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NetSuite 2015.2: Accounting feature enhancement

NetSuite rolls out its upgrades twice a year. These include new features as well as improvements to existing functionality, ensuring that customers have always the access to latest features and are provided the best user experience.

NetSuite is currently rolling out Version 2015 Release 2 (NetSuite 2015.2) to its existing customers, and will most likely take a few months to completely upgrade all existing NetSuite accounts.

Some of the biggest features from this release revolve around enhancements to NetSuite’s accounting functionality. These are as follows:

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1. Period Close by Accounting Book

For NetSuite accounts having Multi-Book Accounting enabled in the new release, you can individually close and re-open accounting periods related to any accounting book, without affecting any of the other accounting books.

On enabling the ‘Extended Accounting Period Close Process’ feature, you will be provided with unique period close checklists in each of your accounting books. In order to close a period, you’ll need to choose the accounting book using the ‘Filters’ section provided at the top of ‘Manage Accounting Periods’ page. As soon as you select an accounting book, you’ll be presented with a list of displayed accounting periods along with Closing Status and a link to the respective period Close checklist.

If you select a secondary accounting book, accounting periods after that book’s effective date will display in the list.

You can also edit transactions in a period that are locked in one or more accounting books, but are closed in other accounting books. NetSuite has a mechanism that determines whether a transaction can be changed based on the posting period specified in the transaction record.

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2. Thomson Reuters Foreign Exchange Rate Provider

For NetSuite users using the ‘Currency Exchange Rate Integration’ feature, NetSuite 2015.2 has added Thomson Reuters as an additional exchange rate provider. Previously Xignite was the only exchange rate provider used in NetSuite. Thomson Reuters offers real-time, current market rates and supports thousands of global and regional banks, institutional investors and corporate clients around the world both in developed and emerging markets and such provides far superior currency exchange rate integration capabilities.

NetSuite release 2015.2 offers three ways to obtain currency exchange rates namely triangulation calculation, direct method and inverse method.

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