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Key NetSuite Concepts

Records and Fields#

Records#

A record in NetSuite represents a single entity such as a customer, transaction, or item. Each record has a unique internal ID and contains multiple fields.

Fields#

Fields are individual data elements within a record. NetSuite provides:

  • Standard Fields: Built-in fields like Name, Email, Amount
  • Custom Fields: Fields you create to capture additional information
  • System Fields: Read-only fields managed by NetSuite

Transactions#

Transactions represent business events like sales orders, invoices, or payments. They have a lifecycle and can transform from one type to another (e.g., Sales Order → Item Fulfillment → Invoice).

Transaction Flow#

Understanding transaction flow is crucial:

  1. Quote → Estimate for customer
  2. Sales Order → Commitment to deliver
  3. Item Fulfillment → Physical shipment
  4. Invoice → Bill for payment
  5. Payment → Receipt of funds

Lists and Records#

Master Data#

Lists contain master data like:

  • Customers
  • Vendors
  • Items
  • Employees

Supporting Lists#

Supporting lists include:

  • Price Levels
  • Terms
  • Classes
  • Departments
  • Locations

Subsidiaries and Multi-Book Accounting#

Subsidiaries#

If your organization operates in multiple countries or entities, subsidiaries allow you to maintain separate books while consolidating at the parent level.

Multi-Book Accounting#

Run parallel accounting books for different reporting requirements (e.g., GAAP and IFRS) within the same subsidiary.

Roles and Permissions#

Roles#

Roles determine what a user can see and do in NetSuite. Common roles include:

  • Administrator
  • Accountant
  • Sales Manager
  • Employee Center

Permissions#

Permissions control access to:

  • Records (view, create, edit, delete)
  • Transactions
  • Reports
  • Lists
  • Setup pages

Internal IDs vs. External IDs#

Internal ID#

Every record in NetSuite has an auto-generated, unique internal ID. This never changes and is used for references and integrations.

External ID#

An optional field you can use to store a reference ID from another system, useful for integrations and data imports.

Record Types#

Understanding record types is essential:

  • Entity Records: Customers, Vendors, Employees
  • Transaction Records: Sales Orders, Bills, Journal Entries
  • Item Records: Inventory Items, Services, Non-Inventory Items
  • Support Records: Custom Records you create