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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. […]
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