Oracle NetSuite Introduction

The navigation menu bar is located at the bottom of the header. The tabs in the bar depend on your user role. Users with the Administrator role and users with the Custom Center Tabs permission can create new tabs.

When you log in, NetSuite opens your home page. Your home page is a dashboard, a collection of real-time data. The specific content of your home page depends on your user role. Here is an example of a portion of a Home page for a fictitious company.

1. **Administrator Access**: You need administrative access to configure the company settings.

2. **Company Information**: Enter basic details such as company name, address, fiscal calendar, and primary currency.

3. **Accounting Preferences**: Configure accounting preferences like chart of accounts, subsidiaries, departments, and classes.

4. **Tax Setup**: Configure tax codes, tax groups, and tax jurisdictions according to your business requirements.

5. **Financial Preferences**: Set up preferences for financial reporting, including accounting periods, fiscal years, and reporting periods.

6. **Banking Setup**: Add bank accounts, set up bank reconciliation, and configure payment methods.

7. **Customer and Vendor Management**: Set up customer and vendor records including contact information, payment terms, and credit limits.

8. **Item Records**: Define items or services your company sells, including descriptions, pricing, and inventory details if applicable.

9. **User Access**: Create user accounts for employees with appropriate roles and permissions.

10. **Customization**: Customize NetSuite to fit your specific business processes by creating custom fields, workflows, and scripts if needed.

Upon completion of this course

1. You will be able to create a Single Company in NetSuite

2. You will learn, to setup Currency in NetSuite

3. You will learn, to setup Financial Year in NetSuite

4. You will learn, to setup company’s multiple address in NetSuite. Such as Billing Address, Shipping Address & Return Address.

5. You will learn, to add Company Logo and Company account id.

6. You will understand difference between the NetSuite Single Entity and NetSuite OneWorld

NetSuite OneWorld enables you to manage data for a hierarchical structure of separate legal entities (subsidiaries). This structure is organized as a tree that rolls up to a root, or top-level parent subsidiary. The root subsidiary is the highest-level subsidiary in your account, and all other subsidiaries are below it in the hierarchy. If your account was upgraded to OneWorld, the preexisting data is used for the root subsidiary.

Each subsidiary represents a separate company within your global organization. Subsidiaries can be international or domestic. When you create a subsidiary record in OneWorld, the country you define for its address determines the NetSuite edition. It also determines the tax nexus associated with that subsidiary.

In addition to the subsidiaries representing your organization's separate legal entities, you must create elimination subsidiaries for use in balancing consolidated financials. Each OneWorld transaction generally posts to a single subsidiary, with the exception of transactions between two or more subsidiaries. Intercompany transactions include intercompany sales and purchases, intercompany inventory transfers, cross subsidiary fulfillment and return, and advanced intercompany journal entries. Because intercompany transactions post to two or more subsidiaries, the revenue and expenses must be eliminated at the consolidated level to maintain balanced financials. OneWorld uses elimination journal entries, associated with elimination subsidiaries, to maintain this balance.

Subsidiary Hierarchy Planning

Before you create subsidiary records you should plan the structure of your organization's subsidiaries. For each subsidiary record you create, you must define its parent, and as you create subsidiaries, NetSuite automatically defines a hierarchical structure.

You should diagram the parent-child relationships in your subsidiary hierarchy, starting at the top with the root subsidiary. This visual representation can help you consider how you want to organize and consolidate data, for both accounting and reporting purposes.

As you diagram your subsidiary hierarchy, it is a good idea to record the country, base currency, and tax nexuses for each subsidiary.

• The country you enter on a subsidiary record automatically determines the first tax nexus and NetSuite edition associated with that subsidiary.

• A base currency is the currency in which a subsidiary manages its financials. After you define and save a base currency on a subsidiary record, you cannot change it.

• A nexus is a tax jurisdiction. You can add and change nexuses on subsidiary records.

After you diagram a hierarchy of subsidiaries, you should include one elimination subsidiary as a child of each parent subsidiary. The elimination subsidiary should use the same base currency as the parent subsidiary.

Use the subsidiary hierarchy diagram as a roadmap for setting up subsidiaries. You can refer to the base currency listed for each subsidiary to ensure that all necessary currencies are set up in NetSuite.

You should create subsidiary records in a top-down fashion. Begin with the root subsidiary, then all of its child subsidiaries, then the next level of subsidiaries, and so on. This order is best practice because you must define the parent for each child subsidiary when you create the subsidiary record.

You should create a subsidiary record for each legal entity in your organization. In addition, you should create a separate elimination subsidiary record as a child of each parent subsidiary.

