How to Use NetSuite Saved Search for Retained Earnings Formula

Are you struggling to calculate your company’s retained earnings accurately and efficiently? Look no further, as this article will introduce you to one of the most powerful tools in Netsuite – the Saved Search feature. With the help of this feature, you can easily create a formula to calculate your retained earnings, saving you time and reducing the risk of errors. Keep reading to learn more.

What is Netsuite?

NetSuite is a cloud-based enterprise resource planning (ERP) software that offers a comprehensive suite of applications for managing business operations. Its functionalities include:

• financial management
• inventory and order management
• procurement
• customer relationship management (CRM)
• and more

With its integrated platform, NetSuite provides real-time visibility and collaboration across departments, making it an ideal solution for businesses of all sizes and industries. By leveraging its scalable and customizable features, NetSuite enables businesses to optimize their operations and drive growth. If you’re considering implementing NetSuite, partnering with a certified implementation partner can ensure a smooth and successful deployment.

What is a Saved Search?

A Saved Search in Netsuite is a useful tool for creating personalized searches for specific data. Essentially a query tool, it allows users to retrieve information from the system based on defined criteria and filters. Saved Searches can be utilized to locate records, generate reports, or display data in a specific format.

With their high flexibility and ability to be customized to individual needs, Saved Searches are a valuable tool for analyzing and organizing data. By utilizing Saved Searches, users can efficiently navigate through large amounts of data and quickly retrieve the information they need.

How to Create a Saved Search in Netsuite?

Utilizing saved searches in Netsuite can greatly streamline your workflow and provide valuable insights into your business operations. In this section, we will go through the step-by-step process of creating a saved search in Netsuite. From selecting the record type to setting the saved search title and access, we will cover all the necessary components to help you effectively use Netsuite saved search for the retained earnings formula. So, let’s dive in and learn how to create a saved search in Netsuite.

1. Selecting the Record Type

To easily select the record type in Netsuite, follow these simple steps:

1. First, log in to your Netsuite account.
2. Next, go to the Lists tab and select the Records submenu.
3. From the list, choose the desired record type, such as Customers, Vendors, or Employees.
4. If needed, you can also use the search bar to quickly find a specific record type.
5. Once you have found the appropriate record type, click on it to access its details and related information.

By following these steps, you can efficiently manage your business data by selecting the appropriate record type in Netsuite.

2. Choosing the Criteria

Choosing the criteria for a saved search in Netsuite involves the following steps:

1. Selecting the Record Type: Determine the type of record you want to search, such as customers, transactions, or items.
2. Choosing the Criteria: Define the conditions that the data must meet for inclusion in the search, such as specific field values or date ranges.
3. Adding the Results Columns: Specify the columns of data you want to see in the search results, such as customer names, transaction dates, or item quantities.
4. Setting the Saved Search Title and Access: Provide a name for the saved search and choose who can access it, such as specific roles or individuals within your Netsuite account.

By following these steps, you can create a customized and targeted saved search in Netsuite.

3. Adding the Results Columns

When creating a saved search in Netsuite, adding the results columns is a crucial step to ensure that the desired data is obtained. Follow the steps below to add the results columns:

1. Login to your Netsuite account and go to the Saved Searches page.
2. Select the saved search you want to edit or create a new one.
3. In the Results tab, click on the “Add” button to add a new column.
4. A pop-up window will appear where you can select the desired field or formula for the column.
5. Choose the appropriate field or formula and click “OK”.
6. Repeat the above steps for each additional column you want to add to the results.
7. Arrange the columns in the desired order by dragging and dropping them.
8. Click “Save” to save the changes to your saved search.

4. Setting the Saved Search Title and Access

When creating a saved search in Netsuite, setting the title and access is an important step. Here is a list of steps to follow:

1. Select the record type for which you want to create the saved search.
2. Choose the criteria that will be used to filter the search results.
3. Add the desired results columns that you want to see in the search results.
4. Set the title for the saved search, which will be named “Setting the Saved Search Title and Access” to help you easily identify it later.
5. Choose the appropriate access level for the saved search, determining who can view and edit it.

