This covers the Accounting Subtab from the Enable Features page found at Setup > Company > Enable Features.
Accounting
The Accounting Subtab has 7 sections. NetSuite has it’s own documentation for the Enable Features Company subtab. This is my take on the page I use as a study guide for the NetSuite SuiteFoundation exam.
BASIC FEATURES
Accounting. This turns on accounting. It’s unclear to me why anyone would bother to purchase a NetSuite subscription without turning this on.
A/R – Accounts Receivable – Switches on basic accounts receivable functionality.
A/P – Accounts Payable – Turn of basic Accounts Payable functionality.
Accounting Periods. Nearly every accounting system deals in some kinds of period scheme. It’s a basic features of accounting.
GL Audit Numbering. Enable gapless numbers for all GL transactions. This keeps international auditors happy. The numbers created by this feature do not overwrite or correspond with the regular transaction numbers offered by NetSuite.
Bill Capture. Allows accounting staff to scan bills with OCR equipment and automatically create vendor bills
ADVANCED FEATURES
Expense Allocation. You can report expenses before they’re incurred while not having to attribute them to a specific dept, location, or class.
Dynamic Allocation. This cannot be turned off once it’s used. Dynamically calculate allocation weights from current statistical account’s balance at the time the allocation journal is created.
Multiple Budgets. Create more than one budget.
Consolidated Payments. Use this when you have sub-customers and you want to be able to create roll-up statements, payments, and deposits at the parent customer level.
In-Transit Payments. Use this feature to keep track of payments that have been issued but not deposited by the vendor.
Vendor Pre-Payments. You can use this to pay a vendor before you have issued a purchase order. Later on, when you have a vendor bill, you can apply the vendor deposit. You can do this with multiple deposits and payments.
Statistical Accounts. These accounts show in the chart of accounts but do not impact the G/L. They are a way to create statistics from your data and track them against other accounts.