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NSAW:OOTB Income Statement Summary & Income Statement Detail report should use accounting period

FAW_User-Oracle

The Income Statement report comprises two tabs:

*Income Statement Summary and Income Statement Detail, both currently structured based on transaction dates rather than accounting periods.

To accurately reflect profit or loss within a specific timeframe, the report should be redesigned to align with accounting periods OR have two more canvas based on accounting periods. We request that this adjustment be implemented within the existing workbook, ensuring the report is based on accounting periods for enhanced accuracy and clarity..

OOTB these reports at present are using Gregorian calendar.

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NSAW

Income Statement

Status: Submitted

Comments

FAW_User-Oracle

Gregorian calendar was used because not all customers’ fiscal year will align to a calendar FY as it is defined in NSAW. The goal with the factory content is to make reports as widely applicable as possible while leaving room for further customization. The Fiscal Calendar dimension is available under the Time dimension in edit mode so the customer can change to using that if they feel it works better for them. The PM were going to discuss whether fiscal calendar should be the default.

Daryl Encina-Oracle

Sharing feedback of PS from the feedback above.

The Gregorian calendar and Fiscal Calendar both are linked to TRANSACTION DATE - when the Transaction takes place, not the ACCOUNTING PERIOD, when the amount gets posted to GL, they can differ.

A Financial Report, such as Income Statement, Balance Sheet, Budget Vs Actual are generated based on the Accounting Period, not the Transaction Dates.

In the Out of the box reports, when you are using NetSuite Account Analysis Insights and Budget - and you are linking them to a common time dimension, which is the Gregorian Calendar in this case, Customer/PS need to do one level of customization to change the dates to the Accounting Periods. But now these Accounting Periods are not directly mapped to the Fiscal Calendars (since the Fiscal Calendar table available already maps to Transaction Date).

So when a customer is asking an income statement based on their fiscal calendar, the customization seems not to be straightforward.

A lot of customers define their Fiscal Calendars in the NetSuite. If they opt to use the Fiscal Calendar, typically when their fiscal year differs from Calendar year, for example a customer follows FY as - February to January. If this option is not provided, then for Financial Reports it greatly reduces the effectiveness of showcasing this as an Out of the box reports. Customer/PS/ACS have to perform more complex customizations, which is not simple.

mgoswami

@FAW_User-Oracle I can understand the view point and agree that ERP analytics should be based on Fiscal calendar and HCM analytics can be based on Gregorian calendar.