How good is Netsuite?

How good is Netsuite?

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I am dealing for the first time with a client who uses Netsuite, and there are some problems. It is multi-currency, with the General ledger in £, but transactions often in US$ or Euros. For example:

- I found a journal in US$ where the journal entries were in US$, but the entries to the General ledger were not the US$ amounts multiplied by the stated exchange rate. The difference on this journal alone was over £50,000

- it is possible to post to Accounts Receivable or Accounts Payable without specifying a particular Sales or Purchase ledger account,

- there appears to be no mechanism to tie down the exchange differences at the time they are realised.

Would anyone here familiar with Netsuite care to comment?

Brian

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By User deleted
12th Jul 2008 11:11

We're getting there, I think ...
I have spent the last month getting more exposure to Netsuite, and I appreciate now more how it's a system which needs to be carefully controlled. For example, it's annoying that postings can be made straight to PLCA and SLCA, but I can quickly identify such postings by dumping the control account into Excel and searching for the word "journal".

Mind you, I've never before come across a £15m company which didn't bother with bank reconciliations...

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By User deleted
02nd Jun 2008 16:45

Thanks for your comments
It's good to know it's not just me... This company is turning over £15m/year, and has no in-house accountant with the expertise to nail these things down.

The audit report is likely to be interesting...

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By Ken Howard
02nd Jun 2008 12:12

Don't like it at all...
I have one client using netsuite and the accounting ledger end of things is fairly poor. Currency conversion does indeed have a mind of its own. And yes, sadly it is possible to make postings direct to the PLCA or SLCA without specifying a customer or supplier code - we found this out due to necessity when trying to deal with unusual items, like a credit note from a supplier resulting in a cheque from them - impossible to do using the normal PL routines, the online help and telephone support didn't give the right answer and didn't actually work - only by accident did we find out how to do it, which was by direct posting to the PLCA through a journal - very odd way of doing it made worse by their help features not giving the right advice. Many times the PLCA and SLCA have been out of balance following unusual credits or refunds. Also, sadly, the trial balance has sometimes been out of balance which again takes some very strange connotations of journals to get right again. I really don't like the lack of discipline - it shouldn't be possible to post directly to control accounts and certainly shouldn't be possible for a normal user to be able to do something that breaks the balance of the trial balance.

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By AnonymousUser
30th May 2008 16:23

Other way round
I've used on behalf of some clients for many years and while it can get expensive to run (as your turnover improves, the subscriptions seems to escalate at a compounded rate), it is a very comprehensive and capable system with CRM built in.

Not easy for beginners but once you get the hang of it, its very good.

The FX problem you're speaking of is due to it being of American origin and therefore its works by comparing £:$ rather than $:1

i.e. say $:£ is 2, you'd need to enter 0.5.

Not come accross problem two. Aged debtor and creditor reports have always agreed to GL in my experience.

Not had a problem with the FX when realised, you just have to ensure that you specify what currency the customer or supplier is to be invoiced/invoices in when you setup it up in the first instance and then choose an appropriate bank account for that currency.

I'm afraid your problems may be due to not knowing the system well enough.

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