How to Customize NetSuite to Include a New Subsidiary

Are you struggling with expanding your business to a new subsidiary in NetSuite? Managing multiple subsidiaries in one system can be overwhelming, but luckily, there is a solution. In this article, you’ll learn how to customize NetSuite to include a new subsidiary, making your business expansion seamless.

What is NetSuite?

NetSuite is a robust cloud-based software designed to help companies streamline their operations. It offers a wide range of functionalities, including accounting, inventory management, customer relationship management, and e-commerce integration. With NetSuite, businesses can centralize their data, automate processes, and gain real-time visibility into their operations. It is highly customizable, allowing businesses to tailor it to their specific needs. Whether you are looking to add a new subsidiary, customize workflows, or create unique reports, NetSuite provides flexibility and scalability.

Pro-tip: Take advantage of NetSuite’s vast library of SuiteApps for seamless integration with third-party systems.

Why Customize NetSuite?

There are several benefits to customizing NetSuite for businesses. This allows them to tailor the software to their specific workflows and needs, leading to streamlined processes, improved efficiency, and an enhanced user experience. Customizations can involve creating new fields, implementing workflows, automating tasks, and integrating with other systems. This level of flexibility enables companies to adapt NetSuite to their unique requirements, ensuring that the software aligns with their operations and boosts productivity. Ultimately, customizing NetSuite empowers organizations to fully utilize the platform and optimize their business processes.

What is a Subsidiary in NetSuite?

In NetSuite, a subsidiary is a distinct legal entity that operates independently but is controlled by a parent company. It provides businesses with the ability to manage multiple entities within a single system, simplifying operations and financial reporting. Each subsidiary can have its own charts of accounts, currencies, tax rules, and more. This allows companies to maintain separate financial records for each subsidiary while still having consolidated reporting at the parent level.

Through customization of NetSuite, businesses can easily add new subsidiaries and configure them to seamlessly integrate with the parent company.

What are the Different Types of Subsidiaries in NetSuite?

In NetSuite, there are three main types of subsidiaries: Basic, OneWorld, and Advanced. These subsidiaries are designed to cater to different business needs and have varying features and capabilities.

Basic subsidiaries operate as independent entities with separate financials, while OneWorld subsidiaries are part of a larger global organization. Advanced subsidiaries are suitable for organizations with complex ownership structures, multiple currencies, and intercompany transactions.

NetSuite’s subsidiary management capabilities make it a popular choice for companies expanding globally, as it offers a range of options to suit specific requirements. Understanding the differences between these types of subsidiaries is crucial in selecting the right setup for a business’s expansion needs.

What are the Steps to Add a New Subsidiary in NetSuite?

Expanding your business to include a new subsidiary can be a daunting task, especially when it comes to integrating it into your current financial system. In this section, we will break down the necessary steps for adding a new subsidiary in NetSuite, a popular cloud-based business management software. We will discuss the information you need to prepare, the process of creating a new subsidiary record, and the additional settings and features that need to be configured for the new subsidiary. By following these steps, you can seamlessly incorporate a new subsidiary into your NetSuite account.

Step 1: Prepare the Necessary Information

Before customizing NetSuite for a new subsidiary, it is crucial to prepare all the necessary information. To ensure a smooth and successful process, follow these steps:

  1. Define the basic details of the subsidiary, such as its name, address, and contact information.
  2. Determine the organizational structure of the subsidiary, including any parent companies or divisions.
  3. Identify the unique business requirements of the subsidiary, such as its currency, taxation rules, and regulatory compliance.
  4. Gather financial data specific to the subsidiary, including balance sheets, income statements, and cash flow statements.
  5. Compile a list of users who will need access to the subsidiary’s data and define their roles and permissions.
  6. Document any necessary customizations or modifications for the subsidiary’s workflows, reports, and forms.
  7. Consider any integration requirements with other systems or third-party applications.

By thoroughly preparing all the necessary information, the customization process can be streamlined, leading to a successful implementation of NetSuite for your new subsidiary.

Step 2: Create the New Subsidiary Record

Creating a new subsidiary record in NetSuite involves several steps:

  1. Prepare the necessary information, such as the subsidiary’s name, address, and contact details.
  2. Step 2: Create the new subsidiary record in NetSuite by accessing the setup menu and selecting “Subsidiaries” under the Company section.
  3. Set up subsidiary-specific settings, including the default currency, accounting period, and tax information.
  4. Configure subsidiary-specific features, such as languages, currencies, and pricing options.

