Last week, NetSuite held its fourth annual user conference, SuiteWorld. But don’t worry if you missed it – over the course of the week, we have been posting a series of short blogs designed to summarise the key developments announced at the event.
During his keynote last Wednesday (14th May), Founder and CTO Evan Goldberg unveiled SuiteGL, a new product release with breakthrough capabilities for the General Ledger (GL) component of NetSuite ERP. It will enable organisations to tailor the general ledger to their specific business needs and brings flexibility and custom capabilities to a previously one-size-fits-all solution.
SuiteGL addresses the needs of finance teams in dealing with differing industry and company specific operational and financial requirements, as well as the varying regulations and requirements of different countries. It will provide the flexibility they need in their accounting software.
SuiteGL provides this flexibility with three new capabilities:
- Custom GL lines (available later this year in version 2014.2)
- Custom transaction types (scheduled early 2015 in version 2015.1)
- Custom GL segments (scheduled second half of 2015 in version 2015.2)
Custom GL lines
Using a configurable SuiteScript plug-in, users can add custom GL impact lines to standard transactions, such as invoices or vendor bills, across single or multiple accounting books, eliminating the need for manual journal entries. This should be particularly valuable for companies doing business in countries where the GL impact of a transaction differs from what’s expected in other countries.
Custom GL lines will enable NetSuite to be tailored to meet specific needs and ensure compliance with strict governmental reporting requirements on transactions, whilst maintaining consistency of operations across the business.
Custom transaction types
The new capability will enable users to design custom transaction types specific to their company or industry, along with corresponding capabilities such as type-specific transaction numbering, roles and permissions, reporting and more. All designed to reduce the time and effort required for account reconciliation and audit processes.
Custom GL segments
This will improve GL accuracy and save time for the finance department by ensuring that GL financial impact follows double-entry accounting principles and balances across all segment combinations. In addition, users will be able to “tag” the GL impact of transactions, create relationships between segments, and generate more effective and flexible reporting and analytics.
If you would like any further information about SuiteGL, please don’t hesitate to get in touch with one of our experts.