Shared Transaction Launch Event

Okay, well, we are talking about Shared Transactions today, which is the newest Net Gain product that we are releasing. So this product is going to be fully embedded inside of NetSuite similar to our other products. So I guess we can just introduce ourselves really quick.

Yeah, we're excited to have you here and thank you for joining our webinar.

So I'm Becca Smith. I am a cpa. I have a Master's in Tax and a minor's in Information systems. So I've always really loved the systems kind of connection to accounting. I worked at Deloitte for a couple and now I'm a solutions architect here at Net Gain.

Hi, everybody. My name is Chris Miller. I'm the SVP of Product Strategy here at NetGain. Prior to that I was part of NetSuite. I ran the Finance center of Excellence there. And then I also was known as the distinguished solutions specialist. Prior to that, I was a customer in NetSuite doing these exact same things. We're going to talk about today as a customer using NetSuite.

Perfect. So we are talking today about shared transactions, obviously and just a little bit of background about our company. We are Net Gain and so we really work to make embedded apps within NetSuite that are going to help you with your accounting problems. So a couple of our products, I just want to kind of give a little bit of background on some of our other products that we have. We have Net Lease. This is going to be a leasing solution again, sitting inside of NetSuite. It's going to do all of your 842 IFRS 16 report requirements are just going to be taken care of. Inside of that Net Asset is an advanced fixed asset tool. So this is, this is going to sit inside of NetSuite and it's going to just kind of give you more functionality around your fixed assets, making sure that everything is clean. Net Loan is a product that we have developed to track your loans and that can be from the lender, the borrower side. There's a lot of flexibility when it comes to that product. Net Lessor is the mirror image of netlease. And then Net Revenue is actually our product that we're releasing, I believe next year. Early Q1, I think, is our target date and we're super excited about that one. It's going to be a revenue recognition tool. So that's coming. And then Net Close is our most recent product that we have released and that product is a close system that goes inside of your NetSuite account. So helping with tracking tasks, reconciliations accruals, amortizations. There is a lot going on in that product, but we are also always happy to talk about that. So a little bit of background on us, but that's not why we're here today. We want to talk about shared transactions and really what this is is the ability to split bills inside of your NetSuite account. So we're going to be giving examples. We'll do a bit of a product demonstration, kind of go over where this comes from, its history, why it's necessary, and then also just how to get it started in your account.

Fantastic. So you may be asking yourself as you join this webinar, what is a shared transaction and why does it matter to me? So when you're running netsuite a lot of times what happens is you receive things, for example, like vendor bills, where as the upstream what you enter and what you need the downstream general ledger impact to be can often be quite different. So for example, you might be buying something on behalf of one subsidiary and you would like to send that cost to another subsidiary and be able to track those intercompany differences. Or you might have a phone bill that you want to spread across a large number of departments or utility costs. And rather than take the time to identify and code each one of those things individually, you'd like a quick way to be able to get that detail without it taking a long time. And that's really what we're looking to solve today. So how do you solve that? So there are three ways that we've all that you probably have seen in netsuite as a user. The first is that you can always create a manual, top side journal. You could use the NetSuite allocations module at the end of the month to try to grab something, or you could just create a journal to move it. The problem with that is it's really time consuming. You need to take the journal, insert all the lines, track the errors. It's not scalable and many times it's also not detailed enough if you need this to be right at the individual transaction. The second thing is you can split the transaction into a multitude of lines, you know, and if it's one or two lines, you can see where you might take that number. But many times we have customers who want this spread against 10, 20, even 30 different departments or combinations of departments and classes and locations or custom segments. And when that happens, the number of lines you have gets really big. And keeping track of what's this correct percentage, doing the math, making sure the totals and that becomes really unwieldy and difficult to manage, especially if you're doing a number of those now. Now, the way that this has been addressed in the past has NetSuite released a suite solution that they called the Shared Vendor Bill functionality, and this was designed to address a lot of those issues that we just talked about. However, that Shared Vendor Bill suite solution has been deprecated and it's no longer available for download. In addition, there were several areas. I was part of the team that helped actually design it originally and we always wanted to go back and make some improvements to it that would make it more user friendly and close some of the functional gaps we had wanted that we never had a chance to do that. Well, today that's what we're seeking to do. So we made it easy. And what we'd like to introduce to you today, Rebecca and I, is shared transactions by NetGain. It's 100% native suite app. Like everything we do at NetGain, it's built inside of NetSuite to make it one UI, one set of data model to learn. Very intuitive. It also is designed to close functional gaps from other systems that you may have used in the past or you're doing workarounds today so that you can make this process automated and easy. It's repeatable, scalable, full automation. You can do both ad hoc, but you also can create templates to save you time. It's powerful and intuitive. We have a new feature that we call the Allocation worksheet, designed to give you the flexibility and power to do very complex allocations or do very simple allocations very quickly and easily.

