Vendor Prepayments in NetSuite

Vendor Prepayments in NetSuite

There are times when you need to send out a deposit on a purchase order before the vendor will ship out the product or provide services.  How do you do this in NetSuite when you haven’t received a bill yet?  Do you write a check and credit cash and debit...
Bank Reconciliations in NetSuite

Bank Reconciliations in NetSuite

Every business should reconcile each bank statement.  Ideally, this task should also be completed by someone not involved in the cash disbursements or cash receipt functions.  The reconciliation is used to compare your bank statement to what your cash...
Sharing Vendors Across Multiple Subsidiaries

Sharing Vendors Across Multiple Subsidiaries

In the NetSuite One World environment you can share a vendor across multiple subsidiaries, or you can assign it to just one.  You need to select a primary subsidiary before you can enter transactions for this vendor. The currency will default to the base currency of...
Reconciling the Aging Reports to the Balance Sheet

Reconciling the Aging Reports to the Balance Sheet

Why doesn’t my AR Aging Report tie to my AR balance on the Balance Sheet?  I’m running my Balance Sheet for the period of June 2019 and my Aging report as of 6/30/19.  They should match, right?   In the screen shots above, you can see that the two reports do not...
NetSuite Advanced Intercompany Journal Entries

NetSuite Advanced Intercompany Journal Entries

Prior to becoming a consultant at MIBAR, I worked for a company that had 22 subsidiaries and 69 locations. As an accountant I had to do intercompany journal entries or supervise my staff as they created them and then reconcile the balances between the subsidiaries at...
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