When you create a subsidiary, the system creates a Subsidiary Settings page for that subsidiary. The subsidiary record has a one-to-one relationship with its Subsidiary Settings page. You can access the Subsidiary Settings page from the Subsidiary Settings Manager page.

You should create subsidiary records in a top-down fashion. Begin with the root subsidiary, then all of its child subsidiaries, then the next level of subsidiaries, and so on. This order is best practice because you must define the parent for each child subsidiary when you create the subsidiary record.

You should create a subsidiary record for each legal entity in your organization. In addition, you should create a separate elimination subsidiary record as a child of each parent subsidiary.

When you create a subsidiary, the system creates a Subsidiary Settings page for that subsidiary. The subsidiary record has a one-to-one relationship with its Subsidiary Settings page. You can access the Subsidiary Settings page from the Subsidiary Settings Manager page.

When subsidiaries transact, you may have to eliminate the revenue and expenses at the consolidated level to remove the effect of transactions between subsidiaries.

For example, intercompany transaction balances may require elimination for the following reasons:

• Sales and services between subsidiaries

• Inventory transfers between subsidiaries

• Loans between subsidiaries

You use elimination subsidiaries to post journal entries that balance consolidated books. These journal entries, called elimination journal entries, reverse the impact of the intercompany transactions. Each elimination journal entry posts to an elimination subsidiary.

You create an elimination subsidiary (as a child of the parent subsidiary) for any subsidiary that has child subsidiaries. Set the currency to the same currency as the base currency of the parent subsidiary.

The following illustration shows a sample subsidiary hierarchy that includes an elimination subsidiary.

You create elimination subsidiaries the way you create other subsidiaries except that you check the Elimination box on the subsidiary record. For more information, see Creating Subsidiary Records.

License fees for subsidiaries do not include charges for elimination subsidiaries, and elimination subsidiaries do not count toward the maximum of 250 subsidiaries.

Note the following about elimination subsidiaries and transactions:

• An elimination subsidiary must use the same base currency and country combination as their direct parent subsidiary.

• With consolidated exchange rates, an elimination subsidiary must use a consolidated exchange rate of 1 to its direct parent subsidiary.

• You can select an elimination subsidiary only for journal entries, not for other transactions.

• A journal entry that is associated with an elimination subsidiary is a normal journal entry, not an advanced intercompany journal entry. It posts to a single elimination subsidiary. For more information about journal entries in OneWorld.

• Elimination transactions post only to the elimination subsidiary and do not affect the general ledger.

• The system can automatically generate elimination journal entries if you enable the Automated Intercompany Management feature.

• You cannot select an elimination subsidiary on a bank account record or a credit card account record.

• You cannot select an elimination subsidiary on item records.

Enable Features

The Enable Features page is where users with the Administrator role can turn on or off features in NetSuite.

The following topics describe the features available on each sub-tab of the Enable Features page.

• General Company Features

• Accounting Features

• Tax Features

• Transaction-Related Features

• Items and Inventory Features

• Employee and Payroll Features

• CRM and SFA Features

• Analytics Features

• Commerce Features

• SuiteCloud Features

Users with the Administrator role can enable the following features on the Accounting subtab of the Enable Features page. Many of these features create system-generated accounts when enabled. These accounts are included in the descriptions. For a complete listing of system-generated accounts, see Feature-Specific, System-Generated Accounts.

Basic Features

Accounting

Use NetSuite for your business's accounting.

Note

Enabling this feature creates the system-generated Undeposited Funds and Refunds Payable accounts. If you are using NetSuite Canadian Edition, you will also have Payable and Expenses accounts. If you are using NetSuite (U.S.), you will have the additional Sales Tax Payable account.

A/R (Accounts Receivable)

Maintain accounts receivables records and track invoices, receipts, cash sales, payments, and customer records.

Note

Enabling this feature creates the system-generated Accounts Receivable account.

A/P (Accounts Payable)

Maintain accounts payable records and track purchases, bills, vendors, and payee records.

Note

Enabling this feature creates the system-generated Accounts Payable account.

On the Tax subtab of the Enable Features page, users with the Administrator role can enable tax features and access the installation pages of related SuiteApps:

Advanced Taxes

Use the Advanced Taxes feature. This feature enables you to use tax schedules to track taxes for each nexus in which your company is required to pay taxes.

Users with the Administrator role can enable the following features on the Transactions subtab of the Enable Features page.

Processed lines for certain transaction types contribute to the Monthly Transaction Lines metric that counts toward maximum limits for your NetSuite service tier.

Estimates

Provide estimates to your customers and then convert them into invoices.

Sales Orders

Track customer orders and then convert them into invoices.

Users with the Administrator role can enable the following features on the Items & Inventory subtab of the Enable Features page.

