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Accounting Updates in NetSuite 2021.1

2021.1 Accounting |

Advanced Numbering

In NetSuite 2021.1, the new Advanced Numbering feature enables you set up flexible document and transaction numbering that reflect the requirements of the countries you do business in. With this feature, you can create multiple complex numbering sequences per transaction type, fiscal year, and other selected criteria. For example, Advanced Numbering automatically updates your document or transaction number sequence when a new fiscal year begins or when you create different types of transactions. The generated numbers use prefixes and suffixes that you set in each rule. You can also prioritize advanced numbering rules for different circumstances. NetSuite generates the number when you save the transaction. Advanced Numbering supports the following transaction types:

Document Number Only Transaction Number Only

  • Cash refund ■ Bill
  • Cash sale ■ Bill credit
  • Credit memo ■ Credit card
  • Currency revaluation ■ Credit card refund
  • Customer deposit
  • Deposit
  • Deposit application
  • Estimate
  • Expense report
  • Invoice
  • Item fulfilment
  • Item receipt
  • Journal
  • Opportunity
  • Payment
  • Purchase order

Document Number Only Transaction Number Only

  • Return authorization
  • Sales order
  • System journal Advanced Numbering uses two components to generate numbers: rule sets and rules.
  • Advanced numbering rule set - a collection of advanced numbering rules for one transaction type.

All rule sets have at least one rule. You can set the run order for the rules in the set. Each advanced

numbering rule set includes a default rule that assigns the number when no other rules apply. You cannot edit or delete this rule.

  • Advanced numbering rule - the definition of a numbering scheme. You can use fiscal year expressions that reflect your company’s fiscal year setup at Setup > Accounting > Manage G/L > Manage Accounting Periods and other expressions that only use the transaction date. When you import transactions from another application, the feature determines the numbers in the following ways:
  • If external document numbers are present, Advanced Numbering uses those document numbers.
  • If external document numbers are missing, Advanced Numbering generates document numbers with your Advanced Numbering rules.
  • Advanced Numbering always generates new transaction numbers. You cannot import transaction numbers from external applications or overwrite the NetSuite generated transaction numbers with external numbers.

These rules apply to transactions you import with the following methods:

  • SuiteScript
  • CSV import
  • REST
  • JSON To enable this feature, go to Setup > Company > Enable Features > ERP General (Administrator) and check the Advanced Numbering box. You can then set up Advanced Numbering rules and rule sets at

Setup > Company > Auto-Generated Numbers (Administrator). You can use the Auto-Generated Numbers

permission to control who has access to the feature. Additionally, every transaction includes an Applied

Rules subtab which displays the following information:

  • the date NetSuite applied the rule
  • an action log link to additional feature-specific information For more information, see the help topic Advanced Numbering.

Enhancements to Advanced Revenue Management

NetSuite 2021.1 includes a change in behavior and a new accounting preference for the deferred revenue reclassification process in Advanced Revenue Management.

  • New Behavior for Unbilled Receivables Using Grouping
  • New Accounting Preference for Reclassification of Deferred Revenue

New Behavior for Unbilled Receivables Using Grouping

All unbilled receivable adjustment journal entries (contract assets) now post to the revenue element’s

deferred revenue account. Previously, the setting for the accounting preference Unbilled Receivable

Adjustment Journal Grouping determined the account for deferred revenue. When Arrangement or

Sub-Arrangement Group was set for the preference, deferred revenue posted to the account selected in the accounting preference Default Deferred Revenue Reclassification Account. If needed, a new reclassification journal entry adjusts account balances to present remaining obligations as either assets or liabilities in accordance with ASC 606-10-45-1. The new Net Contract Asset or

Liability per Element journal entry is needed only when the reclassification process runs at the

arrangement level or sub-arrangement group level. The reclassification process reverses this netting journal in the next period. For details for the adjustment, see the help topic Net Contract Asset or Liability per Element. New Accounting Preference for Reclassification of Deferred

