We all know NetSuite upgrades itself bi-yearly, and with each upgrade it gets more functions and features in its standard product. This time it has come up with a much needed feature for segmenting your accounting structure. NetSuite version 2015.2 comes with a SuiteGL feature – Suite Segments. This lets you create custom segments in your NetSuite instance and draw reports accordingly.
Never seen or heard of it before? Check it out.
The basic segments NetSuite provides are: Class, Department and Location. And if you are in a NetSuite OneWorld instance, you’ll also of course have Subsidiaries. Until date, if the number of segments required are more than the basic segments NetSuite provides, solution providers used to create custom fields to bifurcate data/transactions. Once that is done, you used to pull all those fields onto reports, which is very troublesome and not appropriate. The GL impacts can never be managed as per requirement. But not anymore.
We encourage NetSuite users to learn about this new feature that can let you do the data segmentation in a more sophisticated fashion. SuiteSegments lets you create unlimited number of custom classifications like class, department, location. You can define the possible values and select the set of record types you want to see it on. What’s more: you can alter your GL impacts accordingly!
You can configure segments to display on the GL impact page. Additionally, standard NetSuite reports can be customized to use custom segments as filters and columns easily. There’s a lot more that you can do with these custom segments, like setting multi-select values, adding filters as per already existing segments, defining permissions, default values, defining other segment dependencies and managing impacts to match your unique reporting requirements.
Here’s how your transactions will look like with the SuiteSegments in place:
And the GL impact page has the bifurcation on it, just as you needed.
Your reports can pull them as seamlessly as other standard classifications.
To know more about this, you can view our video as well:
To learn more about SuiteSegments or to implement it in your NetSuite instance, please consult our experts on email@example.com