Drop Shipments & Special Orders

Ship items from your vendor directly to your customer.

Matrix Items

Track inventory and pricing of items separately based on item options, such as tracking shirts by color and size.

Multiple Vendors

Manage procurement of items you buy from more than one vendor. Identify and track each vendor's name, item code, and purchase price.

Users with the Administrator role can enable the following features on the Employees subtab of the Enable Features page.

Compensation Tracking

Track basic wage and salary information for employees directly from the employee record.

Job Management

Create jobs with job descriptions and assign them to employees.

Job Requisitions

Create job requisitions for recruiting, associate requisitions with jobs, and track status through the hiring process.

Users with the Administrator role can enable the following features on the CRM subtab of the Enable Features page.

Customer Relationship Management

Manage all your business relationships with lists of contacts, companies, events, and tasks.

Sales Force Automation

Use SFA to manage your sales process.

Customer Support and Service

Track, route, and manage customer support request.

Marketing Automation

Create targeted marketing campaigns and customize your email communications.

You must agree to the NetSuite Marketing Application Terms of Service before you can enable this feature. To agree to the terms, click Terms of Service. Read the terms, check the box at the bottom of the page and click Close Window.

Opportunities

Create opportunity records you can use to track sales opportunities.

Lead Conversion

Convert leads to prospects, contacts, opportunities, and tasks.

Before you begin using the Lead Conversion feature, you should do the following:

• Set the Default Lead Type preference to Individual at Setup > Company > Preferences > General Preferences.

• Set the Preferred Lead Form preference to Standard Lead Form at Setup > Sales > Preferences > Sales Preferences.

Users with the Administrator role can enable the following features on the Analytics subtab of the Enable Features page.

KPI Scorecards

Add the ability to display a portlet on your dashboard that shows the results of multiple KPIs for multiple date or period ranges.

SuiteAnalytics Connect

Enable the SuiteAnalytics Connect feature to access and query your NetSuite data using SQL through database standards such as ODBC, JDBC, and ADO.NET.

NetSuite Analytics Warehouse

Configure and transfer data to the NetSuite Analytics Warehouse. You can use any data transferred with Oracle Analytics for applications.

Users with the Administrator role can enable the following features on the Web Presence subtab of the Enable Features page.

Web Site

Enable initial website functionality, for example, creation of domains. Also enable activation of other Commerce features, such as SuiteCommerce and SuiteCommerce Advanced.

Site Builder (Website)

Create a Site Builder website to give customers information about your company and enable them to browse your product catalog.

Users with the Administrator role can enable the following features on the SuiteCloud subtab of the Enable Features page.

Item Options

Create and use item-specific options on purchase and sales transactions.

Custom Records

Use custom records to create a database of information specific to your business. This feature is also required for center and tab customization.

Advanced PDF/HTML Templates

Enable powerful, template-based rendering of selected transactions.

The Advanced PDF/HTML Templates feature provides a template-based model for print customization of transaction and entry forms.

These HTML-based templates provide greatly expanded customization capabilities over the previously supported transaction form layouts, now known as basic layouts.

Record numbers for Entities, CRM, and Schedules cannot be reverted back to names after update. If you check Update, a number is assigned to each existing record of that type, and the name is stored in the Company Name field.

You can return to this page at any time to turn on or off numbering for new records. However, after you turn on numbering, records will be listed by number rather than name.

It typically takes just a few minutes for 5000 records. While it is running, this page will not be available.

The Set Up Auto-Generated Numbers page enables users with the Administrator role to choose the record types that should be automatically numbered in the order in which they are created. On this page you can also add prefixes and suffixes to auto-generated numbers. Prefixes and suffixes are useful in determining a record, transaction, or document’s type and estimated age at a glance.

For example, you may choose to enable auto-generated numbering for the customer record type in your account and prefix the number with CUST. Each time you add a new customer record, the record number increases sequentially by one. When you view your customer list, you can quickly see that CUST0025 is a newer customer than CUST0004.

When you set a record type to have auto-generated numbers, the number replaces the name that was stored in the Company Name field. Record numbers cannot be reverted back to names after auto-generated numbering has been enabled and the records have been updated.

Users with the Administrator role can change the names of their records and transactions from the NetSuite default names to names that fit the terminology of their company on the Rename Records/Transactions page. On this page, you can also change the names of account types used in NetSuite.

By changing the names of your records and transactions, your employees do not have to change their terms to fit NetSuite terms. Instead, NetSuite changes to fit the terms your employees are accustomed to using.

When you change the names of records or transactions, those names change in most places they appear in NetSuite to your preferred term. You can always return to the Rename Records/Transactions page to change them to the default name or to another term.