NetSuite Global Financial Enhancements Include Support for China, ASC 606
Posted by Tom Kelly, Senior Director of Product Marketing
NetSuite continues to grow its global financial capabilities with new functionality from reconciling bank accounts to ensuring your business is compliant with China regulations.
Support for China
NetSuiteâ€™s global financials allows companies to show financial statements in Chinaâ€™s prescribed format and is localized for China to meet statutory/regulatory requirements for audit and compliance. And, NetSuite feature provides users the functionality to export invoice data out of NetSuite directly into the Golden Tax System and import back data for reconciliation purposes.
Multi-Subsidiary Customer provides a single, clear view of customers across multiple subsidiaries eliminating duplication. This new functionality allows users to manage the different phases of the customer relationship in NetSuite against a single customer record, whether a transaction occurs at the company headquarter level or at any of the company’s subsidiaries streamlining customer records and making managing customers across multiple subsidiaries more efficient.
Southeast Asia enhancements
Customers in Malaysia and Thailand can choose invoice templates that are required by tax authorities and are designed to meet local business needs. This improves compliance as templates are designed to meet local tax regulatory requirements and address local business needs.
More support for ASC 606
Various usability enhancements were made for increased performance, flexibility, and productivity specifically as it relates to the complicated nature of ensuring compliance with revenue recognition regulations (ASC 606). Users can now leverage increased functionality creating revenue recognition journal entries, reclassifying deferred revenue and improved search capabilities regarding fair value price.
Bank Reconciliation Enhancements
High transaction, multiple account or multiple currency bank reconciliation now require less manual effort with new features that provide flexible matching, user defined rules ensuring that they can be tailored to produce the most accurate results.
These are just few of the new capabilities offered in our new 18.1 release to customers. For more details check out our 18.1 Sneak Peaks.