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The simplest model for tracking grant revenue & expenses in NetSuite is below.

Create a project record for each grant.
Customer record= Gates Foundation
Project record= 2009 HIV Grant

Receive the revenue (cash sale) into the project (i.e. customer= “Gates Foundation:2009 HIV Grant” in the customer field of the transaction record).

Record expense against the project (i.e. customer= “Gates Foundation:2009 HIV Grant” in the customer field of the transaction record).

Use the default "customer profitability" report to track revenue and expenses on a per grant basis.

With slight modifications of the report and a custom field to track the grant award amount you can achieve the report below which is included in the SuiteDonor bundle.

NOF-Grant_Balances.pngImage Added