Large Volume Process

General

Does the service support large volume processing?


Yes! The large volume data as much as millions of Debits/Credits per day are technically possible to process and accurately proven – however, it may also come with rising server costs.

References: Spotify, Deliveroo, etc.




What are the main concerns when performing large volume process?


  • API Interface

REST Web Service interfaces requiring high concurrencies of ~50 concurrent connections.

  • Processors

As subledger transactions are not mere journal lines, but interdependent transactions with dependent entity data, processors take longer to create and edit those records. Omitting entity data will render reporting far less informative.

  • Data Security

on customer and partner data

  • Error Handling

More transactions might result more possibility of error logs and longer debugging.

Reference: German Bank




Are there some treatment recommendations?


  • Synchronisation dependent on GL Account type

Individual transactions:

  • Corporate Cash & Equivalents
  • Receivables
  • Prepayments & Accruals
  • Fixed Assets
  • Non-tangible Assets
  • Payables
  • Other Current Liabilities (Payroll, expenses, etc.)
  • Equity

Daily balances:

  • Financial Instruments subledger and other Investments
  • Other Current Assets
  • Customer Deposits




Why NetSuite for our large volume?


NetSuite is Built for integrations from the core. All records and fields, even such customised or on meta tables (global custom classifications/”tags” or record-specific custom fields), are readily available (with the same IDs) in the integration layer.

Integration can be established via Web Services (SOAP, RESTful, or RESTlet), sFTP flat files, or ODBC (read).

Integration is governed via the Concurrency Governance framework – which was matured in the high-frequency eCommerce business.





Multi Currency Capabilities

Does Netsuite support Multi Currency Capabilities?


Netsuite supports Full Multi Currency.




What are Key Strengths of using Netsuite for Multi Currency?


Netsuite adapts features to support at processing your multi currency data, such as:

  • Base currency by Legal Entity (Subsidiary)
  • Multiple base currencies for the same Legal Entity (Multibook Accounting, “Buchungskreise”)
  • All entity records enabled for multi-currency (e.g. multiple currencies for the same supplier, employee expense pay-outs in different currencies in case of overseas assignments
  • multiple FX rates for the same currency pair possible (brand new 2020.2 feature)
  • daily FX Feeds out of the box (e.g. Thomson Reuters Refinitiv, OANDA, etc.)
  • automatic Consolidated Exchange Rate calculation
  • dynamic CTA calculation during elimination
NetSuite can achieve all this thanks to its true “Single Database” architecture where all legal entities, their (multiple) books, and respective entities are stored and processed in.





Multi GAAP

Does Netsuite support Multi GAAP?


Multi GAAP is supported via “Multibook Accounting” with up to 5 simultaneous books




What will be provided in Netsuite Multi GAAP?


Details:

  • All Financial Reports are enabled for Multibook.

(There is a dropdown list where users can select the books they are enabled for.)

  • Standard Reconciliation Report to explain differences between books.
  • Book-specific recognition rules in modules such as Amortization, Depreciation, and Revenue Recognition for book-specific automatic treatment
  • GL Account Mapping for automatic rerouting of bookings in Primary Book into different GL Accounts in Secondary or Tertiary Book
  • Book-specific journals for manual adjustments
  • Book-specific Journals with respective Audit Trail

è The Goal is to only actively book the Primary Book and hence, minimise potential overhead of Multibook accounting for accountants.




Why Netsuite Multi GAAP?


(not explicitly requested in the RfI, but important in light of database architecture and reporting requirements)

All legal entities, in fact all records, are set up in the same database. Basically, the NetSuite subsidiary dimension is just another GL Standard Dimension in the very same database, controlled through workflows and a sophisticated access security grid based on roles and permissions across every single database table (standard and custom records), every field therein, and report.





Open GL

Does Netsuite support GL Standard Dimensions?


