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NetSuite has always been strong at managing and eliminating intercompany transactions for consolidated reporting. In 2020, NetSuite introduced the concept of the Intercompany Framework that simplified the management of intercompany relationships and transactions for multi-entity companies.

2021.1 ENHANCEMENTS

  • ABILITY TO GENERATE CROSS-CHARGES ANYTIME DURING THE MONTH

    In NetSuite 2020.2, you could only generate cross-charge transactions at month-end. Now they can be generated anytime. The cross charge generation also support the new Centralized Purchasing and Billing feature and the existing Intercompany Cross-Subsidiary Fulfillment feature.

  • INTERCOMPANY NETTING SUPPORT FOR CLASSIFICATIONS

    Intercompany Netting now supports all classifications and custom segments. If the netted transactions specify a department, class, location, or custom segment, NetSuite groups the lines in the Netting Settlement based on these classifications. NetSuite also considers the general ledger account associated with the netted transactions in the grouping. If multiple transactions have the same classifications, including custom segments and general ledger accounts, NetSuite groups them into one line. If any classification in the netted transaction is different, NetSuite displays a separate line for that classification. To use classifications with Intercompany Netting, you must first set an intercompany preference. You can find the preference, Allow Per-Line Classification For Netting Settlement, on the Accounting subtab under the Classification section.

  • SUPPORT FOR CURRENCY EXCHANGE RATE TYPES

    NetSuite now allows you to have multiple exchange rates for a given currency paid and date (e.g., market and corporate). Intercompany Netting and Cross Charge Automation now support the Currency Exchange Rate Types feature and allow you to select the rate type for these transactions.

The intercompany framework improves automation, allows for a more “arms-length” relationship between entities yet keeps the two sides of the intercompany transaction in sync and the values of the transaction aligned. We are working closely with our clients to help them make the most of these enhancements.

SCHEDULE YOUR RELEASE REVIEW

Through Cirrus ERP’s unique Release Review Service, our clients can quickly assess and identify the opportunities most relevant to their business needs in the in the 2021.1 and future releases. If you are interested learning more about the Intercompany Framework and how it can help automate the intercompany elimination process , please contact support@cirrus-erp.com.

Amy PriceProduct