Part 1 of 4: Expense Allocation Schedules in NetSuite

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A simple Fixed Expense Allocation schedule can take a Bill or Journal that meets the Source criteria from the Expense Allocation Schedule and ... Part1of4:ExpenseAllocationSchedulesinNetSuite–AreTheyRightforYou?October14,2021ArticlesTips&Ideas Weallwanttoworklessandmaketheworkwedobeaseasyandefficientaspossible.Thankfully,NetSuiteoffersarangeoftoolstohelpautomateandsimplifyvariousprocesses.Oneofthesetoolsincludessimplifyingyouraccountingprocess,especiallyaroundmonthendclosing,withExpenseAllocationSchedules. Nowafewofthepeoplereadingthis,ifnotmostofthem,areprobablythinking,“I’lljusthandleitinExcel.”Well,thisthoughtprocessisprettycommon.You’recomfortablewithExcelandyou’vealreadygotaprocessthatworksforyousothere’snoneedtomesswithit. Butisthatprocessworkingasefficientlyasitcouldbe?There’saprettygoodchancethatNetSuitecouldhelpyouautomateexpenseallocation,butthatdoesn’talwaysmeanit’stherightchoice.Inpartoneofthis4-partseriesblogpost,wewillrunthroughthehigh-levelbenefitsandlimitationsofExpenseAllocationSchedules.   Benefits ExpenseAllocationSchedulescanstreamlinetheaccurateallocationofexpensesacrossyourcompanyeachmonth.Theynotonlymovedollarsbetweenaccounts,butalsoallocateacrossdepartments,classes,locations,andevencustomsegments.Byusingthisflexiblefeature,manuallytrackingandallocatingexpensescanbeathingofthepast.NetSuiteevenallowsforintercompanyallocationsifyourcorporateheadquartershasexpensestopushdowntooneormoresubsidiaries. Forexample,youmaywanttoallocaterentexpensesorutilitiesacrossdepartmentsbasedonafixedpercentage.AsimpleFixedExpenseAllocationschedulecantakeaBillorJournalthatmeetstheSourcecriteriafromtheExpenseAllocationScheduleandspreadthatacrossthefinancialsegmentsandsubsidiaries.Doyouwantthesedepartmentalcostsallocatedbyheadcountinsteadofanevensplit?NetSuite’sdynamicExpenseAllocationSchedulescanusestatisticalaccountentriesasaweightedsourceforaccuratedivisionofexpensestohiteachdepartment’sProfit&Loss(P&L).   Limitations Despitethebenefits,usingExpenseAllocationSchedulesisn’talwaystherightchoice.Theschedulesarecapableofsignificantflexibility,buteachuniquecombinationofsourceanddestinationdimensionsrequiresanotherscheduletobecreated. Dependingonyourcompany’sallocationneeds,andhowmanyschedulesthattranslatesinto,justcreatingandmaintainingtheExpenseAllocationSchedulescouldbeprohibitive.ManyrecordscanbeimportedtoNetSuiteinbulkbyusingNetSuite’snativeimporttool,butExpenseAllocationSchedulesarenotincluded.ThisresultsincreatingandupdatingExpenseAllocationSchedulesoneatatimeintheUI,whichcouldbeverytimeconsuming. Therealsoisn’taneasyordependablewaytorunExpenseAllocationSchedulesinbulk.Itispossibletocreateabatchofschedulesthatrun-insequence,butthisalsohaslimitations.YoucanmanuallyrunmultipleExpenseAllocationScheduleswheretheresultofthefirstallocationisthesourcepoolofthenextallocation,anduptotenallocationschedulesinabatch.Thatsaid,ifanyoftheschedulesinthebatchfailtorun,forexamplebecausethereweren’tanyexpensestoallocateinthatscheduleforthemonth,thenthewholebatchwillfail. Let’ssayyou’reokwithcreating10,20,oreven30+ExpenseAllocationSchedulesmanually.Thescheduleswillneedtobereplicatedforeachsubsidiaryyouhave,whichcanquicklymakethingsunsustainable.AtSquareWorks,we’vehadcustomerswho,oncewetranslatedtheircurrentprocessesintoExpenseAllocationSchedulesforalltheirsubsidiaries,wouldhaveneeded200schedules.Thisisanextremeexample,butthenumberofneededschedulesisacommonreasonourcustomerschoosenottouseNetSuite’sallocations.   Conclusion NetSuite’sExpenseAllocationSchedulesareagreattooltoautomateexpenseallocationsacrossaccounts,departments,classes,locations,andevensubsidiaries.Butattheendoftheday,thenumberofuniqueallocationcombinationsmaybealimitingfactorwhendecidingwhetherornottousethistool.Ifyoufindyourselfneedinguniqueallocations,sometimesitmightbeeasiertojustuseExcel. InterestedinlearningmoreaboutExpenseAllocationSchedulesinNetSuite?Sendusyourquestionsatinfo@squareworks.com.StaytunedformoreblogpostsaboutExpenseAllocationScheduleswherewewilldivedeeperintoexamplesoffixed,dynamicandbatchschedules.       TaggedAccountingAPAutomationAutomationExpenseAllocationSchedulesNetSuiteShareRelatedPostsPriceWorks:PowerfulandFlexiblePricinginNetSuiteApril13,2022BehindtheSquare:WaystoMonitorSuiteScriptPerformanceinNetSuiteFebruary9,2022Part4of4:AllocationBatchesinNetSuite–AreTheyRightforYou?February7,2022Part3of4:DynamicExpenseAllocationSchedulesinNetSuite–AreTheyRightforYou?January11,2022 LeaveaReplyCancelreplyYouremailaddresswillnotbepublished.Requiredfieldsaremarked*Comment*Name* Email* Website Δ ThissiteusesAkismettoreducespam.Learnhowyourcommentdataisprocessed. 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