NetSuite provides a wide variety of standard reports, including various financial statements.
The main ones are Profit and Loss and Balance Sheet.
Aside from those two, you will also have pre-configured statements comparing Budget vs Actuals or statements displayed by accounting books.
The standard statements are highly customizable to meet your internal management requirements.
Multidimensional analysis allows you to evaluate financial performance at a more granular level in comparison with what is possible with standard reporting techniques.
The Financial Reports are based on customizable Layouts allowing greater control over how the information is organized.
A main concern of every company is to have a tailor-made Income Statement reflecting the business organization.
The standard Income Statement provides a basic layout.
You can use the Financial Report Builder to customize NetSuite financial statements, including their columns, filters, sorting, and audience.
The Financial Report Builder’s most significant feature is the Edit Layout page.
The Edit Layout page provides you with fine-grained control of your customized financial statements.
In addition to report-level and column-level customizations, you can make edits per section or row.
Sections are subsets of financial data, where you define the title and the contents of this section):
In this example, we created a section named Marketing and Promotion, where we want to display the cost of 2 departments.
We obtain the following result :
You can define Formula Row and Text Row
You will be able to collapse and expand sections, to display figures in thousands, to format figures, etc.
A key benefit of the financial statement is the ability to define dimension columns for data, including subsidiaries, class, department, custom segments, time period.
Another benefit is the Period Selector, which offers a wide range of chronological ranges.
As these financial report always contain sensitive information, you can define the permission to access the financial statements to defined roles.
Or you can define the audience on the financial statement itself.
Some important considerations and tips:
- Building a custom financial statement can take some preparation time that should not be underestimated;
- It’s recommended to design the expected layout result;
- It is also important to reflect correctly in advance of the financial segmentations
- Include check formula in order to avoid missing figures and inconsistencies
Customizing Financial Statements offers you : tailor-made reporting, save time, real time reporting, reporting in multiple formats for management and legal purposes.
Novutech can help you to design and build customized Financial Statements.
We have consultants with extensive NetSuite and business backgrounds.
Novutech can also provide you with dedicated training sessions.