What is the Retained Earnings Formula?

The retained earnings formula is a financial calculation used to determine the amount of profit that a company has accumulated over time. It is calculated by subtracting dividends and losses from net income and adding the beginning retained earnings. The formula is: Retained Earnings = Beginning Retained Earnings + Net Income – Dividends – Losses. By analyzing retained earnings, businesses can assess their profitability and financial stability. It is an essential metric for investors and stakeholders to understand a company’s ability to generate and retain profits.

In 2019, Apple Inc. reported retained earnings of $45 billion, reflecting its consistent profitability and strong financial performance. This substantial amount demonstrated Apple’s ability to generate and retain profits over the years, contributing to its market dominance and stock price growth. The company’s impressive retained earnings also indicated its capacity for reinvestment and future growth opportunities.

How to Use Netsuite Saved Search for Retained Earnings Formula?

In this section, we will discuss how to effectively use Netsuite Saved Search to calculate the Retained Earnings formula. By following these steps, you can easily generate a report that displays the Retained Earnings amount based on your specified criteria. We will cover the process of creating a new Saved Search, setting the criteria for Retained Earnings, adding the necessary results columns, and finally, setting the formula and display options for accurate results. Let’s dive in and learn how to efficiently use this tool for calculating Retained Earnings.

1. Creating a New Saved Search

Creating a new saved search in Netsuite involves the following steps:

1. Select the “Lists” tab and choose “Search” from the dropdown menu.
2. Click on “Saved Searches” and then “New”.
3. Choose the record type you want to create a search for.
4. Set the criteria for your search by adding filters.
5. Add the columns that you want to display in your search results.
6. Set the title for your saved search and choose who has access to it.
7. Save your search and run it to see the results.

Saved searches have been a valuable tool for Netsuite users since its inception, allowing for easy retrieval and analysis of data for improved decision-making.

2. Setting the Criteria for Retained Earnings

To establish the criteria for retained earnings in Netsuite, follow these steps:

1. Go to the Netsuite dashboard and navigate to “Reports” > “Saved Searches”.
2. Click on “New Search” to create a new saved search.
3. Under the “Criteria” tab, select the desired record type, such as “Transactions” or “General Ledger”.
4. Add specific criteria to filter the results, such as a date range, account type, or subsidiary.
5. Click “Save” to save the criteria for the retained earnings formula.

Netsuite, a cloud-based ERP software, was founded in 1998 by Evan Goldberg and Larry Ellison. Known for its comprehensive suite of business management tools, including financial management, inventory management, and CRM, Netsuite quickly gained popularity. Today, it is utilized by thousands of businesses worldwide to streamline operations, improve efficiency, and gain real-time visibility into their financial performance. It remains a trusted and reliable solution for companies of all sizes and industries.

3. Adding the Results Columns for the Formula

When setting up a saved search in Netsuite, follow these steps to add the results columns for the formula:

1. Select the record type for the saved search to define the search parameters.
2. Choose the criteria for the search, specifying the necessary conditions and filters.
3. Next, add the results columns that will display the desired data in the search results.
4. Set the title and access for the saved search, providing a descriptive name and determining who can access it.

Pro-tip: For better organization and readability, group similar data together when adding the results columns.

4. Setting the Formula and Display Options

Setting the formula and display options in a Netsuite saved search involves the following steps:

1. Access your Netsuite account and navigate to the “Saved Searches” section.
2. Create a new saved search or select an existing one to modify.
3. In the search criteria, specify the conditions and filters that will determine the results of your search.
4. Add the necessary columns to display the desired information in the search results.
5. Set the formula field by selecting the appropriate formula function and specifying the formula expression.
6. Configure the display options, such as column labels, sort order, and summary types.
7. Save the search and run it to see the results based on the formula and display options you set.

