Transaction Customizations

Journal

How many journals can you plan on Custom Transaction?


see OpenGL Dimension

Netsuite has the ability to allow users to define as many journal custom transaction types as you need.

As a true ERP Platform, NetSuite is not restricted to predefined financial transaction types. Administrators can define as many additional ones required.




Are there any special Policies regarding Journal?


There are some policies we have to note down regarding Journals:

  • All transaction types support approval workflows.

  • Unapproved transactions are kept “non-posting”, can be reported on, also in the General Ledger, but are not displayed in financial reports unless configured accordingly.




Can we create journal for Manual Booking?


Manual Booking is supported with following details:

  • Manual bookings are made through the standard user interface.

  • Tabulators and hot keys such as “t” (for today’s date) or “1503” for a date entry of “15 March 2021” (depending on the user’s personal language settings) as well as calculation features such as typing “3 * 250” in amount fields significantly speed up entry.

  • Use of wildcard entries in any lookup field.

  • Further, NetSuite offers the Advanced Intercompany Journals to simultaneously target as many subsidiaries as required. Relevant GL accounts are automatically marked for elimination.




Can we create journals by importing files?


Journals can be created via CSV import or Web Service requests, too. Leveraging on RESTful APIs, there is a standard integration point for CRUD commands. RESTlet APIs allow creating, modifying, editing, and deleting journals as well as associated requests as single as well as batch loads synchronously as well as asynchronously.




Other


Other details about journal:

  • Reversals can be scheduled right on the original journal.

  • GUIs are fully customisable, allowing to expose and hide fields on header and line level.

  • Editing and deleting journals can be allowed or prevented, made subject to approval workflows and deletion reasons.





Workflow

Does Netsuite support Workflow Approval?


Advanced approval routings with WYSIYWG SuiteFlow editor is supported.

SuiteFlow allows to access and consider all joined records for respective transaction processing. SuiteFlow can also run dynamic calculations via SQL query (saved search) and store the information in the system runtime or in additional (hidden) fields on the record. In case of even further advanced approval requirements, SuiteScript can always be used. SuiteScript also offers a deployment type to make the additional logic (e.g. send out an HTML email with attachments and additional buttons triggering logic back in NetSuite) available back in SuiteFlow as a custom library.





VAT Codes

Do you support different VAT code for different countries?


Yes, Netsuite fully supports for special VAT code for relevant countries, incl. digital interfaces (e.g. UK MTD, DE ELSTER)




How does Tax work in Netsuite?


  • NetSuite offers two tax engines, Advanced Taxes and SuiteTaxes, depending on the use cases.

  • Multiple tax registrations per subsidiary (due to branches) is fully supported.

  • EU Intracommunity tax scenarios for both purchases as well as sales are supported.

Tax Reports for the list countries are available. Additional reports such as EC Sales Tax list, etc. are also available.





Payment Interface

What Interface is provided for banks regarding payments?


Simple customisation for sFTP

Advanced customisation for PSD2 or EBICS (Cloud and EBICS)

sFTP: 2 days per bank

PSD2: 5-7 days per bank

EBICS: 3rd Party Services (e.g. TravicLink required)




How does Netsuite EFT work?


  • Out of the box, NetSuite offers electronic transfer flat files (XML, DAT, TXT) for more than 50 different payment formats (SEPA CS and DD, DTAZV, BACS CS and DD, GIRO, etc.) and the Inplenion Swiss Localisation bundle adds all the Swiss formats.

  • These EFT files can be generated in NetSuite and then, imported into the relevant banks either manually or via sFTP connection.

  • An alternative integration path and the clear future is Bank Open API via PSD2 or Switzerland’s b.Link. Inplenion is running a respective pilot with Deutsche Bank. Ultimately, the effort is higher, though, since queue management and error handling is run directly in NetSuite, requiring respective facilities developed.





Accounts & Invoices

How do we reconcile Cash Account?


Out-of-the-Box Bank Connector for US, European, Singapore banks (HK, Dubai, and Japan not yet) via

SaltEdge and Budget Bakers

sFTP Connection as alternative

  • Out-of-the-Box configurable Bank Connector partnering with dedicated bank feeds partners such as SaltEdge and Budget Bakers.

