than the standard features. Luckily, to add to its already awesome arsenal, NetSuite allows users to create their own custom solutions for their business-specific scenarios. We recently worked with a client who wanted to default the Class value for Vendor Bills based on the account selected. Simply creating a custom field on the account to set the default class was not sufficient enough to provide the desired functionality. They noticed that while entering vendor bills, the class value was not automatically filled in on the line level after they selected the account (this is not a standard NetSuite feature). Rather than entering these Class values manually, we created a customization that automatically populated the Class […]
What’s New in NetSuite 2016.2: Inventory Transfers
If your company is using NetSuite to manage items in multiple locations, chances are you’ve been required to transfer stock from one location to another as part of your standard inventory management procedures. The existing transfer functionality has been improved in NetSuite with the release of version 2016.2. NetSuite now allows users to enter partial fulfillments and receipts for transfer orders, resulting in more accurate item costing throughout the process. Inventory Transfers – the Basics NetSuite offers two methods for transferring inventory between locations, transfer orders and inventory transfers. If the inventory is not immediately available in the destination location, a Transfer Order should be used in order to reflect the value of the goods as 'in transit’ instead of available or ‘on hand.’ When the goods are received by the destination location, the value will be moved back from a ‘Goods in Transit’ type account to ‘Inventory on Hand.’ […]
How to Void a Credit Card Authorization Directly from NetSuite
Organizations that process credit card transactions through NetSuite will be pleased to learn of an enhancement with the release of update 2016.2.  The new feature allows for credit card authorizations to be voided directly within the system by either closing or canceling the related Sales Order. Prior to 2016.2, users were required to login to their payment gateway account to void an authorization. What is Credit Card Pre-Authorization? In this article, the terms authorization and pre-authorization are used interchangeably to refer to a temporary hold placed on funds, without actually processing a charge to the card. This authorization ensures that a buyer has sufficient funds or credit in their account to cover the amount of the purchase. For the duration of the pre-authorization, the funds are “reserved”, meaning that the cardholder cannot spend this money elsewhere or allocate the credit to another transaction.  If the merchant does not “capture” or […]
How to Import Credit Card Transactions with CSV Import in NetSuite 2016.2
The release of NetSuite 2016.2 unveiled a host of streamlined processes and exciting new features. One of the most eagerly anticipated updates includes the ability to import the credit card transactions via the standard CSV Import Tool. By leveraging this new functionality, your business will shave hours off its monthly close process and avoid data entry errors from the manual rekeying of transaction details. Why You Need NetSuite A common question we often get from our clients is: “Our credit card bill is like any other bill that we pay each month –  why would I want to create a special account and reconcile it through NetSuite?” Here are some compelling reasons to take advantage of NetSuite’s credit card reconciliation functionality, if you aren’t already: Fraud Prevention / Internal Control Treating the credit card statement like a bank statement ensures that each charge will receive at least a moment’s scrutiny […]
3 of the Most Exciting Features included in NetSuite 2016.2
We all know that NetSuite is one of the best ERP applications you can use for your business. After all, It’s a one-stop shop that can handle all of your company’s needs. However, as much as I love NetSuite, (and I LOOOVE NetSuite) there are some minor areas that could still be improved by expanding current functionality. For example, one improvement that could be made is the ability to import credit card transactions through a standard CSV import. Luckily, NetSuite listens to its customers’ enhancement requests and, with the release of the 2016.2 update, many issues, like my credit card problem, will be solved. In addition to adding customer suggested enhancements, NetSuite will be adding a vast array of other fixes and features with this update. From functional business processes like fixed assets management to the more technical aspects such as SuiteScript 2.0 file transfers, NetSuite 2016.2 leaves no stone unturned. […]
5 Steps for Using Drag and Drop Capabilities in NetSuite
There are many instances where having the ability to simply drag and drop a file onto a record or transaction can be of great benefit. For example, let’s say there is a business that requires a signed customer agreement for every new customer. Every time they receive a signed agreement, the company will have to save a file on their server, browse to locate the corresponding customer file, and re-save the file within that customer file. In a case such as this, it would be a huge time saver if they had the ability to simply drag and drop that file onto the customer record. In this blog, we’ll show you how you can set up drag and drop capabilities for your NetSuite records. Step 1: Install the Bundle File Drag and Drop is available as a SuiteApp and can be located by following these steps: Navigate to Customization > […]
Easily Manage Your Projects with NetSuite SRP
These are exciting times in the world of Project Management! Using NetSuite SRP, we can efficiently create projects, track and post time and expenses, and process billings under a number of different scenarios. Using NetSuite SRP, project and resource managers will find the information they need at their fingertips to make proactive, informed decisions about their projects with dashboards that present real-time KPIs and other key information. In this blog, we'll preview some of the features you’ll learn about during the NetSuite SRP session at nVerge In the Cloud, our free online technology conference. From quickly creating a project using templates, allocating resources, capturing labor and expenses, and processing billing, we’ll show you how NetSuite SRP can help your business complete its projects more efficiently. Templates: Creating projects in NetSuite is a breeze with project templates. Project templates facilitate the configuration of the project record allowing you to create it within […]
FMT Consultants Recognized as NetSuite’s June VAR of the month
FMT Consultants recognized for the success of its NetSuite practice and continued commitment to delivering the robust cloud ERP platform to businesses across the country. San Diego, CA, June 29, 2016 – FMT Consultants, a Southern California-based business technology solution provider, was named as NetSuite’s June VAR of the Month, FMT announced today. NetSuite’s VAR of the Month program was launched in May 2016 and nationally recognizes the company’s top performing cloud enterprise resource planning (ERP) resellers in a spotlight on Accounting Today. FMT Consultants is the second partner to be recognized by NetSuite in their VAR of the Month program. “FMT Consultants has been a standout partner from the beginning,” says Karen Hazelton, Associate Channel Manager at NetSuite, and adds “We’re happy to have a partner like FMT that recognizes the growing demand for cloud ERP solutions and is committed to investing in their practice to ensure that they’re delivering […]
How to Publish Dashboards in NetSuite
Dashboards provide NetSuite users with access to real-time data in a centralized location.  Customized dashboards can be developed for specific roles within the company and published to employees who have access to that specific role. In our previous post, we took a detailed look at Creating Personalized Dashboards in NetSuite. Once your customized dashboards have been created, you can determine who has access to it. It is helpful for the various roles in an organization to have similar dashboards published so that users within that role have easy real-time access to the same data.  This will enhance the standardization of reporting throughout the organization. Who Can Publish a Dashboard? Administrators (Administrator, Marketing Administrators, Sales Administrators, etc.) or roles with the publish dashboard permission (set up subtab of role permissions) can publish the dashboards to specific roles. Publishing ability to various roles is based on the role center, such as accounting […]
Creating Personalized Dashboards in NetSuite
Dashboards provide NetSuite users with easy and efficient real-time data in a centralized location. Custom dashboards can be developed for specific roles within the company and published to employees who have access to that specific role, therefore standardizing reporting throughout the organization. Once the custom dashboards have been published to the roles and the associated employee, the employee then has the ability to rearrange the layout of the dashboard and add/remove information displayed on the dashboard. Please note, permissions to edit or adjust the published dashboard can be limited to managers if desired. What’s in a Dashboard? When users log in and select the role they would like to work in, they are directed to the home dashboard page (image below). Dashboards are located on each of the header tabs within NetSuite. The dashboard page is comprised of what are known as “portlets”. You can see in the image above […]
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