NetSuite Training for the Academe

September 7, 2013

J.A. Tolentino II

NetSuite Financials
The #1 Cloud Financial Management/ERP Software Application

http://www.netsuite.com/portal/products/netsuite/financials/main.shtml

Key Benefits
- Comprehensive financials including accounting, budgeting, financial reporting and more - Gen instant visibility into real-time financial and operational performance across your entire company. - Streamline all back-office processes across financial management, revenue management, order management, billing and inventory management. - Improve accountability and compliance with robust, auditable accounting and powerful reporting. - Reduce IT costs and get automatic upgrades with an ERP solution delivered completely in the cloud. - Get secure access to your financials from anywhere- all you need is a web browser or mobile device. - Drives efficient integrated processes from order to cash through to procure to pay.

Getting Started: Navigate and Application

- Logging in - Interface Elements *Portlet *Center - Setting Portlet - Personalize Dashboard What would you like to add? - User Preferences - Netsuite Terminologies - Getting Help

Setting up and Configuring Netsuite

Enter Company Information Enable Features Review Chart of Accounts Set up accounting periods Enter Opening Balances

Set up Company Information

a) Set up Company Information The Company Information page is where an administrator, or another user with Set Up Company permission, can enter basic identifying information for an account. b) Navigate to Setup > Company > Company Information -Enter your companys Name - Enter your companys address - Enter your companys EIN( Employer Identification Number with format 88-8888888 for US based companies) -Enter your phone/fax numbers -Enter your companys web site, if available -Upload your company logo for FORMS and PAGES and check the box Display Logo Internally to show your logo on you Netsuite UI next to the NetSuite logo on the upper left side.

Enable Features
a) The Enable Features page is where you turn on or off features in Netsuite. b) You can click the Audit Trail link on this page header to review a list of changes to enabled features, including the users who made the changes, dates of the changes, and whether the feature was enabled or disabled.

Enable Features
Navigate to Setup > Company > Enable Features Enable the following features and then click SAVE. Company tab: - Departments, Classes, Locations - Inline editing, File Cabinet Accounting tab: - Accounting, A/R, A/P, Accounting Periods

Enable Features
Transactions tab: - Sales Order, Purchase Orders - Advance Shipping, Advanced Receiving, Shipping Label Integration - Credit Card Payments

Items & Inventory tab: - Matrix Items - Inventory Items

Enable Features
CRM tab: - Customer Relationship Management -Marketing Automation

Web Presenence tab: - Web Site, Web Store - Customer Access

Working with the Chart of Accounts

One of the first tasks you need to complete before you can begin managing accounting in NetSuite is to set up a chart of accounts. Your chart of accounts provides a set of destinations for posting transactions, and categorizes these transactions for tracking and reporting purposes.

Navigate to Lists > Accounting > Accounts to see the list of accounts pre-configured in you NetSuite test account.

Create a new Shipping Income Account

You can choose whether to use the CSV Import Assistant to import accounts information, or to create new account records manually in NetSuite.

Navigate to Lists > Accounting > Accounts > New - Type = Other Income -Name = Shipping Income -Save

Set Up Accounting Periods

The Accounting Periods feature supports general ledger management. If accounting periods are not used, NetSuite transactions post in real time. When accounting periods are enabled, users can select a past or future posting period for each transaction, and accounting personnel can more effectively monitor and control the status of accounts.

Use case: - A bill for water usage in the month of June was entered in NetSuite on July 4, 2011. Without Accounting Periods, the bill become part of your July reports, which may not be the intention of the business. Using Accounting Periods, users can enter the bill on July 4 but post it to June 2011 since the expense was incurred in the previous month. Reporting is more accurate.

Set Up Accounting Periods

Navigate > to Setup > Accounting > Manage Accounting Periods - Click the Set Up Year Button located on the lower right portion of the user interface. - First fiscal month = January - Fiscal year end = 2011 - Period format = Calendar Months - Year in Period Name = Ending Year of Period - Save

Enter Opening Balances

The opening balance for each general ledger account is the amount in the account when you first start using it in NetSuite. The date of the opening balance is included on each account record. Once an opening balance has been entered for an account, that account can be used in NetSuite transactions.

Enter Opening Balances

Navigate to Setup > Accounting > Enter Opening Balances.
- Select the correct posting period (e.g. Jan 2011) - Enter a date for the opening balance - For each account, enter a debit or credit according to the starting balance, then save

Sample Setup:
- Enter a balance on the DEBIT field for Checking, 500000.00 - Enter a balance on the CREDIT field for Owners Capital, - SAVE

Note: NetSuite tracks the difference between the opening balances debits and credits in the Out of Balance By field

Enter Opening Balances

View the Balance Sheet after entering opening balances Navigate to Reports > Financial > Balance Sheet

- As of field should contain the same period selected for the opening balance.

General Preferences

An administrator, or another user with the Set Up Company permission, can set company preferences for how information is input and processed in NetSuite, on the General Preferences page. Navigate to Set Up> Company > General Preferences

These preferences apply to all users in the account, except for a small number of preferences that users can override with personal preferences defined at Home > Set Preferences. These preferences are listed on the Overriding Preferences subtab of this page, where you can prohibit overrides by clearing the Allow Override check box.

Accounting Preferences
NetSuite provides many accounting preferences that determine the flow of the accounting management user interface in your account Navigate to Setup > Accounting > Accounting Preferences These preferences should be defined when your account is first set up. Most of them can be changed later as well.