Watch this video to learn about the accounting structure in NetSuite
You can also follow these steps to learn about the accounting structure in NetSuite.
The accounting string in NetSuite is comprised of segments. When recording transactions, your project will be required to select the item, grant, program, and budget category segments. Events are optional.
The string is different than what you may be familiar with from AccuFund. Below is an image of the accounting structure in NetSuite, which you'll be using on all requests.
Each time you record a submission in NetSuite, the Business/Project Unit will default to your project name.
When working within a request you'll first select the Item.
You can search for an item by entering "%" and the name of the item. For example, if you are hiring a grant writer and need to pay them, you could enter "%consult" to find Consulting & Other Professional Services.
Quick tip: The "%" is what is known as a "wildcard" and can be used in any searches you are conducing within NetSuite.
Once you've searched for the item from the list, you can select it.
Next, select the grant you would like associated with the expense or contract. If you do not need to associate it with a grant, keep in mind "General" in AccuFund will be known as "General Operations" in NetSuite.
Next, set up the Program, which was previously Subaccount in AccuFund. Keep in mind that programs are added to NetSuite during the budgeting process. Please contact the Financial Services Administrators through a task in NetSuite to add your programs or budgets into NetSuite.
Lastly, submit the budget category. Budget category did not exist in AccuFund. If you'd like to set up Budget categories, please contact the financial services team for assistance.
Below is a quick cheat sheet on the new accounting structure terms:
Below is a breakout of the accounting string:
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