- Use standard account types: Use the standard account types provided by NetSuite, such as Asset, Liability, Equity, Revenue, and Expense. These account types ensure that your financial statements are accurate and comply with accounting standards.
- Create a chart of accounts: A chart of accounts is a list of all the accounts used in your financial system. It helps to organize and group accounts by type, which makes it easier to manage and report on your financial data. Create a chart of accounts that aligns with your business structure and accounting needs.
- Use subaccounts: Use subaccounts to further categorize your accounts. Subaccounts allow you to create a hierarchy of accounts, which provides more detailed reporting and analysis.
- Map accounts correctly: Ensure that you map your accounts correctly. This means that you assign the correct account type, subsidiary, and currency to each account. Mapping accounts correctly ensures that transactions are recorded accurately and financial statements are correct.
- Use automation: Use NetSuite’s automation features to reduce manual entry and improve accuracy. For example, use recurring journal entries to automate the recording of routine transactions.
- Reconcile accounts: Reconcile your accounts regularly to ensure that your financial data is accurate. NetSuite provides tools for reconciling accounts, such as the bank reconciliation feature.
- Document policies and procedures: Document your policies and procedures for managing debit and credit in NetSuite. This ensures consistency and provides guidance for employees who are responsible for financial management.