Customization of Balance Sheet and Income Statements in NetSuite
A global wholesale building material industry that sells reflective coatings, cements, and sealants for roofing and waterproofing approached Jobin & Jismi to make customized balance sheet and income statement report in NetSuite for better period wise comparison using a sample Excel format provided by them.
The company was founded in 1932 and headquartered in Clark, New Jersey. It sells roofing materials, damp-proofing and waterproofing materials, textiles and repair tapes, caulks, sealants, flooring materials, and elastomeric materials. Architects, specifiers, contractors, distributors, and building owners in the United States, the Caribbean, Latin America, the Middle East, Europe, and Asia are served by the company. It markets and sells its products in the United States and overseas through sales agents.
Their goal is to provide high-quality sustainable roofing and building solutions that preserve, restore, and prolong the life of the building envelope while minimizing environmental effect. They set themselves apart by providing courteous, individualized customer service and exceptional product satisfaction.
Under the intercompany transactions, our client has six subsidiaries, including an elimination subsidiary. In real practice, they do not use the standard income statement and Balance Sheet provided in NetSuite. As a result, they wish to customize the report in NetSuite according to their usual practice.
The financial report layout that the client prefers is a more fractionated and collapsed form of the standard NetSuite layout with period-wise comparison associated with it. Instead of displaying account-wise data as in the standard layout, this custom layout displays data based on the computation-heads. For instance, sales and sales discount are displayed as lines in the Income Statement but the accounts used for the computation of these sections would not be shown specifically. It would collapse under their relevant sections.
Our client needs the balance sheet and income statements for each period and for all subsidiaries in their preferred format. This format was designed by hand in Excel. As a result, they expect NetSuite to handle it automatically. Every transaction influences the income statement and the balance sheet. Essentially, they want NetSuite to generate the report on a regular basis.
This income statement is a report that is used to determine net profit and loss. The client wishes to update their format in accordance with their accounts.
The NetSuite standard report has two headings 1. Income and expenses 2. Other income and expenses and have been omitted to numerous sections. The custom report begins with computing. That is cash discount and intercompany sales, and they used that to calculate net sales.
The client has given our developers an Excel sample of their balance sheet and income statement. Their requirement was to view their manually created report format in NetSuite as opposed to the standard report. It takes a lot of effort and time to accomplish it manually. They wish to get this report in NetSuite to save time and effort.
They contacted Jobin & Jismi after hearing about our issue resolution and financial expertise.
What we suggested
Jobin & Jismi’s professionals assessed their requirements. Our consultants undertook a protracted discovery effort with all major stakeholder groups from the top to the bottom of the organizational hierarchy, with the assistance of the customer’s senior management.
Our client had given a sample of how they want the layout to be, and based on that layout, our professionals created the client’s preferred income statement and balance sheet in NetSuite by customizing the standard report.
Our experts have taken the standard income statement and standard balance sheet as their base. Then, using the sample provided by our client, they eliminated all accounts and reassigned them as per the client’s layout using the Chart of accounts provided in the excel file by the client.
In the Standard report, the amount in the Income statement and balance sheet is accurate as it is system generated.
Since these are financial reports, a single error in the amount can affect both the income statement and the balance sheet.
As a result, they must use extreme caution when drafting each account. Each account and subsidiary were scrutinized to spot mismatches and rectify them.
For them, our solutions were beneficial. Something that used to take a lot of effort and time is now as simple as a click away.
The client’s requirement was successfully met. Jobin & Jismi could provide a clear return on their investment. We followed a pattern based on their requirements.
They would have to change their working ways if they just employed standard methods. However, with this customization, our reports may be helpful for their specific requirements. As a result, they did not need to make any changes to their financial working environment.
They saved time and effort as a result of this NetSuite customization. Hence, these saved resources can be invested in more productive activities. This will assist the client in increasing their efficiency, sales, and effectiveness. Since the custom report displays period-wise data, comparison between periods for each account became easier. It also enabled them to be more flexible and innovative in their business.
Looking for customized NetSuite solutions? Jobin & Jismi offers expert Netsuite customization services to meet your unique business needs. Contact us at email@example.com for more information.