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Accounting Updates in NetSuite 2020.2

2020.2 Accounting |

New Accounting Preference for Advanced Revenue

Management

NetSuite 2020.2 includes a new accounting preference to give you control over the generation of revenue recognition forecast plans. The accounting preference Disable Creation of Forecast Plans lets you skip forecast plan generation. When you check the Disable Creation of Forecast Plans box, NetSuite suspends creation of revenue recognition forecast plans. If you suspend forecast plan create and resume it later, generation of forecast plans will take longer than usual. The only reports affected by this accounting preference are the Revenue Recognition Forecast reports. When you disable forecast plan creation, these reports no longer include forecasted lines.

Currency Exchange Rate Types

The Currency Exchange Rate Types feature lets you store multiple currency exchange rates for a currency pair and date. Unless you enable this feature, you can have only one exchange rate for each currency pair and date combination. This feature is available in NetSuite OneWorld only after you enable the Multiple Currencies and Intercompany Framework features. For more information, see the help topics Multiple Currencies and Intercompany Framework. When you enable the Currency Exchange Rate Types feature, NetSuite assigns your existing exchange rates a currency exchange rate type called Default Currency Exchange Rate Type. Currency exchange rate records gain a new required field called Exchange Rate Type. NetSuite automatically sets the value of the Exchange Rate Type field to the default on all existing currency exchange rate records. You cannot disable the Currency Exchange Rate Types feature after you enable it.

NetSuite permits up to three active currency exchange rate types, including the default. You can rename

the default type, but you cannot make it inactive. Each currency exchange rate type must have a unique name. For more information, see the help topic Currency Exchange Rate Types.

Balancing Segments Enhancements

in Setup > Accounting > Accounting Preferences (Administrator). You can now select which custom segments are balancing segments in this subtab, and the Balancing checkbox on custom segment

  • A General group which includes all general preferences for the Balancing Segments feature
  • A Default Accounts group which includes fields to select Intersegment Due To, Due From, and Cash accounts
  • Fields from which to select accounts to use with specific transaction types For more information, see the help topic Balancing Segments Preferences.
  • A new Payments Use Transaction Line Segmentation preference adjusts payments using balancing journals and an intersegment cash account. When you run the balancing by segments process,

NetSuite creates balancing journal lines which use the cash adjustment account or accounts to

break down the payment by the line segments on the paid transaction. To use this feature, enable the Payments Use Transaction Line Segmentation preference in the Balancing Segments subtab in Accounting Preferences. For more information, see the help topics Transaction Line Segmentation on Payment Transactions, Configuring Intersegment Accounts, and Balancing Segments Preferences.

  • The new InterSegment Elimination feature reverses autobalancing lines posted by balancing journals when using different InterSegment Due To and Due From accounts. When you enable the feature, you create an elimination segment that NetSuite uses to reverse any autobalancing lines. To enable this feature, check the new Enable InterSegment Elimination box in the Balancing Segments subtab in Accounting Preferences. For more information, see the help topics Reversing Balancing Segment Intersegment Lines, Configuring Intersegment Accounts, and Balancing Segments Preferences.
  • A new Update the Balancing Journal on Process Re-Run preference updates balancing journals when the process is re-run instead of deleting them and creating new balancing journals. For more information, see the help topic Balancing Segments Preferences. For more information about these enhancements and balancing by segments, see the help topic Balancing Segments and Journals.

General Ledger Impact Printing Enhancements

NetSuite 2020.2 introduces the following enhancements to general ledger impact statements:

  • Print the general ledger impact for transactions from all accounting books, including secondary books.
  • Print a transaction’s general ledger impact directly from a transaction form.
  • Print the general ledger impact for transactions using SuiteScript 2.0. For more information, see the help topic Printing the GL Impact Using SuiteScript.
  • Print separate general ledger impact statements for each subsidiary for intercompany transactions.
  • Filter and select which general ledger impact statements to print in bulk based on general ledger number, document number, or transaction number. For more information on GL Impact Printing, see the help topic Printing the GL Impact for a Transaction.

System Notes on Currency Record

The currency record now contains system notes that track changes that you can use to meet audit requirements. The system notes list is below the other fields on the currency page, rather than in a subtab. The standard View and Field filter lists appear above the system notes list. Create Automated Memorized Transactions as System

User

NetSuite 2020.2 includes a new Create Automatic Memorized Transactions as –System– preference at Setup > Company > Preferences > General Preferences (Administrator). In new accounts, NetSuite creates automatic memorized transactions as the last user who edited the memorized transaction definition. When you set this preference, NetSuite creates automatic memorized transactions as a –System– user. When not set, this preference enables you to use server-side scripting and SuiteFlow with automatic memorized transactions. For more information, see the help topics Memorized Transactions and Setting General Account Preferences. Changes to OneWorld and Multi-Book Country and

Currency Combinations

NetSuite 2020.2 now counts secondary book country and currency combinations as part of your Subsidiary Country/Currency Limit. Prior to NetSuite 2020.2, only country and currency combinations in the primary book were counted in this limit. You can create new country and currency combinations in the following ways:

  • Create a subsidiary in a new country regardless of the base currency it uses
  • Create a subsidiary in a licensed country, but with a currency not included in the license

For any combination of country and base currency, you can still create as many subsidiaries as you need

in that country and currency. For example, if you have a license for the combination of Germany and the Euro, you can create as many subsidiaries for that combination as required. If this change causes you to exceed your Subsidiary Country/Currency Limit, you must provision more country and currency combinations to cover your secondary books. Provision more combinations when any of the following circumstances occur:

  • You add more country and currency combinations
  • You renew your contract
  • You upgrade to 2020.2 (provision more within 180 days after the upgrade) For example, if you use the Multi-Book Accounting feature, you may have the following combinations in your accounting books:
  • Three country and currency combinations in your primary book
  • Two different country and currency combinations in your secondary book In this example, you must license a total of 5 country and currency combinations in the preceding circumstances. Note: Inactive subsidiaries do not count towards your Subsidiary Country/Currency Limit. For more information on how to deactivate subsidiaries, see the following Help Center and

SuiteAnswers articles:

  • Creating Subsidiary Records
  • Effects of Inactivating a Subsidiary For more information, contact your NetSuite account manager.