By following these steps, you can successfully create a new subsidiary record in NetSuite.

Step 3: Set Up Subsidiary-Specific Settings

Setting up subsidiary-specific settings in NetSuite involves the following steps:

  1. Access the NetSuite account and navigate to the subsidiary management section.
  2. Select the specific subsidiary for which you want to configure settings.
  3. Set up subsidiary-specific information such as currency, language, and time zone.
  4. Configure subsidiary-specific preferences like financial settings, tax rules, and regulatory compliance.
  5. Assign subsidiary-specific roles and permissions to users.
  6. Customize subsidiary-specific forms, fields, and workflows.

By following these steps, you can ensure that each subsidiary in NetSuite is tailored to its unique requirements and operates smoothly within the overall system.

Step 4: Configure Subsidiary-Specific Features

Configuring subsidiary-specific features in NetSuite involves several steps to ensure optimal customization and functionality. Here is a list of steps to follow:

  1. Access the NetSuite administrator account and navigate to the Subsidiaries section.
  2. Select the specific subsidiary for which you want to configure features.
  3. Identify the unique requirements and business processes of the subsidiary.
  4. Customize the subsidiary settings by enabling or disabling features according to the subsidiary’s needs.
  5. Configure the subsidiary-specific features, such as fields, forms, and workflows, to align with the subsidiary’s operations.
  6. Integrate subsidiary-specific data and modules, such as financials, inventory, or sales, to streamline processes.
  7. Set up subsidiary-specific roles and permissions to ensure appropriate access and security.
  8. Test the configured features and functionality to ensure smooth operations.
  9. Communicate and train users on the newly configured subsidiary-specific features.

What are the Best Practices for Customizing NetSuite for a New Subsidiary?

Successfully customizing NetSuite to include a new subsidiary can greatly enhance the efficiency and effectiveness of your business operations. However, this process requires careful planning and execution to ensure a smooth transition. In this section, we will discuss the best practices for customizing NetSuite for a new subsidiary, including the importance of planning and gathering information, utilizing NetSuite’s customization tools, testing and reviewing before going live, and training users on the new subsidiary set up. By following these guidelines, you can optimize your NetSuite system for your growing business.

1. Plan Ahead and Gather All Necessary Information

When customizing NetSuite for a new subsidiary, it is crucial to plan ahead and gather all necessary information. This ensures a smooth and successful implementation process. Here are the steps to follow:

  1. Identify the specific requirements and goals of the subsidiary.
  2. Gather financial, operational, and organizational data related to the subsidiary.
  3. Understand the legal and regulatory compliance requirements for the subsidiary.
  4. Collaborate with key stakeholders and departments to gather input and insights.
  5. Document all gathered information and create a detailed plan for customization.

In 2008, NetSuite introduced the capability to customize the software to meet the unique needs of subsidiaries. This feature has since become a valuable tool for businesses expanding their operations globally, allowing for seamless integration and efficient management of subsidiary-specific processes. Additionally, it is important to follow the step of planning ahead and gathering all necessary information in order to ensure a successful customization process.

2. Utilize NetSuite’s Customization Tools

To effectively utilize NetSuite’s customization tools, follow these steps:

  1. Identify your customization needs and goals.
  2. Access NetSuite’s SuiteBuilder tool to customize forms, fields, and workflows.
  3. Use SuiteScript to create custom scripts and automate processes.
  4. Leverage SuiteFlow to design custom workflows and approvals.
  5. Utilize SuiteAnalytics to create custom reports and dashboards.
  6. Regularly test and review your customizations before implementing them.

To make the most of NetSuite’s customization tools, consider these suggestions:

  • Stay updated with NetSuite’s new features and tools.
  • Utilize the NetSuite community for guidance and best practices.
  • Document your customizations for future reference and training.
  • Regularly review and optimize your customizations as your business evolves.
  • Take advantage of NetSuite’s customization tools for optimal results.

