Learn Oracle NetSuite : Introduction to ERP & Accounting

Highlights

• The main objective of the Introduction to ERP/Accounting Course is to make aspirants understand the fundamentals of General Accounting Setup, Understanding Chart of Accounts, Enter Opening Balances, Understanding Fiscal Calendar, Opening and Closing Accounting Periods, Setting Up Nexus and Taxes in NetSuite, Setting up Currencies, Setting up Currency Exchange Rate, Setting up Unit of Measures.

• ERP/Accounting Course will help you to grow your career as NetSuite Administrator, NetSuite Functional Consultant, NetSuite Accountant Professional, and NetSuite Financial Professional.

• If you are IT professional, Cloud developer, ERP domain, Business Analyst, and fresher, This Course will help you to become NetSuite Administrator.

About Course

Topics Covered

• General Accounting Setup

• Understanding Chart of Accounts

• Enter Opening Balances

• Understanding Fiscal Calendar

• Opening and Closing Accounting Periods

• Setting Up Nexus and Taxes in Netsuite

• Setting up Currencies

• Setting up Currency Exchange Rate

• Setting up Unit of Measures

Understanding Chart of Accounts​

​A chart of account (COA) is a financial tool that provides a complete listing of every account in the accounting system. ​

• The Chart of Accounts is an excellent way to record all of these transactions for asset, income (or) revenue, expense, liability, and equity. ​

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.​

• After an opening balance has been entered for an account, that account can be used in NetSuite transactions.​

  
  

Understanding Fiscal Calendar​

• Fiscal calendars apply to accounting periods and tax periods. To use fiscal calendars, the Multiple Calendars feature must be enabled. This feature is available only for NetSuite OneWorld and by default, is not enabled.​

Opening and Closing 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.​