NetSuite 2015.2: Accounting feature enhancements

One of the main benefits of NetSuite is that it is automatically upgraded twice a year, providing new and improved functionality to its customers and ensuring they are always using the most up-to-date technology solutions.
NetSuite is currently rolling out Version 2015 Release 2 (NetSuite 2015.2) to its existing customers, who will be upgraded during the next couple of months.
This article provides an overview of the expected enhancements to NetSuite’s accounting features. Here, we cover the following key features:

  1. Period Close by Accounting Book
  2. Thomson Reuters Foreign Exchange Rate Provider
  3. Custom GL Lines Audit Log
  4. Custom GL Segments
  5. Record the Reason for Deleting a Transaction

1. Period Close by Accounting Book

If you have implemented Multi-Book Accounting in your account, you can individually close and re-open accounting periods associated with any accounting book, without impacting your other accounting books.
When you enable the ‘Extended Accounting Period Close Process’ feature, unique period close checklists become available for each of your accounting books, including newly activated secondary accounting books. The closing tasks for all accounting books or the primary accounting book will be different from the closing tasks of a secondary accounting book.
You choose the accounting book for which you want to close a period through the ‘Filters’ section at the top of the ‘Manage Accounting Periods’ page. When you select an accounting book, the list of displayed accounting periods provides the closing status and a link to the respective period close checklist.
If you select a secondary accounting book, only accounting periods after the book effective date display in the list.
Marking a check list task complete partially unlocks dependencies between certain tasks.
You can edit transactions in a period that is locked in one or more accounting books, but closed in other accounting books. NetSuite determines whether a transaction can be changed based on the specified posting period in the transaction record.

2. Thomson Reuters Foreign Exchange Rate Provider

If you use the ‘Currency Exchange Rate Integration’ feature, NetSuite 2015.2 offers Thomson Reuters as an additional exchange rate provider to the current provider, Xignite.
Thomson Reuters offers real-time, current market rates and supports thousands of global and regional banks, institutional investors, and corporate clients around the world both in developed and emerging markets.
Thomson Reuters offers a four significant decimal exchange rate, which means that the leading zero displays but does not count as one of the four digits. For example, both 0.1234 and 0.0001234 represent four significant digits.
In this release, NetSuite offers three methods for obtaining currency exchange rates: triangulation calculation, direct, and inverse.

Triangulation calculation

This is useful when the two home currencies involved in the transaction are not available from the selected rate provider. This triangulated calculation provides a method for two entities to simultaneously transact business in one currency, and at the same time repatriate money and profits back to the two home currencies.

Direct currency exchange rates

These are provided directly from your specified exchange rate provider.

Inverse rates

These exchange rates are based on the direct rate used by another NetSuite account. The inverse rate that displays on the Currency Exchange Rates page at Lists > Accounting > Currency Exchange Rates is the most recent rate for that currency rate pair before the as-of-date.

3. Custom GL Lines Audit Log

The ‘Custom GL Lines Audit Log’ shows custom lines created by Custom GL Lines plug-in implementations in a NetSuite account. Use the audit log to view any custom lines created for a specific transaction, all transactions, or for a specific plug-in implementation.
The audit log also lists custom lines for transactions deleted after the custom lines were created.
The following screenshot shows the ‘Custom GL Lines Audit Log’ default view for a transaction:
Custom_GL_Lines_Audit_Log
You can click the links in the ‘Lines Added’ and ‘Revision’ columns to open the ‘Custom GL Audit Log Line’ page and ‘Custom GL Lines Plug-in Revision’ page, respectively.

Accessing the Custom GL Lines Audit Log

You can access the audit log using one of the following methods:

  • Click the link in the ‘Custom Script’ column from the GL Impact report on a transaction. The link opens the ‘Custom GL Lines Audit Log’ page for the transaction, even if the plugin implementation that created the custom lines was deleted.

GL_Impact
Note: You must have administrator or full access permissions for the link in the ‘Custom Script’ column to appear.

  • Create a saved search using the ‘Custom GL Lines Audit Log’ search type.

