NetSuite Finance & Accounting Module Overview
NetSuite's accounting module is a comprehensive financial management solution designed for businesses of all sizes. It offers a range of features including accounts payable and receivable management, general ledger, bank reconciliation, financial reporting, and budgeting and forecasting.
The module allows users to automate many financial processes, reducing manual errors and improving efficiency. It also offers customizable dashboards and reports, providing real-time visibility into a company's financial performance. Additionally, it is integrated with other modules within the NetSuite system, such as inventory man
General Ledger and Financial Reporting:
NetSuites finance module and GL allows for the tracking and reporting of financial transactions, including income and expenses, assets, liabilities, and equity. Users can create and customize financial statements, such as balance sheets and income statements, to gain insight into the financial performance of the organization. It also allows for the creation of different chart of accounts, which is a way to group similar financial transactions together for reporting and budgeting purposes.
Multi-currency Support:
Netsuites finance module provides a feature that allows the user to conduct financial transactions in multiple currencies, automatically converting them to the base currency. It also enables the generation of financial reports in multiple currencies, providing a clearer understanding of the organization's global financial performance. This feature also allows the user to set the currency exchange rate, which can be done automatically or manually, and also allows to set a different rate for different date.
Budgeting and Forecasting:
Netsuites budgeting and forecasting feature allows users to create budgets and forecasts for various departments, projects, or products, and compare them to actual financial results. This helps to identify variances and make adjustments as needed to improve financial performance. The budgets can be created in different levels, such as by department, business unit, or location. This feature also allows to create different scenarios, to compare different budget scenarios and choose the best one.
Financial Consolidation:
Netsuites accounting module includes the consolidation of financial information from different subsidiaries, departments, or projects, providing a unified view of the organization's financial performance. This feature allows to consolidate the financial information from different entities, and also allows to do the consolidation in different levels, such as by department, business unit, or location.
Accounts Payable and Accounts Receivable:
This feature allows the user to manage and track vendor invoices and customer billing and payments. It includes functionalities like creating invoices, recording payments, and generating reports on accounts payable and receivable. This feature allows to create different types of invoices, such as recurring, credit memos, debit memos, and also allows to apply different payment terms, such as net 30, net 60, etc.
Cash Management:
Netsuite cash management enables the user to track and manage cash flow, including the management of bank accounts, reconciling bank statements, and generating cash flow reports. This feature allows to create different bank accounts, and to reconcile them with the bank statements, using different methods of reconciliation, such as by transaction, by check, or by deposit. It also allows to generate cash flow reports, which provide a detailed view of the cash inflows and outflows.
Financial Period Close Management:
Netsuite's financial closing feature streamlines the process of closing the financial period by automating tasks such as journal entries, account reconciliations, and financial statement preparation. This feature allows to close the period in different levels, such as by department, business unit, or location, and also allows to set up different close periods for different entities.
Tax Management:
NetSuite has a tax management feature that allows the user to manage and track sales and purchase taxes, including the calculation, collection, and remittance of taxes, as well as the generation of tax reports. This feature allows to set up different tax codes, and to apply them to the different transactions, such as invoices, sales orders, and purchase orders. It also allows to set up different tax schedules, and to calculate the taxes based on different methods, such as by location, by product, or by customer.
Audit Trail and Controls:
Netsuite's finance module and accounting package has a feature that provides a record of all financial transactions and changes, allowing for easy auditing and compliance with financial regulations. It also includes functionalities like user permissions, which ensures that only authorized users can access financial information and make changes. It also allows to set up different levels of access permissions for different users, such as view only, edit, or approve. This feature also allows to set up different audit trails, such as by transaction type, by department, or by location.
Customizable Financial Statements:
NetSuite's finance module allows the user to create and customize financial statements, such as balance sheets and income statements, to gain insight into the financial performance of the organization. This feature allows to create different financial statements, such as balance sheet, income statement, cash flow statement, and also allows to customize them by adding different columns, such as department, location, or project. It also allows to generate different financial statements for different periods, such as by quarter, by year, or by month.