Yeah, and we'll be showing that.

Yeah, no, you're right, Becca, thank you. It's easy to deploy and set up. You can do it in three easy steps that we're going to talk about a little bit later and it's going to manage both intra, that's where you make the line, say, for different departments within your company. But it also is going to do intercompany allocations and it supports non native fields, so custom segments fields are all supported and can be brought in. Becca's going to be able to show that to us a little bit later.

Yeah, I'll definitely show that.

Most importantly, there is a free version available to all NetSuite users that has significant functionality within a sandbox or a test drive account. You have full functionality and then if you find value in it, you're able to upgrade very easily within the app so that you can take advantage of Any features that might not be included in the free version.

We really try to make it as easy as possible. Okay, so there are three kind of ways to do these transactions inside of NetSuite and happy to talk about it, but that first way is going to be applying that allocation template to all transactions at once. And so essentially you've got your vendor bill, right. With multiple lines and they all need to be allocated the same way. I believe this is how shared vendor bills used to work. And that was really the purpose. Right. Easily being able to kind of allocate a template across everything at once, so we fully support that functionality. But then we also have additional ways of doing shared trans or doing allocations here. So that second way is going to be a one to one allocation. And I believe you actually have some experience of just like people asking for this. Right?

Yeah. When at NetSuite, this was the most requested feature that often came up whenever I was either demonstrating the shared vendor bill or functionally like it was, do we need to use the worksheet? And could I just, on the face of the vendor bill or the transaction, be able to allocate things to an intercompany? So in the case of like I'm buying something and I want to send it this cost there, I want to do that a minimum number of clicks. And so in designing this, we've heard that request and we've created this direct one to one allocation to meet that exact same ask from all of you who wanted it.

Yes, it's very easy to use. So don't worry, we'll be showing that. And then this third way of doing allocations is really when we get into those complex situations. So you've got multiple subsidiaries with multiple departments and classes, all needing to be kind of allocated across these transaction lines. And so our worksheet which we'll be showing is kind of the new interactive page that you'll be able to go in and enter all of that information.

Yeah, key concept here is that in these complex ones you can have a different allocation schedule or type for each line item in the transaction. It's no longer is in situation number one where you need to do it all as a single allocation type. Now we can handle that kind of complexity where you want to do one thing on one line, something different on another line, and then an ad hoc on a third line.

Yeah, perfect. So we do want to be able to show you that. So we're going to start with showing an example of that first option. Right. Where we are allocating across all transactions. So let me switch to my NetSuite account. You can see here, this is a NetSuite demo account that we have with a native NetSuite bill that is currently showing. And the main additions here are going to be this allocate expense button that we've now included. This is going to be how we access our worksheet. Another addition is going to be this ability to add that template across the board. So this is that first way we're talking about, right. I've got my multiple lines here and I want them all to be allocated via this headcount template.

And this will be used for where each line really is a similar thing. So here we've got rent, expense, property taxes, some maintenance from my landlord, and all three of those things should be sent to be allocated the same way by department.

