Custom Template Renaming for Invoices in NetSuite 2024.2

Starting in NetSuite 2024.2, users can create their own custom template by renaming a standard invoice template specifically designed for the Philippines. This enhancement allows your sales invoices to reflect titles that better suit your business context, such as "Service Invoice" or "Charge Invoice."

Main Features

Customizable Document Titles: With this update, users can rename sales invoices to fit unique business requirements, significantly enhancing usability and brand recognition.
Modification of Templates: You can swiftly modify existing Philippines templates to incorporate these new document titles.

Exempt Transactions

In addition to the invoice renaming feature, NetSuite 2024.2 introduces the ability to specify transactions as exempt from both value-added and percentage taxes. This is crucial for businesses dealing with exempt transactions in the Philippines, ensuring compliance and clarity on documents.

When Printing Sales Invoices or Official Receipts for Exempt Transactions:

The word “EXEMPT” prominently appears in the header of printed documents.
The phrase “THIS DOCUMENT IS NOT VALID FOR CLAIM OF INPUT TAX” appears in the footer, thus clearly communicating its status.

Who This Affects

Administrators: Can customize templates to meet business branding needs.
Accountants: Need to be aware of new titles and tax exemption features impacting financial reporting.
FIN and Sales Teams: Benefit from clearer document titles that improve communication with clients.

Key Takeaways

Custom template renaming enables personalized invoice titles in NetSuite 2024.2.
The renaming feature allows for business-specific titles, enhancing brand coherence.
Exempt transactions can now be marked clearly for compliance with local regulations.
New wording on the invoices and receipts clearly signals tax-exempt status for easier understanding.
These updates streamline invoicing processes and improve overall usability for Philippine users.