New_saved_search

Custom GL Audit Log Line Page

The ‘Custom GL Lines Audit Log Line’ page shows the balancing custom lines added to a specific transaction. Click the link in the’ Lines Added’ column on the ‘Custom GL Lines Audit Log’ page to access the ‘Custom GL Lines Audit Log Line’ page.
Custom_GL_Audit_Log_Line

Custom GL Lines Plug-in Revision Page

The ‘Custom GL Lines Plug-in Revision’ page shows the specific version of the plug-in implementation that created a custom line. Click the link in the ‘Revision’ column on the ‘Custom GL Lines Audit Log’ page to access the ‘Custom GL Lines Plug-in Revision’ page.
Custom_GL_Lines_Plug-in_Revision

Delete Custom GL Lines Plug-In Implementation

As of Version 2015 Release 2, you can delete a Custom GL Lines plug-in implementation or remove a bundle that contains a Custom GL Lines plug-in implementation.
If you delete the plug-in implementation, any custom lines created by the implementation remain in the NetSuite account on the transaction for which they were created. This enables you to delete a plug-in implementation and not lose the general ledger impact of the custom lines.
Use the ‘Custom GL Lines Audit Log’ to view all custom lines created by current and deleted plug-in implementations.
In previous releases, you could not delete a Custom GL Lines plug-in implementation if the plug-in implementation had previously created custom lines on a transaction.
The following screenshot shows the Custom GL Lines audit log for a deleted plug-in implementation:
Custom_GL_Lines_Audit_Log_2

4. Custom GL Segments (Beta)

The ‘Custom Segments’ feature lets you create custom classification fields similar to class, department, and location.
You can create an unlimited number of custom segments, define possible values for each segment, and add the segments to specific record types. People working in NetSuite can then use the segments to classify records appropriately.
Custom_segments
You can configure segments to appear on the ‘GL Impact’ page. Additionally, standard NetSuite reports can be customised to use segments as filters and columns. When a segment is used as a column, it can also be grouped with other columns.
For example, the following screenshot shows a customised version of the ‘Sales by Item’ report. This report groups two segments in the column at the left:
Sales_Audience_and_Profit_Center
In these ways and more, custom segments enhance your ability to categorise data and meet your organisation’s unique reporting and analysis needs.
Authorised users can easily utilising the following options:

  • Configure Segment Values to Be Hierarchical
  • Configure a Segment to Default Statically or Dynamically
  • Filter a Segment’s Values Based on Other Segments
  • Filter a Segment’s Values Based on Class, Department, Location, and Subsidiary
  • Configure a Segment to Appear on the GL Impact Page
  • Create Segments as Multi-Select Fields
  • Display Segments Selectively

5. Record the Reason for Deleting a Transaction

In some countries, providing the reason why a transaction was deleted is a legal requirement. The ‘Use Deletion Reason’ feature satisfies this requirement by making it mandatory for users to record the reason for deleting a transaction.
All transactions listed has having an Auto-Generated Numbers can be impacted by the ‘Use Deletion Reason’ feature. When this feature is enabled, users must provide a reason for deleting a transaction record.
The ‘Transaction Numbering Audit Log’ provides a list of the deleted transactions, their transaction number, and the date on which the transaction was deleted and by whom. It also provides the reason the user deleted the transaction record and any related memo.
The ‘Use Deletion Reason’ feature includes two standard deletion reasons: Original Document Damaged and Other. These two deletion reasons are available throughout your NetSuite account.
If users choose the standard reason Original Document Damaged, writing a memo is optional.
If users choose the standard reason Other, writing a memo is required.
Transactions can be deleted from the transaction record, and if inline editing is enabled in your account, transactions can also be deleted from the transaction’s List page.
If you would like any further information on any of the expected changes to NetSuite during the 2015.2 release, please don’t hesitate to get in touch with one of our experts.
Do you have anything to add? Please leave your comments below.

Related

Latest
More Information
Eva Caballero
NoBlue
[email protected]

(+34) 660 10 87 20
Stay Connected

We make a selection of our blog’s most relevant news, a section dedicated to what we know best: Cloud Business Management Solutions. Sign up to our newsletter.

Contact Us

United Kingdom
+44 115 758 8888

Spain & Portugal
+34 434 75 76

United States
200 Continental Drive
Suite 401, Newark – 19713