Yep. And you can see here, so it's an easy selection from the bill. Once you click save, this shared transaction sub tab is now going to be populated. And this is all of the GL impact that we're now having in this secondary journal that we've posted. You can even drill into this once we're inside of netsuite. Right. Everything tends to be linked together and so we really want to make that fully audit trail available. And then we also have those allocations that are also showing here on this page. So easy to kind of drill in and see what's actually happening via this allocation that we selected.

As we look at the line list, you can see that we can have different the account, but we can have allocate to department, to location, to class, to custom segments. And so you can have, even on this first basic example, you can have a lot of flexibility and a lot of customization available to you.

This breakout is again all stemming just from this template that we've set up, which are super easy to set up in the system. Okay, perfect. I'm going to switch back to our PowerPoint so that we can look at that second way of allocating. And this is that one to one allocation again. So really kind of going in line by line. Did you want to say anything about that one before I switch to the bill? Or this one?

Yeah, this, this is one very common when customers would ask us, would be like, hey, can I buy something in one subsidiary and send the cost down to another subsidiary? And then the question also became though, is when I send it down to that second subsidiary, how do I know what that cost was? Many times what I get is you get a journal that wasn't very meaningful. And you know, you'd have a cost in this account and maybe it was allocated, but really couldn't do anything else with it. And so here what we want to do is make this very easy to send costs without needing to go through the worksheet. But also when you are looking at the journal, people understand exactly what you were allocated, where it was, so that you can actually take some action on it and understand what costs you're having.

Perfect. That is an excellent example. So going into Netsuite, you can see here that again, standard bill. Right. And you've got all that information and then I've got my additional three lines in this example. It's like a legal right and I've got a legal bill that I've been given, but at my consolidated level subsidiary. So I then need to go in and put every line to the correct subsidiary that that expense is related to. And so it's a really easy selection right here at that line level. So I'm able to go in and just select the subsidiary it's related to. We even have the department selection here as well. So kind of switching up that department that it's being allocated to. It's an easy hit save. And again, we are posting that journal for them. You can see that under our shared transaction bill, this is going to be an intercompany journal. So because this is hitting multi subsidiaries, I'm just going to open up the journal so I can give you a sneak peek. But this is that advanced intercompany journal. So this is what we're posting when we go and hit save and have that process here.

Yeah, if you look at where it's been filled out, we have the accounts are marked for elimination, your intercompany receivable payable, those are the represent subsidiary vendors. So all of your eliminations will work as expected. And then you can see the costs that are passed down. We're passing the vendor down through there so that when you are looking at the cost in the destination subsidiary, you know exactly what vendor this cost was for and what it was for.

Yeah, that's a good call out. Okay, perfect. So going back to that bill, I think we talked about this one. Was there anything else we wanted to cover here?

I believe that's everything.

Perfect.

Yeah.

Okay, so I'm going to switch back then so that we can look at our third example. And this is really kind of the cool addition that we've added here. I mean, it's all very cool, but this is going to be that new worksheet that you really are able to dig into and get granular on. So I'm actually going to switch over to our bill so we can just show that. So this is again kind of our third example. Right. We're going to have again a standard bill. I've got my different transaction lines here. You can see I've actually got templates set at the line level here as well. And that is because I've selected these templates through my worksheet. Again, the beauty of Netsuite, everything just flows. So that is also a call out though. It's that if you are wanting to allocate templates differently across line items, you can also make that selection here. We've added a lot of different fields to the bill so that you're able to do those allocations directly from the bill itself. And then going into our allocate expenses page, this is going to be that worksheet we keep talking about. So you can see here, I've got kind of standard bill information up top. I've got my transaction lines, the three of them showing right here. And then I've got my allocations down here at the bottom. You can see that these have all been allocated in different ways. When I go to select this, you can see that those allocations are showing here below. We've got different ways of allocating. A good call out here is this weight number that we're using. So in this example, I've selected a template, this headcount by department. And that isn't using like 100%. Right. It's not using percentages in this case. We're just using numbers. These are the number of people that I have in each of my departments. And so there's a lot of flexibility when it comes to the weights that you can enter here, really. You can use actual dollar amounts, you can use percentages, head count, square footage. There's really no end to the ability when it comes to this bot.

