Accounting

NetSuite 2021.2 includes the following enhancements to accounting features:

New Rate Provider for Currency Exchange Rate Integration

As an enhancement to the Currency Exchange Rate Integration feature, HSBC is now a currency exchange rate provider. HSBC is a global bank with expertise in multiple currencies. NetSuite offers the same methods, such as triangulation, for obtaining exchange rates from HSBC as from other rate providers.

When you enable the Currency Exchange Rate Integration feature for the first time, HSBC is the default rate provider. You can choose a different rate provider if you want to.

For information about the Currency Exchange Rate Integration feature, see Currency Exchange Rate Integration.

Advanced Numbering Duplicate Detection for Imported Transactions

NetSuite now supports duplicate document number detection for advanced numbering. When you import a transaction, NetSuite determines which numbering rule applies to it using your rules' criteria. Then, NetSuite checks if a transaction with the same document numbers already exists for the rule. If NetSuite detects a duplicate it takes one of the following actions, based on your Duplicate Number Warnings setting:

  • No Warnings - NetSuite does not warn you when imported transactions use duplicate document numbers and imports all transactions.

  • Warn (UI Only) - NetSuite warns you when imported transactions create duplicate document numbers and imports all transactions.

  • Warn and Block - NetSuite warns you when imported transactions create duplicate document numbers, and does not import these transactions.

The behavior of these options when saving transactions in the UI is unchanged from previous releases.

To set up duplicate detection for imported transactions, go to Setup > Accounting > Preferences > Accounting Preferences > Items/Transactions > Other Transaction Preferences, and set the Duplicate Number Warnings preference.

For more information, see Items/Transactions Accounting Preferences and Duplicate Number Warnings.

Preference to Allow Non-posting Changes in Closed Periods by Default

NetSuite now includes a preference called Allow Non-GL Changes Is Set by Default to allow non-posting changes in closed periods by default. When set, NetSuite checks the Allow Non-G/L Changes box for each new accounting period you create. Accounting periods created before setting this preference remain unchanged.

In this release, you can also check or clear the Allow Non-G/L Changes box on all accounting periods, including unlocked periods.

To set this preference, go to Setup > Accounting > Preferences > Accounting Preferences > General.

For more information, see General Accounting Preferences and Setting Up Single Accounting Periods.

Enhancement to Accounting Book Visibility by Role

This release includes updates to how you select which accounting books are accessible to users by role. Users with a role that gives them access to an accounting book can post transactions to that book or see reports from that book.

With this updated functionality, you can grant a role access to all accounting books, and users with this role can automatically access new accounting books.

To set this preference by role, go to Setup > Users/Roles > User Management > Manage Roles. For each role, you can select one of the following options from the Selected Accounting Books field:

  • All - This role can see all accounting books

  • Primary - This role can see only the primary accounting book

  • Primary and Selected - This role can see the primary accounting book and any secondary books you select. When you select this option, an Accounting Book field appears, and you can select which secondary books the role has access to.

For more information, see Restricting Role Access to Accounting Books.

General Notices