NetSuite introduced SuiteGL, a new product with customized capabilities for the general ledger component of the NetSuite cloud ERP, during a keynote from founder and chief technology officer Evan Goldberg Wednesday at the SuiteWorld 2014 conference.

The product was built to transform the GL from a one-size-fits-all subsystem into a custom business asset with the introduction of three new capabilities: custom segments, custom lines and custom transaction types.

The custom GL segments offer “financial reporting, your way,” explained Goldberg, by offering more robust and flexible reporting and the ability to define unlimited custom GL segments such as profit center, fund, program and product line. This functionality is scheduled for release in NetSuite Version 2015.2.

Users can add the custom GL impact lines, scheduled for release in version 2014.2, to standard transactions using a configurable SuiteScript plug-in.

Scheduled for release in NetSuite version 2015.1, custom transaction types can be designed by users to be unique to their company or industry with corresponding GL capabilities like type-specific transaction numbering, roles and permissions and reporting. Custom transaction types were built on NetSuite’s scalable core ERP capabilities and in conjunction with SuiteFlow and other aspects of the SuiteCloud platform. This customization enables businesses to define new GL-impacting business processes with their own approval process and routing, discrete audit trail and permission controls and type-specific transaction numbering.

SuiteGL’s customizations will accommodate growing operational and financial requirements, including adapting accounting practices to varied national standards and strengthening regulation compliance.

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