Correct Aging of Debtors Is Essential For End-of-Month Trading Terms in NetSuite
NetSuite is a highly flexible ERP and CRM system, however in some cases – such as trading terms – it just isn’t able to cover all bases. Australian and European customers are accustomed to end-of-month terms, with many Australian businesses demanding 30 days EOM as a matter of course. When using End of Month Trading Terms, it is important that the Due Date of an Invoice is always calculated correctly.
Many NetSuite consultants have recommended varying combinations of settings on the “New Term” page, but on a couple of days every year, a transaction or two would slip through the cracks, leading to some highly embarrassing “overdue payment” emails being sent out up to thirty days too soon. This also doesn’t ensure Accounts Receivable aging is correct for your businesses specific End of Month Trading Terms.
After coming across this issue with a number of clients, we did something simple … we got it to work!
Setting up a reliable 30 or 60 day EOM trading term in NetSuite is challenging, with leap years and 31 day months playing havoc with most popular tricks. That’s why we created a SuiteBundle to tackle this issue, allowing for correct due dates to be set automatically first time, every time. We even developed it to support various date ranges using the Netsuite terms records, giving your business the flexibility it needs.
Our Suitebundle allows you to supplement the NetSuite Terms record with end of month calculations. This ensures your accounts receivable aging is correct for your businesses End of Month Trading Terms. Due Dates on invoices are not consistent set, ensuring that Accounts receiving reporting is consistent with Australian and UK standards for End of Month Terms. No transactions slip through the cracks, and your Account Department is no longer wasting time dealing with incorrectly sent overdue emails. NetSuite does what it does best, manage your business while your Account Department nurtures your client relationships.
To learn more about our 30 Days EOM Terms SuiteBundle Click Here. If you have a specific requirement for your business and NetSuite, contact us today and find out how we can make your life simpler and help you work smarter.