New features: Netting now a standard feature.

New features : Netting now a standard feature.

Simplify management of intercompany transactions Each accounting period, financial managers spend several days posting, matching and reconciling intercompany transactions. Transactions may be recorded incorrectly (or not recorded at all), allowing cross charges, transfers and other exchanges to go unrecognized. By improving cross charge automation, accounting managers can automatically post, match and reconcile transactions based on cross-subsidiary fulfillment events and record it all in NetSuite. Fewer people are needed to verify intercompany financial statements, and accounting periods can be closed faster and with less chance of human error.

Another manual process NetSuite has eliminated is settlement of intercompany receivables and payables. While it is common to keep intercompany transactions open (not settled) for several accounting periods, new intercompany AP/AR netting allows users to combine their mutual balances through a netting statement. Settlements are then created for the selected transactions for both subsidiaries. Companies will save time by reducing the number of open intercompany transactions, which eliminates the need for multiple wires and subsequent bank charges. rebrands as True Cloud ERP


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Sunday, 28 November 2021

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