Yep. You can also see that we can customize each of these lines. So even if you're using a template, if this particular transaction needs, you know, an extra line or you need to make an adjustment to it, you can see Becca can do that right here. Save it. And that's not going to change your template, but that is going to alter the allocation for this, pay for this transaction when it's saved.

Yeah. Say I have an additional person. Right. In this department. And now my domestic furniture department, I've got another person. And so for just this one expense, I want to be able to have that allocated here and scroll down, you'd be able to see that. And that's going to remove that template, just like Chris was saying. So it's not ruined, it's not changing your template. It just gives you that ability to edit here at the line level. This is another example where you've just gone in and kind of added different pieces. And actually this is an example as well where we have that subsidiary entered. So it's not just limited to one column. You can fill out all of the columns if you want to. So in this case, we also have that subsidiary selected here. And then another good call out is you can see this activity code piece on the end. This is a custom segment that I have inside of my NetSuite account. And we don't limit how many custom segments that you can include here. So just gives you that ability to be really granular and specific to your own accounts, being able to add all those custom segments.

And when you look at this, you know, kind of. Just to summarize, we've got three lines that I entered in as the bill. Very simple. But here on the worksheet, I've created three separate allocations. Two of them are, you know, just kind of moving a department, but on the third one, I'm doing three quarters of it to a department and then sending 25% of it out via intercompany to another subsidiary. So just kind of want to give you a sense of all the flexibility you have here to manage these costs and be able to get them reflected correctly in your books.

Yes, perfect. I'm actually going to click cancel so that we can go back to our bill and just see the journal that we have already posted for this journal. Sorry for this bill. So this is again going to be that intercompany transaction. So I just wanted to point out, you know, we've got that in our company, the loans, payables, receivables, et cetera, and the GL impact we're having there is set up inside of the system. So you have really a lot of control when it comes to this. Okay. Was. I can't. I can't think of anything. I think that's probably most of our product. Hopefully it comes off as pretty simple and easy to use because that is what we were going for. We want it to be able to just be utilized here in the system as quickly as possible.

Yeah. One question you may have be thinking as you see this is, can I use this on other transactions? The answer is yes, in our future releases. Coming at the end of this year and the next quarter, we're going to release this to work on journals. So for example, you'll be able to post a lump sum into a GL account in a journal and then allocate that out from there, you know, into using a template, into a much more complex template allocation. You also will in the future be able to use this on invoices and other posting transactions. Now, right now, if you, for example, if there's a purchase order before this vendor bill, a purchaser isn't posting. So an allocation is not going to be created on a non posting transaction. But you can define the templates that you want to use. So those will source right through, so the buyer can actually determine how they want the allocation to happen. And then when the vendor bill comes, that will then be sourced through automatically and then they'll go through the approval process.

Yep, perfect. And that's actually another good call out. It's just that all of these fields on this bill are fields that you can source and you can push like you can and I can't think of the word, but you can fill them out. That's what I'm looking for. You can fill them out via like an API integration with like a bill.com or something like that. Right. Where you've got these external softwares that you're using that are creating the bills inside of your NetSuite system. And because of the way this is set up, you are going to be able to have that integrate just fine and be able to push information through that. Perfect. Okay, switching back to our PowerPoint. The other very important question is how do we actually get this in the system?

