Custom Forecast Record In NetSuite

  • The purpose of this blog is to describe how we have created a custom forecast record based on our needs.
  • To overcome the standard functionality of NetSuite Budget Forecasting which does not support much for generating monthly forecasting report of employees. Blue Flame Labs has developed the custom forecast record which helps to calculate the revenue, cost of service, cost of sale, infrastructure cost, office expenses, other expenses and so on.
  • Although NetSuite standard functionality can also generate forecast reports but, Blue Flame Labs' solution is more flexible and customizable than NetSuite's standard functionality.
  • Monthly Forecast report helps us to predict or forecast the other employee cost like salaries-support, salaries-management, Staff Welfare expenses, Recruitment expenses, Taxes and so on.

 

Here we can access Custom Forecast Record, Navigation in our NetSuite Account.

Custom Forecast Record In NetSuite

In the Custom Forecast Record we have created four more custom records:

  • Revenue
  • Other Expenses
  • Monthly Salary Record
  • Yearly Consolidate Forecast Record

 1. Revenue:

  • Revenue is the amount of cash an organization receives in exchange for its goods and services or conversely, what a customer pays a corporation for its goods or services.
  • In accounting, revenue is the total amount of income generated by the sale of products and services associated with the first operations of the business. 
  • A custom Revenue record includes fields such as Parent, Customer, Subsidiary, Year, Month, Total etc. So we can get the results based on what we entered.
  • Revenue sub-tab includes field like Employee Type, where the employee type is added, along with the amount entered.
Custom Forecast Record In NetSuite

2. Other Expenses:

  • Expenses that are not related to the organization’s main business are known as Other Expenses.
  • Custom Other Expenses record includes fields such as Month, Expense Year, and Total Expense Amount. These fields allow us to enter the month and year, so we can get a month-by-month or year-by-year expense report.
Custom Forecast Record In NetSuite

 

Following is the list of Expenses on Expenses Category field And Expenses type field values:

 

 

Expenses on Expenses Category

Expenses type

Cost Of Service

1) Travel Expenses

2) Project Expenses

Cost Of Sales

1) Consultant

2) Travel Expenses

3) Marketing Expenses

Infrastructure Cost

1) Insurance

2) Security Charges

3) Office Maintenance

4) Internet Charge

 

Expenses Sub-Tab:

  • Other Expenses include the sub-tab such as Expenses and Total for Other Expenses. In the Expenses sub-tab field we have two fields such as Expenses on Expenses Category and Expenses type.

 

Expenses on Expenses Category Field:

  • In the Expenses on Expenses Category sub-tab field we can add the expenses category such as cost of sales, cost of services, depreciation, financial expenses, gratuity, etc.
Custom Forecast Record In NetSuite

Expenses Type Field:

  • In the Expenses Type sub-tab field we get the resultant list as per the value added in the Expenses On Expenses Category field. Basically Expenses type is sourced with the expenses on expenses category field.
  • For example, when we add Cost of Sales in the Expenses On Expenses Category field and in the Expenses Type field we get the list according to the Cost of Sales, as shown in the below image.
Custom Forecast Record In NetSuite

Total For Other Expenses Sub-Tab:

  1. In the Total for Other Expenses sub-tab we have some fields. In which the total value of each Expenses on Expenses Category will be found, this is happening because we sourced the Other Expenses fields with the Expenses on Expenses Category field.
  2. Following are the Total for Other Expenses sub-tab fields:
  • Total Cost Of Sales: In this field, we can find out the total cost of sales.
  • Total Infrastructure Cost: In this field, we can find out the total infrastructure cost.
  • Total Office Expenses: In this field, we can find out the total office expenses.
  • Total Other Employee Cost: In this field, we can find out the total other employee cost.
  • Total US Cost: In this field, we can find out the total US cost.
  • Total Other Expenses: In this field, we can find out the total other expenses.
Custom Forecast Record In NetSuite

3. Monthly Salary Record:

  • Custom Monthly Salary Record includes fields such as Salary Month, Salary Year, and Total. These fields allow us to enter the month or year, so we can get a month-by-month Monthly Salary Record according to the particular year which we select in the salary year field.
  • Salary Month: Select the month for which we want to create a forecast.
  • Salary Year: Select the year for which we want to create a forecast.
  • Total: This will be the total salary of all the employees in the line level.
Custom Forecast Record In NetSuite

Salary:

  • The salaryry sub-tab includes the fields such as Employee Name, Employee Category, and Employee Salary. So, when we added the name of the Employee into the Employee Name field, then the Employee Category field gets updated as per the employee.
  • We can see in the following image that Employee Category field is updated when Employee Name is added, this is happening because we sourced the Employee Name field with the Employee Category field.

 

Custom Forecast Record In NetSuite

Salary Totals:

  1. In the Salary Total sub-tab we have some fields. In which the total value of each category will be found.
  2. Following are the Salary Total sub-tab fields:
  • Salaries - QA: As per the month, it shows us the total employee salary for Salaries - QA category.
  • Salaries - Dev: As per the month, it shows us the total employee salary for Salaries - Dev category.
  • Salaries - DevOps: As per the month, it shows us the total employee salary for Salaries - DevOps category.
  • Salaries - US: As per the month, it shows us the total employee salary for Salaries - US
  • Salaries - Canada: As per the month, it shows us the total employee salary for Salaries - Canada category.
  • Bench: As per the month, it shows us the total employee salary for Bench category.
  • Travel Expenses: As per the month, it shows us the total employee salary for Travel Expenses category.
  • Project Expenses : As per the month, it shows us the total employee salary for Project Expenses category.
Custom Forecast Record In NetSuite

4. Yearly Consolidate Forecast Record:

  • The Yearly Consolidated Forecast Record will give us the results for the whole year.
  • By filling out the Year and Month fields and save the record, we get the results.
  • The results will be provided year-by-year, half-yearly, and quarterly, so we'll receive all the information about the company such as Employees' salaries, Revenue from customers, Company profit,  Amortization etc.
Custom Forecast Record In NetSuite

Thus, platforms like NetSuite make managing the business a lot easier. And our company has a lot of experience in creating such custom records like forecast and many more to customize your business needs. 

Feel free to contact us in case of any query, our experts at The Blueflame Labs have immense experience regarding such implementations and will be more than happy to assist you.