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NetSuite 2022.1 to Help Non-Profits Leverage More Opportunity

Recent few years has provided non-profit organisations with various ups and downs as the organisations look to reboot their activity. In order to ensure the success of it, NetSuite 2022 Release 1 provides nonprofits the tools needed to manage their financials, engage their employees and accept online donations. The latest update contains the features nonprofits need to embrace opportunities in leveraging digital fundraising and operations.

Easy Way to Receive Online Donations

With more donors preferring to give via the web, NetSuite 2022 Release 1 now enables nonprofit organizations to receive donations online. Donors can easily make their contribution online via a payment link that can be added to the organization’s website or email. Donations can also be designated as recurring and tagged to specific programs or initiatives.

Donors also benefit from this new feature with the option to manage their donations from SuiteCommerce MyAccount page. Additionally, donors can download tax receipts with the date, amount and the Tax ID number of the nonprofit, creating less work for the nonprofit employees and giving donors their desired level of visibility and documentation.

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Up-to-Date Insights on Cash-On-Hand, Allocations and Future Cash Flows

Starting with NetSuite 2020 Release 2, accountants, controllers and AP and AR clerks could pair intercompany invoices and bills. The intercompany transaction matching enhancement in 2022 Release 1 now lets these professionals easily pair standalone intercompany credit memos and bill credits. This eliminates the requirement to create a full intercompany purchase order-sales order workflow to pair the two, reducing both manual work and mismatches in intercompany billing. This feature is especially helpful for those for-profit companies with a nonprofit subsidiary.

For nonprofits, visibility into current cash position and future cash flows has become even more integral as they face fluctuating donation trends. With the Cash 360 dashboard, organizations have up-to-date insight into their cash position to ensure adequate cash on hand, as well as forecasting capabilities via a 360-degree view dashboard offering full visibility into cash flows six months out. Projected cash flows include current NetSuite transactional data as well as projected collections and disbursements. They can also be customized to include any transactions impacting the cash flow forecast – like capital expenditures and major non-cash donations – to make the projection more comprehensive, interactive and accurate, as well as unique to the company’s situation.