3. Test and Review Before Going Live

Before launching your customized NetSuite setup for a new subsidiary, it’s crucial to thoroughly test and review the changes you’ve made. This ensures a smooth transition and minimizes any potential issues or disruptions. Here are the steps to follow:

  1. Review Customizations: Carefully review all the customizations made to ensure they align with your requirements and goals.
  2. Create Test Environment: Set up a separate test environment to simulate real-world scenarios without affecting your live data.
  3. Perform Comprehensive Testing: Execute comprehensive testing of all customizations and features to identify any bugs, errors, or inconsistencies.
  4. Verify Data Migration: Verify that all data is successfully migrated and accurately reflected in the new subsidiary setup.
  5. Evaluate User Experience: Test the system from a user’s perspective to ensure a seamless and intuitive experience.
  6. Solicit Feedback: Gather feedback from key stakeholders and users to address any concerns or suggestions before launching the customized NetSuite setup for your new subsidiary.

By following these steps, you can confidently launch your customized NetSuite setup for a new subsidiary, knowing that it has been thoroughly tested and reviewed before going live.

4. Train Users on the New Subsidiary Set Up

To effectively train users on the new subsidiary set up in NetSuite, follow these steps:

  1. Provide thorough documentation and training materials.
  2. Conduct hands-on training sessions to demonstrate key features and functionality.
  3. Assign a dedicated trainer to address questions and offer individual support.
  4. Encourage users to practice and explore the new subsidiary set up on their own.

Pro-tip: Keep users engaged and knowledgeable about the new subsidiary set up in NetSuite by regularly communicating updates and improvements.

What are the Common Challenges When Customizing NetSuite for a New Subsidiary?

When expanding your business to include a new subsidiary, customizing your NetSuite system is crucial to ensure smooth operations. However, this process does not come without its challenges. In this section, we will discuss the common obstacles that businesses face when customizing NetSuite for a new subsidiary. From data migration and integration to customization limitations and user adoption, we will examine the key factors that can impact the success of your customization efforts.

1. Data Migration and Integration

Data migration and integration are crucial steps in the process of customizing NetSuite for a new subsidiary. Here is a comprehensive list of steps to ensure a smooth and successful process:

  1. Assess the current data: Identify the data that needs to be migrated and integrated from existing systems.
  2. Data mapping: Map the data fields from the source system to their corresponding fields in NetSuite.
  3. Data cleansing: Cleanse and validate the data to ensure accuracy and consistency.
  4. Data extraction: Extract the data from the source system and convert it into a format that is compatible with NetSuite.
  5. Data loading: Load the extracted data into NetSuite using import tools or APIs.
  6. Data validation: Validate the imported data to ensure its integrity and correctness.
  7. Data integration: Integrate NetSuite with other systems, such as CRM or ERP, to enable seamless data flow.
  8. Testing: Test the migrated and integrated data to ensure that all functionalities are working as expected.
  9. User training: Train users on how to effectively access and utilize the migrated and integrated data.

2. Customization Limitations

Customizing NetSuite for a new subsidiary may have its limitations. It is crucial to be aware of these constraints in order to effectively plan and manage the customization process. Some common limitations to keep in mind when customizing NetSuite include:

  1. Restrictions on customization: NetSuite may have limitations on customizing certain features or fields. For instance, some fields may be locked and unable to be modified or customized.
  2. Challenges with integration: Integrating NetSuite with other systems or platforms may pose challenges due to compatibility issues or limited integration options.
  3. Complexity: Customizing NetSuite for a new subsidiary can be complex and time-consuming. It may require advanced technical knowledge or assistance from NetSuite consultants.
  4. Upgrades and maintenance: Customizations may require additional effort and resources during system upgrades or maintenance, as they may need to be re-implemented or modified to align with new versions of NetSuite.

Being aware of these limitations can help businesses make informed decisions when customizing NetSuite for their new subsidiaries. It is important to evaluate the scope and feasibility of customization, considering the impact on system performance, long-term maintenance, and future scalability.

3. User Adoption and Training

User adoption and training are crucial for the successful customization of NetSuite for a new subsidiary. To ensure smooth adoption and effective training, follow these steps:

  1. Communicate the purpose and benefits of the customization to all users.
  2. Provide comprehensive training sessions to familiarize users with the setup of the new subsidiary.
  3. Create user guides or manuals that outline the customization process and address common questions.
  4. Offer ongoing support and assistance to address any issues or concerns that may arise.

Pro-tip: Regularly solicit feedback from users to identify areas for improvement and optimize the customization for better user adoption.

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