Absolutely. So see this and like I love it. So we want you to be able to get this in really just three easy steps. Here's what you do. The bundle is available on suiteapp.com it's part of the new suite development framework. Go to suiteapp and put in shared transactions and you can actually install it right there from the App Store into your account. And that will load the free version if it's a production account and it will load the full version for you in a test drive or a sandbox. Then you follow the easy to set up instructions that are within there. We have a tab that will show how to do the Quick Start guide. It's meant to take you a very short time. Now if you run into any trouble, we have people standing by ready to offer support and help you be able to install this quickly and easily. And then the Third thing is if you use the free version for as long as you like, unlimited. However, if you find that you would like some of the features that come from one of the, from the, apart from the starter into the premium version, you can, it's very easy to upgrade right there within the app. In fact, on our next slide here, these are kind of the prices that show you how the packages work. Once you've downloaded the starter version from suiteapp.com we want you to be able to choose a package that has exactly what you're looking for. So in the beginning, as the free version comes out, it focuses on intra company and that first use case and second, the ability to split out the costs. The second one, the standard version, focuses on intercompany and it also brings in the ability to have up to 10 templates and you start to get much more robust support to help you if you have any sort of issues with it. And then finally the premium version focuses on giving you enhanced support and then also an unlimited number of transactions templates and the ability to bring in multi book transactions as well.

Perfect. Yeah. And all of this is accessible just directly from the app. So that makes it really easy.

Absolutely.

Okay, perfect. Well, we are so thankful that you spent a couple minutes with us today going through our newest app, Shared Transactions by Net Gain. And I believe we actually have some time for Q and A.

So. Fantastic.

I've got a couple questions here that have come in. Oh, whoops, I went to the end of my slideshow. So just to answer a couple questions here. So we actually already answered this one. But will this work if using a billing software such as Bill.com or MineralTree?

Yeah, the answer is absolutely. So there are two ways. When the transaction comes in the Vendor Bill from Bill.com in Netsuite, you could @ that moment attach the schedule or use the worksheet if you'd like. Or you can create the field via the bill.com integration. You can always include the template list, identify that in the bill.com and when it comes through, it'll automatically be ready for. It'll automatically be allocated as soon as it's sent into.

Netsuite. Perfect. Okay, another one we have. When the allocations show on the GL, do they post with line memos, vendor name, etc. And then it looks like caveat. Do they say allocation, source, allocation, destination? That is what is currently showing for us when they do allocations or.

Amortizations. Yeah, you've used the module quite a bit. The answer is yes. So in the journal that Becca had showed earlier, you can see that we're passing the vendor name down so they can see it. We're passing the memo down and then we're also passing a hyperlink, if you have permissions, to the source bill as well. The idea there is we want you to be able to look at the drill down in the journal and identify exactly what the cost was for, who, what when and where, so that you know, if you're, say, receiving it into your department as an allocated expense, you understand what it was.

For. Perfect. Okay, this one's easy. I can answer this one. Can we add it and test in the sandbox environment first? Absolutely, yes. We want you to be able to feel so comfortable with this product before you put it into your production account. So you can download this into your sandbox, play with it. It's downloaded at the full version, so you're not restricted in any way, so you can really see what the full functionality is and then obviously proceed to download into your production if you like it. Okay. Another question we had, say we're moving 50% of cost to a destination sub and then you run the allocation on the journal entry created to allocate to specific departments within destination sub by.

Percentage. Yeah, absolutely. So let's assume you know, if you were to do a journal on the 50% to move it into the subsidiary. When we make the allocation templates available on the journal type at the end of this year, you will absolutely be able to do that. So it'll work. And then you can split that out to the proper departments when it comes in on the secondary.

Transaction. Perfect. Okay, well, I think we are pretty close to time here. Yes. Yeah, I think we're good. But thank you so much again for joining us and feel free if there are questions we didn't answer, which I this looks like there's plenty that you can send us emails or we will be reaching out as well with answers for everything we weren't able to.

Cover. Yep. Thank you for your time. We look forward to it. Again, you can find on suiteapp.com and we're looking forward to helping you and we hope you have a great time allocating all sorts of vendor.