2014-06-20 Meeting notes
Date
Attendees
- Gary Wong
- Ces Esparagoza
- Nins Pacheco
- Ting Cabalza
- Gina Chan
Goals
1. Project Progress Check
2. Discuss Entering of Cash Disbursement for Grants
3. Create Custom Record for Project Detail (MOA)
4. Discuss Entering of Expenses
5. Create a Custom Report to track Grant Approved Amount vs. Expenses Entered
6. Discuss Entering of Ending Balances for Historical Data (e.g. 2009 - 2013)
Discussion items
1. Project Progress Check
- Grantee confirmed that the following have been setup in their NetSuite Account:
• Sucessfully Imported Chart of Accounts
• Created Department, Class and Location
• Entered Opening Balance as of January 2014
• Successfully Imported Customers (Donors), Vendors/Partners
• Successfully Imported Cash Receipts (Donation) and Journal Entries
• Compared Balances from Quickbooks and NetSuite and confirmed that Balance matches
2. Discuss Entering of Cash Disbursement for Grants
- Volunteers and Grantee agreed that we will use the following process when recording Cash Disbursement upon Grant (MOA) Approval.
1. Navigate to Transactions > Bank > Write Checks.
2. In the Account field, select the Bank Account to use.
3. In the Payee field, select the Partner/Vendor.
4. In the Expenses & Items tab > Expenses subtab, select the Expense Account to use.
5. Enter the Amount, Class, Department and Location.
6. In the Memo field, enter the Name/Title of the Project. This is recommended so that when you check the Bank Register or Expense Register, you will see for which Project the Check was allocated to.
7. Click Save.
Since we need to link the Project (MOA) to the Check record, we first created a Custom Record to track the Grant Details.
3. Create Custom Record for Project Detail (MOA)
1. Navigate to Customization > Lists, Records & Fields > Record Types > New.
2. Provide Record Name (e.g. MOA).
3. Click Save.
4. In the Fields tab > click New Field.
5. Created the following Fields:
Label: Start Date
Type: Date
Label: End Date
Type: Date
Label: Grantee
Type: List/Record
List/Record: Partner
Record is Parent: Checked
Display tab > Parent Subtab: Relationships
Label: Tranche No.
Type: Integer Number
Label: Amount
Type: Currency
After creating the Custom Record to track the Project Detail, we created a Project Record for a Partner.
1. Navigate to Lists > Relationships > Partners.
2. View Partner Record (e.g. AIDFI).
3. In the Relationships tab > go to MOA subtab.
4. Click New MOA button.
5. Enter details of the Project.
To link the Project to the Check record, we created a Transaction Column field.
1. Navigate to Customization > Lists, Records & Fields > Transaction Column Fields > New.
2. Details of the field:
Label: Project
Type: List/Record
List/Record: MOA
Applies To: Expense, Purchase Item, Expense Report
3. Click Save.
We went back to the Check we created earlier (Check#2), edited the Check record. In the Expenses & Items tab > Expenses subtab, we then selected the Project.
4. Discuss Entering of Expenses
- To track details of the Project Expenses incurred for the Grant, we agreed that this will be entered in NetSuite as Expense Reports.
1. Navigate to Transactions > Employees > Enter Expense Reports.
2. Select an Employee in the Employee Field. We agreed to just create a Dummy Employee Record and use it when entering Project Expenses.
3. In the Expense tab > Category column, we created a new Expense Category.
- Name: Travel
- Expense Account: 524-2200 Travel
4. Enter the Amount, Department, Class and Location.
5. Check Non-reimbursable Column
6. Select the Project.
7. Check Supervisor Approval and Accounting Approval.
8. Click Save.
9. Status of the Expense Report is Paid in Full.
10. Under More Actions, we checked GL Impact and confirmed that only the Expense Account was used. Accounts Payable is not affected.
12. We checked the Profit and Loss Report for This Period and confirmed that only the Check Record appears in the Report.
5. Create a Custom Report/Search to track Grant Approved Amount vs. Expenses Entered.
1. Navigate to Reports > Financial > Transaction Detail > Customize.
2. In the Edit Columns (upper left) > Add Fields section, expand Transaction folder.
3. Add Project field.
4. Locate the Project Sub-folder then add Amount.
6. In the Add Fields section, click Add Formula Field.
7. In the Formula Field Column, set Formula Type = Difference x-y | x = Project: Amount | y: Amount | Change Column Label.
8. Click the Filters link on top, then click the Transaction > Date field and set Date to This Year.
9. In the Add Fields section, Expand the Transaction Folder then select Transaction Type.
10. Set Transaction Type to Check.
11. Change the Report Name (upper left).
12. Click Save or Preview.
Gary created a saved search and applied it as a Sublist on the Project (MOA) record so that Grantee can see details of the Expenses incurred.
Grantee wants to have the result to be displayed by Expense Category and to have a total for each category. This can be done by further customization of the search.
6. Discuss Entering of Ending Balances for Historical Data (e.g. 2009 - 2013)
- Gary discussed with Gina how to properly enter ending balances for previous years.
- This will be done through Journal Entry
- Reverse Date set in the Journal Entry will control how the transaction will appear in the P&L and Balance Sheet
Action items
- Grantee to Import Checks (Cash Disbursements)
Grantee to Create Journal Entry for Ending Balance of previous years
- Ms. Ting to send details of the report requirements for Cash Flow Statement
- For next session, check Standard Reports available in NetSuite that Grantee can use