  • An alternative is sFTP connection for fetching MT940 or CAMT.052/3/4 files daily

  • Within NetSuite, the Account Statement modul parses the feeds and files and generates a bank ledger. Subsequently, preconfigured and further configurable reconciliation rules are applied that identify transactions matching in transaction date and amount (with buffers) and/or transaction reference numbers (incl. ESR or RF numbers).

  • Additional transaction lines such as bank charges can manually be added in the UI.




How do we attach invoices?


SuiteApp for e-invoices and scanned invoices with ABBYY OCR engine.

Document Flow

  • E-invoices and/or scanned invoices (via network scanner) are sent to preconfigured email addresses in NetSuite (NetSuite is also a email server for that matter).
  • Documents are forwarded to dedicated ABBYY OCR scan instance, subsequently returned (not further stored there) and saved in NetSuite File Storage and the relevant transaction records are generated.
  • Once the relevant transaction records are generated, standard SuiteFlow processes kick in.





Anomaly Detection

What kind of anomaly of data can we detect through Netsuite?


We can thoroughly detect any Error on the data written, however Fraud controls is still unavailable.




What data can be scanned to prove Error?


Below are some data you can test:

  • Validation of master data such as VAT number and IBAN syntax checks.
  • Document number duplicate controls by vendor prevents duplicate vendor bill entry.
  • Dependent records such as payments to vendor bills are applied (joined) t underlying transactions so that overpayment is either warned or blocked by NetSuite ERP.
  • All actions in NetSuite, including the deletion of entries, are tracked via Audit Trail achieving full SOX compliance.





Expenses

Can Netsuite handle Expenses & Reimbursement?


  • NetSuite offers a self-service user interface (“Employee License”) along with a mobile app to file expenses, track time, file requisitions, etc.
  • Both the web interface as well as the mobile app allow for attaching receipts and submit expenses with or without indirect tax classification.
  • Expense Reports support multi-currency, adjustable exchange rates (e.g. automatic two basis points to the exchange rate for credit card surcharges) as well as submission in multiple employee currencies (e.g. 6 month detachment of Swiss employee to Dubai changing standard employee currency from CHF to UAD).
  • Expense Reports further support corporate credit cards and billable entries, allowing the employee or subsequent process owners to flag relevant lines as non-reimbursable or re-billable to customers respectively.
  • All standard SuiteFlow and SuiteScript approval logic is fully supported.
Expense Reports are routed into Accounts Payable ledgers and subsequently are treated like Vendor Bills, hence can be paid via EFT payment module.




How many App Developers partner does Netsuite have?


Netsuite has been partnering with a lot of Expense App Solution developers such as Expensify, Concur, Rydoo, Skovik, and Yokoy, also building out-of-the-box connectors.




Does Netsuite support Expense Consolidation?


  • Leveraging Expenses can directly be activated out of vendor bills and journals.




Can we register expense for Fixed Asset?


  • As for Fixed Assets, Expenses can directly be activated out of vendor bills and journals.
  • Leveraging on SuiteCloud, rule-based activation can and has been customised.
  • Further, the Time Tracking solution built into the NetSuite Core (at no costs) would allow to capitalise hours of specific projects right away based on labour cost rules.
  • NetSuite ERP supports different depreciation models as well as automatic posting into secondary books based on different depreciation rules (e.g. statutory reporting in Japan with nominal ¥1 remainder vs group-wide write-off over a different period length).





Accounting for Financial Instruments

How do we perform Financial Instruments?


  • No additional functionality out of the box in NetSuite.
  • SuiteCloud customisation for IFRS9 revaluation rules possible alike Revenue Recognition. However, given the forward-looking character of such revaluation as well as the quick upgrade in NetSuite Server service tier, Inplenion recommends reflecting respective logic in a separate system.
  • If the full functionality is in the User's core banking solution, a respective evaluation is best postponed to a latter phase.





Data Quality Control

Does Netsuite support control for Data Quality


Netsuite supports Data Quality Control full SOX audit compliance

  • Access Security Controls on standard record, custom object, and custom field level by Role, Subsidiary, and other Classifications.
  • Dedicated Audit Trail record (“System Information”) across all records, tracking user interface, integration operations, and core application processes including old and new value, GL impact before and after. Delete actions are also tracked.