A chart of account (COA) is a financial tool that provides a complete listing of every account in accounting system. You can import account information into NetSuite using the CSV import (or) manually create account records in NetSuite. The Chart of Accounts is a great way to keep track of all of your asset, income (or) revenue, expense, liability, and equity activities.
Using Account Numbers: Most of the business es are using standard account numbers and names. So, you can set up account numbers in your chart of accounts.
Enable account numbers:
- Go to Setup > Accounting > Preferences > Accounting Preferences.
- Click the General subtab, check the Use Account Numbers box.
- Click Save.
Standard Numbering for Chart of Accounts:
NetSuite suggests the below Numbering format for Chart of Accounts but user can provide own numbering format based on the business requirements:
- 1xxx – Asset accounts
- 2xxx – Liability accounts
- 3xxx – Equity accounts
- 4xxx – Income accounts
- 5xxx – Cost of Goods Sold (COGS) accounts
- 6xxx – Expense accounts
- 8xxx – Other Income accounts