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

Date

28 Aug 2014

Time	Item	Who	Notes
30 min.	Expense Allocation	JM	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

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.