The client company wanted better data controls with customized transaction integration and safe and simple data recording.
With NetSuite's new Custom Transactions functionality, design different custom transaction types to suit the company's needs.
Initially, it is fine for every business to use manual means to track and monitor business transactions systematically. But the moment a client plans to expand their business, it necessitates using a reliable platform. Only a reliable platform can allow you to keep things in order in the most viable manner. They want something to communicate with instances of already-existing custom transaction types using the custom transaction record. So, the task at hand was to create a solution that would automate this final stage of the entire business operation and customize the transactions in NetSuite as per the business requirement.
Based on the client’s requirement, we utilized the Custom Transactions functionality: 1. Navigation : To access Custom Transactions, we may go to Customization > Lists, Records & Fields > Transaction Types > New. There is a separate list for each custom transaction type. The custom transaction type you build must have a list style chosen. It is because it controls how transaction instances impact your general ledger. Remember that a list style cannot be altered after a custom transaction type has been saved. The Custom Transactions option offers different list styles: Basic, Journal, Header only, Sales and Purchase. All of these transaction styles determine how users interact with instances of this kind. Basic: When adding transaction instances, users can submit a sequence of credits or debits to the accounts they designate using the Lines sublist. In the Account field of the transaction type for this style, you must provide the associated account that must be changed for balancing reasons. Journal: Users who input transactions in a journal keep track of the credits and debits they make to the accounts they manually define. The only design that permits posts to eliminate subsidiaries is this one. Header Only:Users do not explicitly specify accounts to credit or debit when using the header-only approach. The GL effect is instead computed using a Custom GL Lines plug-in implementation in this way. Sales: This style allows users to design transaction instances that resemble invoice, cash sale, or credit memo transactions. The Items sublist, inventory effect, taxes (SuiteTax only), and revenue recognition all function similarly to a sales transaction. Purchase: Users can build transaction instances using this style that resembles vendor invoices. The functionality, which includes the Items and Expenses sublists, amortization, taxes (only for SuiteTax), and inventory implications, is comparable to a buy transaction. Note: Only the Basic and Journal List styles exhibit the GL effect. A standard form is automatically produced when a custom transaction type is established. You may use this form to input transaction instances and make adjustments, such as moving data around or marking them as read-only, etc. It is necessary to design a custom form for this particular transaction type. 2. Creating links to Custom Transaction types: For any custom transaction, links or menu routes may be created in NetSuite. The developed custom transaction types may then be readily accessed via these links and menu routes. The many techniques for linking include the following: Making Plans for Links of Custom Transaction Types: The first thing you should take into account when developing a connection for a custom transaction type is yourCenters. Identifying the Centres connected to the jobs that require access to each transaction type is crucial. Building Linkages Using Transactions Type Editing: Links may be made by directly altering the custom transaction type. Due to editing limitations, it is occasionally not allowed to alter the transaction type or add links when the transaction is installed via a bundle. In these circumstances, you can use the customization menu to add connections to the transaction type. Using The Customization Menu To Create Connections: This technique may add connections to your unique transaction type to a custom category.
The following advantages of the Custom Transactions feature include providing custom transaction kinds of names based on your company's needs. Each custom transaction type will have its own sequence, permissions, and workflow logic, just like ordinary transactions. Also, a variety of custom transaction kinds, including expenditure reports and diary entries, were produced.
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