NetSuite is a flexible accounting solution that has many preferences available to individual users. While an individual setting rarely makes-or-breaks the system, over time, optimizing many small experiences can lead to large efficiencies. In this blog post, I highlight five preferences to improve your NetSuite experience.
Before we begin, hover over the home icon and click 'Set Preferences'. All of the below settings can be found on this page.
- General -> Show Internal IDs - When you select this setting, all views will include the record's internal ID after the name. This is especially useful if you are importing transactions into NetSuite via a CSV template. Mapping import files to the internal ID is a best practice because the ID will never change. If users map using the name, if the vendor name or parent vendor changes, users will need to remap the transaction.
- General -> Only Show the Last Subaccount - oftentimes when setting up the chart of accounts, organizations will include several parent-child relationships in the operating expense structure. This can create long strings that can get annoying. By selecting this box, users will only see the last subaccount name, preventing this from being an issue. Users can also select this box for entities and items.
- Transactions -> Auto-fill transactions - by selecting this box, NetSuite will pre-fill all the fields on an entity's transaction to match whatever the previous entity's transaction fields were filled out with. This can be helpful when keying in vendor bill transactions directly into NetSuite. However, keep in mind that this copies every field, not just the segment details.
Related Article: Transaction Saved Search for Accounts Payable Review
- Transactions -> Duplicate Number Warnings - under this setting, you can have the system either (1) give no warning (why would you want this?!?), (2) give a warning, or (3) warn and block the transaction. Note that this change will only prevent duplicate transactions on the individual user's profile. To adjust this at the organizational level, navigate to Setup > Accounting > Preferences > Accounting Preferences, the Other Transaction Preferences section, on the Items/Transactions subtab.
- Analytics -> Report by Period - this allows users to determine if only financial reports, all reports or no reports can be ran based on the accounting period instead of the transaction date. The NetSuite Help Center article 'Report by Period: Financials Only Reports' defines which reports fall under the financial reports settings. Best practice is to set this to 'all reports' This allows all reports to be ran on the posting period, which is how the financial statements are generated.
One of the great features of NetSuite is how easy the system is to customize. If you or your team are looking for an experienced NetSuite partner who has operational experience, contact intheBlk. We can help you optimize your account to improve efficiency and have a better working experience.