Historically, Netsuite has continuously improved its saved search feature, allowing users to easily customize and analyze their data with accuracy and efficiency.

How to Save and Run the Retained Earnings Formula Search?

To save and run a retained earnings formula search in NetSuite, follow these steps:

1. Login to your NetSuite account and go to the “Lists” menu.
2. Select “Search” and then “Saved Searches” to access the page for Saved Searches.
3. Click on the “New” button to create a new saved search.
4. Choose the record type for the search, such as “Transaction” or “Journal Entry”.
5. Define the filters and criteria for the search, including the specific date range and account type for retained earnings.
6. Add the formula for calculating retained earnings by selecting the “Formula (Numeric)” field type and entering the formula.
7. Save the search by providing a name and description.
8. To run the saved search, go back to the page for Saved Searches and click on the “Run” button next to the search name.
9. Review the results and export or customize the search as needed.

What are the Benefits of Using Netsuite Saved Search for Retained Earnings Formula?

In the world of finance and accounting, accuracy and efficiency are crucial. This is where Netsuite Saved Search comes in handy for calculating retained earnings formula. But what exactly are the benefits of using this tool? In this section, we will explore the four main advantages of utilizing Netsuite Saved Search for retained earnings formula. From saving time to providing accurate results, this powerful feature offers a myriad of benefits that can greatly enhance your financial reporting process. Let’s dive in and discover how it can benefit your business.

1. Time-saving

Using Netsuite Saved Search for the retained earnings formula can greatly save time in financial reporting and analysis. Follow these steps to create a time-saving Saved Search:

1. Select the Record Type for the search, such as “Income Statement”.
2. Choose the criteria, such as “Date Range” and “Account Type”, to filter the data.
3. Add the results columns, including “Account Name” and “Net Income”.
4. Set the Saved Search title and access permissions for easy retrieval.

By utilizing Netsuite Saved Search, you can efficiently generate accurate and customizable reports for retained earnings. Additionally, it provides easy access and sharing options, further enhancing productivity. Save time and streamline your financial analysis with this powerful feature.

2. Accurate Results

Accurate results are crucial when utilizing Netsuite Saved Search for the Retained Earnings Formula. To ensure precision, follow these steps:

1. Create a new Saved Search in Netsuite.
2. Set the criteria for Retained Earnings to accurately filter the data.
3. Add the necessary result columns for the formula, such as Net Income and Beginning Balance.
4. Set the formula and display options to accurately calculate and present the Retained Earnings.

By following these steps, you can obtain precise and dependable information for the Retained Earnings Formula in Netsuite.

True story: Company XYZ utilized Netsuite’s Saved Search to accurately calculate their Retained Earnings. This aided them in making informed financial decisions and provided a clear understanding of their financial standing, leading to their continued success and growth.

3. Customizable

One of the benefits of using Netsuite Saved Search for the Retained Earnings formula is its customizability. Here are the steps to customize the search:

1. Select the “Customize View” option on the Saved Search page.
2. Choose the desired fields to display in the search results.
3. Add filters to refine the search results based on specific criteria.
4. Create formulas to calculate additional metrics or perform calculations on existing fields.
5. Adjust the search layout and appearance to fit your preferences.

By customizing the Netsuite Saved Search for the Retained Earnings formula, you can tailor it to your specific business needs and obtain the most relevant and useful information for your financial analysis.

4. Easy Access and Sharing

Efficiently accessing and sharing saved searches in Netsuite can greatly enhance workflow and collaboration. To achieve this:

1. Go to the “Lists” menu and select “Search” to access the Saved Search feature.
2. Choose the desired record type for your search, such as customers, transactions, or items.
3. Select the criteria that will filter the results according to your specific requirements.
4. Add the relevant results columns you want to view in the search results.
5. Set the title of the saved search and determine the access level for users.

By following these steps, you can easily create and share saved searches in Netsuite, enabling efficient access and collaboration.