2014-08-28 Meeting notes : Suite Volunteer | Juma Ventures

Owned by Anonymous
Sept 05, 2014
1 min read

Date

Attendees

  • NetSuite: EJ, JM, Bruce

  • JUMA: Michael

Goals

  • Expense allocations | Allocation schedules | Statistical Allocation

Discussion items

TimeItemWhoNotes
30 min.Expense AllocationJM
  • Steps/Procedures for Fixed Expense Allocation Walkthrough 
    • Upon creating expense allocation, one must enable the feature on their NetSuite (Setup > Accounting > Expense Allocation)
    • After enabling the feature, create your allocation schedules ( Transactions > Financials > Create allocation schedule
    • For each scheduled allocation, a journal entry is automatically created
    • To successfully create allocation journal entries, allocation sources and destinations should have expenses associated with them for the selected period.

     

 30 min.Expense allocation with Statistical account   JM
  • Enable Feature ( Setup > Company, Enable Features > Accounting > Dynamic Allocation)
  • Dependent upon the statistical accounts feature, Dynamic allocation enables you to assign any statistical account to any single or intercompany allocation schedule
  • Dynamic allocation feature extends the existing fixed rate revenue and cost allocation capability
  • Create your own unit of measure
  • Create your statistical accounts ( Setup > Accounting > Chart of accounts > new) on the *Type – select Statistical
  • Maintain statistical account balance via Manual Journal Entry
  • Create allocation schedule
  • Create expense allocation Journal entry based from the weighted balance of the statistical account
 

Action items

  • NS team would continue to discuss the expense allocation (dynamic allocation – Auto generated)
  • Michael would be giving us question / topics to discuss about expense allocation as well as the budgeting.
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