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NetSuite Consolidated Invoicing

How NetSuite Consolidated Invoicing Simplifies your Invoicing Process?

Have you ever heard of NetSuite Consolidated Invoicing? If not, then let’s try to understand what it is and how it is useful for your business?

Generating and dispatching invoices is an important aspect of any business. You need to generate an invoice for every business transaction and send them to the appropriate customer. This process becomes a monotonous task, when you have a very large number of customers or business transactions.

Further, if you are required to send multiple invoices for a single customer, then this process turns out to be more tedious. Your staff gets annoyed about doing such boring work. On the other hand, your customer also becomes irked to see their inboxes filled with multiple invoices within a short period of time.

To assist you in this regard, NetSuite offers the advanced Consolidated Invoicing feature. With it, you will be able to generate a single invoice by summarizing many invoices’ data for a period. As a result, your customers will receive only one invoice. And, this invoice contains all the key data related to multiple transactions.

What is NetSuite Consolidated Invoicing?

This feature offers many advantages for your business such as 

  • Provides an easy-to-use user interface
  • Excludes selected invoices or customers
  • Accepts the payments for consolidated invoice
  • Facilitates printing/e-mailing of the consolidated invoice
  • Supports sending advanced schedule emails
  • Facilitates the inclusion of sub-customers’ invoices within the parent customers’ invoices

How does consolidated invoicing work?

With consolidated invoicing, NetSuite allows you to create several invoice header fields. They may be created by using Invoice Number, Project, Location, Due Date, etc. However, up to three custom fields can be used on any invoice header.

The request for the consolidation of invoices can be submitted through a UI. Both summarized and detailed data of an invoice can be previewed through this UI. Also, the invoice generating process can be easily scheduled at regular intervals.

Apart from that, the print layouts for your consolidated invoicing can be customized and affixed to a customer record. This print layout can be also emailed to your customer in the PDF format.

How to create NetSuite consolidate invoices?

  • First, create a customer record, so that your customers would make use of this consolidated invoicing feature  

Then, navigate to List -> Custom -> Consolidated Invoicing Setup

How to NetSuite consolidate invoices

  • The page of Consolidated Invoicing Setup will display two option boxes
  1. Enable Online Consolidation
  2. Enable Scheduling Consolidation

Enable both these options and then click on the ‘Enable For’ option. Immediately, a drop down list appears, in that, select the ‘All Customers’ option. Now, hit the ‘Save’ button to use the consolidated invoicing functionality

  • Now, go to Lists -> Custom -> Consolidate Customer Invoices. Select all the invoices that are required to be consolidated and click on the ‘Submit’ button to generate the consolidated invoice PDF

Consolidate Customer Invoices

  • This consolidated invoice PDF can be either directly emailed to your customers or printed and sent to the customers in the form of hard copy

Limitations of NetSuite Consolidated Invoicing?

The consolidated invoices, 

*  Are generated by using the invoice transactions in your NetSuite Service

*  Includes invoices related to a common currency or parent customer

* Supports 3 levels of parent-child hierarchy. But, it is only applicable in case of sub-customers

More importantly, the consolidated invoices are basically virtual invoices. As a result, the impact of the general ledger always remains with the individual invoice. Due to this, the A/R aging reports will never display any data related to a consolidated invoice.

Make use of the NetSuite Consolidated Invoicing feature and consolidate multiple invoices. By doing that, you will be able to simplify your invoicing process. Also, you can prompt the customers to do more business with you by offering simplified transactions.

You can also schedule a meeting to know more about Netsuite Consulting firms.

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