Yes, it is available for following dimension keys:

  • Entity (transaction-specific sourcing, e.g. customer for invoice, employee for expense report)
  • Department
  • Location (fully inventory management enabled)
  • Class wildcard

Details:

  • Account code
  • Period key
  • Transaction Date
  • Tax Point Date
  • Currency




Can we costumize our GL Standard Settings based on desired preference?


GL Standard can be costumized according to following details:

  • Up to 25 GL Custom Segments

featuring GL Impact (or not), Body/Line Level recognition, automatic sourcing and filtering from entity records, preceding transaction records (e.g. vendor bill è vendor bill payment), GL standard dimensions, or even other custom segments

All custom segments treated like Standard Dimensions and hence available in every report, SQL query, SuiteAnalytics Report, Planning & Budgeting cube

  • Unlimited number of Transaction Body & Column Fields

Transaction Body and Column Fields have the same behaviour as GL Custom Segments except for automatic sourcing from entity records (still possible via User Event scripts), and recording on the GL core data table (stored on meta table associated to GL core data table and joined in reports)

Key Strengths of NetSuite:

  • Low-code configuration, quick adding of fields

All custom dimension and custom field configurations are low-code and can be set up, maintained, and monitored through the administrator interface.

(no separate UIs or databases)

  • All dimensions immediately accessible in APIs and Import/Export tools

As the SuiteCloud ERP platform combines both database-specific customisations as well as application layer logic, including Web Services APIs, the dimensions are all immediately available in the Web Services API, without further configuration work.

(no separate framework)

  • Quick adding and updating of existing records

Mass update and multi-thread map/reduce script features to identify and update existing records

  • True multi-dimensional tables in themselves, no mere array of tags

In contrast to “Gmail”-like “Tags”, that are associated to records and hold no further information in the back, all Custom Dimensions can be configured as multidimensional tables in themselves, storing, sourcing, or also pushing additional information into joined records. As such, all those fields can also be sourced and reported on in reports, not just the tags themselves.

This also furthers the RfI requirement stating that “Each custom dimension must really be a separate field in the GL.”

Disclaimer:

With the expansion of the NetSuite Data Model, NetSuite system performance is expected to be affected – as with any system. As a seasoned NetSuite Partner with experience in high-volume industries such as Financial and eCommerce industry and its own SuiteApps Product Team, Inplenion carefully assesses customisation not only from an effort and maintenance perspective, but also in light of system performance impact and advises the customer respectively.

è see Quality Assessment services in Support Services




Does Netsuite support GL Dimension Amount?


GL Dimension Amount is supported for The General Ledger and respective Financial Reports have their separate amounts sliced and diced across any number of periods and base currencies (group <> local currency). As for reporting in original transaction currency, separate financial reports should be the best option to be configured.





Drill Down

Does Netsuite support Driling Down across Financia Reports?


  • Full Drill Down functionality across all Financial Reports

The functionality is supported on the General Ledger, but all on other Financial Reports such as Balance Sheet, Profit and Loss Statement, A/R and A/P Aging Reports, etc.

  • Grouping, expanding, and collapsing in multiple tiers

Next to Drill Down, transactions can also be grouped by any common field (generally joined tables) and subsequently collapsed and again expanded for total and detailed amounts.





Chart of Accounts

Can we access Chart of Account?


Chart of Account is supported through Multi Subsidiary and MultiBook with details below.

Details:

Properties

  • GL Accounts are customisable like other tables in NetSuite, e.g. customer records, journal transaction records, or even subsidiary records. (Section 1 in the screenshot shows standard fields, section 2 custom fields of ours for Swiss Bank Integration.)

  • GL Accounts can be shared across any number of subsidiaries. (Exception applies to bank and credit card accounts.)

  • GL Accounts can hold any type of currency. (Exception applies to bank and credit card accounts.)

  • GL Accounts have own Localization and Workflow options. (see section 3)

Hierarchy Structure and Reporting Possibilities

  • GL Accounts are classified by a type, e.g. Bank, Receivables, Current Assets, Fixed Assets, Income, Other Income, etc., which moves them into specific sections of standard reports by default.

