NetSuite Global Financial Enhancements Include Support for China, ASC 606

Tom Kelly, Product Marketing Sr. Director

May 24, 2018

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

NetSuite’s global financials allows companies to show financial statements in China’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 Support

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(opens in new tab).

NetSuite has packaged the experience gained from tens of thousands of worldwide deployments over two decades into a set of leading practices that pave a clear path to success and are proven to deliver rapid business value. With NetSuite, you go live in a predictable timeframe — smart, stepped implementations begin with sales and span the entire customer lifecycle, so there's continuity from sales to services to support.