A general ledger (GL) export is a common request for budgeting purposes and for the financial statement auditors. In this blog post, we will discuss how to build this with a NetSuite saved search, utilizing the CASE WHEN formula to include the header-level and line-level name information in a single column.
Changing transaction coding via a CSV import template is critical when the volume of transactions is too high to do this task manually. Two use cases for this skill are updating the department coding for all transactions with a specific vendor for comparative financials or adding a class code for transactions migrated from QuickBooks during a NetSuite implementation. This blog post will walk through the steps to complete this process.
The most common report used around fixed assets is the rollforward. The rollforward shows the beginning balance, additions, disposals, depreciation, and ending balance over a given period. Over the next series of blog posts, I will walk you through how to build saved searches and views to compile a rollforward report in NetSuite.
To start, we are going to customize the fixed asset listing view to calculate the beginning and ending balances for gross assets and accumulated depreciation.
The general ledger (GL) account structure is an art, not a science. Every company has unique reporting requirements. The GL structure is a way to ease reporting requirements. There are good ways and bad ways to structure the GL. Here are a few tips and tricks that I've found after advising several biotech organizations on restructuring their GL during a NetSuite ERP implementation:
Accounts payable is the foundation of a biotech’s financial statements. This role is often filled by entry-level staff with high turnover. This can cause problems for financial reporting. Thankfully, an advanced procurement system, if configured properly, can automate parts of the accounts payable function, ensuring that disruptions have a smaller impact on financial reporting. Here are four configurations that can automate accounts payable:
I recently led the implementation of a procurement system at one of my clients. Overall, the project went well, but, like all system implementations, there were some unanticipated challenges. Teams implementing a new purchasing system should plan and anticipate for these three challenges:
The war for biotech talent is fierce. Last Fall, the Boston Globe ran an article discussing the crazy benefits that early-stage biotechs offer to keep and retain employees. Benefits, such as boxing classes or a fully-stocked coffee bar, are great when all employees like boxing or coffee. But, inevitably, when some employees prefer yoga or tea, these benefits result in a workforce where everyone is equally unhappy.
Corporate credit cards pose a challenge for accounting teams. Employees like corporate cards because they are easy to use. But, companies can easily lose control of spending. And, tracking down receipts is nearly impossible, coding transactions can take hours and there is a lack of real-time analysis. If you can relate to these problems (I can!), read on to learn how Teampay is trying to solve these problems.
Within a small organization, accounting can add value to their organization by offering strategic advice on managing resources. Accounting has a unique perspective because it often touches all parts of the organization - research, clinical, human resources and procurement to name a few.
Adding automation to your financial close increases efficiency and reduces the chance for error in your reporting process. When working on a tight SEC deadline for 10-Q and 10-K reporting, every hour saved helps. If using NetSuite as an ERP, below are five custom reports that can improve efficiency in the close process. This article assumes that companies are using the general ledger account, functional department, and class segments in NetSuite.
