Accounting preference: General ledger

Navigation : Set up > Accouting preference > General > General ledger

General ledger

Use Account Numbers

Check the Use Account Numbers box to display both account numbers and names for general ledger accounts in lists, your chart of accounts, and most financial reports. Clear this box to display shorter fields on reports and forms.

Use Legal Name in Account

Check this box to add the Legal Name field to the general ledger account record. This field is useful in countries where the legal name of an entity is required by law.

When this preference is enabled, the Legal Name field can be added to financial reports where the account is an available component. It is also available in advanced searches, SuiteScript, and ODBC.

Use Legal Name in the Account

If you clear the Use Legal Name in the Account box after using the Legal Name field, the field is no longer available through the user interface, SuiteScript, or ODBC. However, system notes maintain an audit trail specific to the activity on the Legal Name field. This box is clear by default.

Show all transaction types in reconciliation

check this box to display all transactions in the reconciliation pages, including positive or negative amounts of certain transaction types. If you check the box and then reconcile a statement, you cannot clear the box unless you reverse the statement reconciliation.

Expand Account List

Check the Expand Account List box to enable additional choices in account lists.
For example, you may need to select the Cost of Goods Sold and balance sheet accounts for items, or asset accounts for vendors.

Clear this box to restrict lists to accounts most likely to be used.
For example, income and expense accounts can be chosen on items to be resold, or expense accounts can be chosen on purchases. Important: To ensure that non-inventory data appears correctly in reports and registers, the best practice is to associate non-inventory items with Income/Other Income accounts.

Cash basis Reporting

Check this box to set standard reports to be on a cash basis rather than an accrual basis, for all reports where this choice is relevant. This setting also determines the default for relevant custom reports. You can modify this setting for an individual custom report by setting the Cash Basis option on the More Options page of the Report Builder or Financial Report Builder.

Select Due Date to use whatever due date you assign for aging bills and invoices.

Age Reports use

Select Transaction Date to age by the date of the bill or invoice, no matter when it is due.

Due Date

Select Due Date to use whatever due date you assign for aging bills and invoices. Select Transaction Date to age by the date of the bill or invoice, no matter when it is due.

Check this box to create a reversing journal entry that voids checks and transactions on days or periods different than the original transaction date.

Void Transactions using reversing journals

Create a reversing journal entry by clicking the Void button on the following transactions:

Check
Bill Payment
Payroll Liability Payment
Customer Refund
Tax Payment
Tax Liability Check

When you check this preference, you can no longer void the following transactions: sales order, estimate, cash sale, invoice, return authorization, cash refund, and credit memo.

Set Reversal Variance Date Equal To The Reversing Journal Date When Voided Transaction Is In A Closed Period

This box is checked by default. When checked, similar elimination journal entries are grouped into a single, summarized journal entry. You can clear the box at any time to prevent NetSuite from grouping similar elimination journal entries.

Use Journal Entry Summarization On Intercompany Elimination

Require Approvals On Journal Entries

Check this box to require the approval of journal entries entered by employees before they post to your general ledger. Employees with approval permission can mark their journal entries approved when entering them. If you have enabled the Journal Entries approval routing accounting preference and are using SuiteFlow for journal approval, this field does not display.

Require Approvals on Journal Entries

Check this box to execute user events such as SuiteScript and SuiteFlow (Workflow) after bulk journal approval.

Allow User Events On Bulk Journal Approval

Check this box to execute user events such as SuiteScript and SuiteFlow (Workflow) after bulk journal approval.

Allow Gl Custom Segment Deletion

Check this box to allow users with permission to delete custom segments. If you do not enable this option, custom segments cannot be deleted, but they can be inactivated.

Allow Transaction Date Outside Of Posting Period

Set a preference for handling mismatched transaction entry. Select one of the following:

Disallow – When you choose this setting, users are not allowed to save a transaction unless the transaction date is within the date range for the posting period selected.
Warn – When you choose this setting, users are warned when a transaction date is not within the date range for the posting period selected, but they can click Ok on the warning and save it anyway.
Allow – When you choose this setting, users can enter a transaction even if the date is not within the date range for the posting period selected. No warning is given to the user before the transaction is saved.

Default Posting Period When Transaction Date In Closed Period

Choose the period in which the system should post a backdated transaction from a closed period.

Choose Current Period to post backdated transactions from a closed accounting period to the current period. This setting is the default.
Choose First Open Period to post backdated transactions from a closed accounting period to the first open accounting period.

Allow Quick Close Of Accounting Periods

Check this box to use the Quick Close feature. With one click, this feature enables you to mark complete, each task in the period close checklist for one or more open accounting periods. Important: You must have both the Set Up Accounting and Period Closing Management permissions to check this box. You must have the Period Closing Management permissions to see this box.

Allow Inventory Transactions Dated Outside The Posting Period

To ensure your employees adhere to required accounting practices, choose whether to allow setting a transaction date that is outside the posting period. Check this box to allow dating a transaction outside the posting period. Clear this box to prevent dating a transaction outside the posting period.

Create And Edit Inventory Transactions Dated In Closed Periods

Clear this box to prevent changes to transactions that would result in inventory costing calculations in closed periods.

Changes are not allowed in closed periods for new transactions or changes in fields that trigger inventory costing calculations for an item, even without posting to the general ledger.

Check this box to allow changes in closed periods for new transactions or changes in fields that trigger inventory costing calculations for an item.

Note: When this preference is enabled in NetSuite OneWorld accounts, this global preference affects all subsidiaries.

Note: Even if you enable the preference and allow editing and creation transactions dated in a closed period, you may still see the following error that requires you to enter posting changes to an open period: “The transaction date is not within an open accounting period. One or more fields on this transaction can trigger inventory costing calculations in a closed period. Click OK, and then do one of the following:

Change the transaction date to a date within an open accounting period if this is a new transaction.
Cancel the edits that affect the GL if you are editing a previously entered transaction.”

Enable Accounting Period Window

Automatically maintain a minimum number of unlocked current and future accounting periods.
Use the Minimum Period Window Size preference to set the number of unlocked periods.