  • Further, GL Accounts can be associated to a parent and subsequently tiered endlessly. (One limitation: GL Accounts can only assume parents of the same type.)

  • In financial and non-financial reports, GL Accounts can moved freely between sections in the WYSIWYG Editor.) There are preconfigured templates by region (e.g. UK, JP) (see section 1) and then they can be configured further (see section 2).

  • Within the Report Writers, GL Accounts can be structured and grouped as pleased. (also beyond account types)

  • Subsequently, Financial Reports such as the Balance Sheet can be expanded into a multi-dimensional grid by GL account groupings down to individual entities and simultaneously across Legal Entites, Departments, or other Custom GL Dimensions. The hierarchies of those GL Dimensions can also be displayed (or hidden) in the Reports.

  • All financial reports include dynamic period selection across as many accounting periods into the past (and future) as asked for and also allow to dynamically select between Accounting Books, so that the reports do not need to be configured multiple times for different (multibook) accounting ledgers.






Cost & Budget Centre

Is Cost and Budget Plan available to be accessed from Netsuite?


All Cost Centres (as well as other GL Dimensions, including Custom GL Dimensions) are available for Budgeting. Leveraging on the same architecture outlined in the section on Custom GL Dimensions, they can be shared across all or specific legal entities (also with the possibility of logic whether to automatically share based on attributes in the legal entity subsidiary record for example). Budgeting also allows for Versioning with respective Budget Exchange Rates.

Versioning and categorisation of Budgets is limited in NetSuite’s core version. Approval routing is not existent. For those reasons and based on our experience, we currently consider recommending Essbase-driven NetSuite PB as an additional module to further the budgeting and planning process and enable a Budget vs Actuals centric decision making model in the organisation.





Fiscal Calendars

Is Fiscal Calendar available in Nersuite?


Netsuite supports Financial clocking with Fiscal Calendar feature that can be accessed through details below:

  • Fiscal Calendars by Month, Quarter, 4-4-5.

  • Overlapping periods (e.g. Months) are shared between Fiscal Calendars with different start and end dates, keeping consolidated reporting simple.

Details:

  • Currency Information as well as respective Exchange Rate Pairs (possibility for multiple versions of the same Exchange Rate Pairs via Currency Exchange Rate Types)

  • separate Consolidated Exchange Rate and Budget Exchange Rate tables

  • Currency Information and Exchange Rate Tables all exposed to Web Services for sync-up

  • Global Accounting Lists for Payment Terms, Customer and Supplier Categories, etc.





Other entity level configuration

What is Other Entity Level Configuration?


Other Entity Level Configuration includes the configuration for Journal policies, Suspense handling and other general settings which can be shared across entities, can be managed via

    • standard settings in Accounting Preferences,

    • WYSIWGY SuiteFlow workflow editor on specific records,

    • SuiteCloud SuiteScript workflows deployed on the server and/or the client

  • In case of the specific example of journal policies, Inplenion would like to recommend introducing separate custom transaction types for various journal use cases, e.g. interest journals, financial instrument subledger journals. This would allow to manage logic and access security by specific journal types in a much cleaner and more scalable way.

Indeed, the case of journal use case-specific record types, their logic and access security, could serve as a PoC for the crucial integration with user's core system





Year End Closing / Roll Year / PnL Carry over / Period close

Can we create Year End Closing / Roll Year / PnL Carry over / Period close through Netsuite?


  • NetSuite manages period closure process through a wizard.
  • The period closure process can be run across all books or book specific. Within a specific, the relevant entities can be selected or omitted.
  • For the matter of carry over, NetSuite
  1. either generates Period End Journals,
  2. or dynamically carries on the ledger (default setting) just like between periods within a year. (Unless required by statutory requirements, Inplenion advises against period-end journals as they are not required in a modern continuous ledger incorporating all financial years and periods in a single table.)

The respective setting can be selected by accounting book and subsidiary.