Revenue

A new accounting preference, Exclude Contract Assets From FX Reclassification, controls whether foreign currency revaluation for contract assets occurs during deferred revenue reclassification. By default, the Exclude Contract Assets From FX Reclassification box is checked, and reclassification does not include foreign currency revaluation for the contract asset account. The exchange rate for the contract assets is the rate on the date that the reclassification process creates the first unbilled receivable adjustment. This is the same behavior as prior to 2021.1. When you clear the Exclude Contract Assets From FX Reclassification box, reclassification changes as follows:

  • The process uses the period-end currency exchange rate of the posting period to calculate contract assets.
  • Reclassification creates an adjustment for foreign currency gain or loss on contract assets when a variance occurs. As a result, revenue from foreign-currency-denominated revenue arrangements is adjusted to the period-end exchange rate. For information about the adjustment, see the help topic Foreign Currency Gain or Loss on Contract Asset.

My Transactions Standard SuiteAnalytics Workbook

NetSuite 2021.1 includes a SuiteAnalytics Workbook that displays all transactions you have created within the last year, by default. Customize views with additional filters and data by modifying the workbook template and dataset template. You can choose to view the data as a table, chart, or pivot. The dataset

Use the Summary by Currency pivot table to search for specific transactions. You can also use the status

information to identify the next workflow steps for transactions, such as for period closing. Use the Summary by Period pivot table to report on user or team performance during each period and by transaction type. For more information, see the help topic My Transactions Workbook. Changes to Name and Display Name Fields on Account

Record

In 2021.1, the account record’s Name field and its localized versions no longer display their associated account number. Instead, only the Display Name field and its localized versions display the account number if the Use Account Numbers preference is set. This change improves consistency in the behavior of these fields. The following table summarizes the new behavior of the Name and Display Name fields: Account Record Field Name With Use Account Numbers Without Use Account Numbers

Preference Preference

Name Account Name Account Name

Display Name Account Number + Account Name Account Name

This release also changes the SOAP web services 2020.2 endpoint’s name field behavior. When you set the Use Account Numbers preference, the name field only includes the account name without the account number. When you do not set the Use Account Numbers preference, both name and displayName display only the account name. This change does not affect the behavior of SOAP web services endpoints prior to 2020.2. The following table summarizes the behavior of name and displayName in the affected SOAP endpoints with the Use Account Numbers preference:

SOAP Endpoint Version name displayName

2021.1 Account Name Account Number + Account Name 2020.2 Account Name Account Number + Account Name 2020.1 or earlier Account Number + Account Name –

Saved search results that use the Name field now only display the account name without the account

number. If you want to retain the account number before the account name in your saved search results, replace the Name field in your search with the Display Name field. Important: If you use a SOAP-based integration with the 2020.2 endpoint, you should review and update your integration for this change or upgrade to the 2021.1 endpoint.

Your script or bundle may use the Search API for an Account search and require the Account

Name to include the Account Number in the search results. If so, you may need to change the

Name field (id: “name”) to the Display Name field (id: “displayname”) in your script or bundle prior to the NetSuite 2021.1 upgrade. For more information, see the help topic General Accounting Preferences.

NetSuite 2021.1 includes a new Balanced by Segments field available at Reports > New Search > Search

Transactions and in SuiteAnalytics workbooks. You can use the field as a field filter or a result field. Use this field to identify transactions that are not balanced by segments. The field has the following values:

Field Value Description

Yes NetSuite balanced this transaction by segments for all subsidiaries and accounting books. Yes (Outdated) NetSuite balanced this transaction by segments for all subsidiaries and accounting books, but a change which impacted the general ledger occurred after the process. Partially NetSuite balanced this transaction by segments only for some subsidiaries or accounting books.

Partially (Outdated) NetSuite balanced this transaction by segments only for some subsidiaries or accounting

books, but a change which impacted the general ledger occurred after the process. No NetSuite has not balanced this transaction by segments. To use this field in a transaction search, you must enable the Balancing Segments feature. For more information, see the help topic Reports That Display Balanced Segments.