- Go to Setup > Accounting > Manage G/L > Chart of Accounts > New.
- Enter general account information:
- If you are using account numbering, enter an account number. Account numbers can be alphanumeric with a maximum of 60 characters.
- Enter a name for this account. This name appears in the chart of accounts list, on transactions lists, and on reports.
- If the Use Legal Name in Account accounting preference is enabled at Setup > Accounting > Preferences > Accounting Preferences, the Legal Name field appears. You can enter up to 400 characters in this field including special characters such as colon and semi colon.
This field is useful in countries where the legal name of an entity is required by law. - To make this account the subaccount of another, select the parent account in the Subaccount of field.
When you create a child account, it must be of the same type as the parent account. - Select the type of account you want to create.
- If you are creating a Bank type account, enter the bank account number.
- For Income and Expense type accounts, select a Deferral Account of the appropriate account type for revenue recognition and expense amortization.
- For Income type accounts, select a Deferred Revenue type account.
- For Expense type accounts, select a Deferred Expense type account.
- Do not select the feature-specific, system-generated Deferred Revenue Clearing account.
- If you are creating an Other Current Asset type account and want the balance of this account included in the total balance of the Inventory KPI, check the Inventory box.
- If you are creating a statistical account, the select type as statistical.
A statistical account is a general ledger account that appears in your chart of accounts but does not impact your general ledger. This type of account enables you to track non-monetary data and then use that information about reports and income statements. You can then examine its relationship with the financial activity of your organization. For example, you may create a statistical account that tracks the rent fee for the square feet of occupied office space for each location in your organization.
- If the Multiple Currencies feature is enabled and the Account Type is Bank, select a currency to associate with the account. (For other types of accounts, this field defaults to the base currency.)
- For NetSuite One World, select rate types for exchange rates used to value financials:
- Select a General Rate Type that is used to translate amounts for accounts in the income statement, balance sheet, and other general purposes.
- Select a Cash Flow Rate Type that is used to translate amounts for accounts in the cash flow statement.
The Current rate is the effective rate at the end of a selected period.
The Average rate is a weighted average of rates used for transactions posted during a selected period to accounts with an average general rate type.
The Historical rate is a weighted average of rates used for transactions posted during a selected period to accounts with a historical general rate type.
- If you use the Multiple Currencies feature and want to be able to select this account for revaluation, check the Revalue Open Balance for Foreign Currency Transactions box.
You cannot select this option for COGS, Equity, Expense, Income, Non-Posting, Other Expense, and Other Income accounts. - Check the Eliminate Intercompany Transactions box if this is an intercompany account used only to record transactions between subsidiaries. Amounts posted to intercompany accounts are eliminated when you run the intercompany elimination process at the end of an accounting period.
- Enter a description of the account.
- The Date field indicates the date for the account’s opening balance.
It defaults to the current date. You can modify it as necessary. - If you are not using NetSuite One World, enter an opening balance for this account.
If this account is a summary account, you cannot provide an opening balance.
If you are using NetSuite One World, you can enter opening balances only after you have created accounts. See Entering Opening Balances. - Check the Summary box to make this a reporting account record.
Summary accounts are useful when you want to create a non-posting, inactive parent account that has active child accounts.
Checking the Summary box does not modify the state of the Inventory and Revalue Open Balance for Foreign Currency Transactions boxes. - To make an account inactive, check the Inactive box.
- Enter classification information:
- If the Departments feature is enabled and you want to restrict the use of this account to a single department, select the department.
- If the Classes feature is enabled, and you want to restrict the use of this account to a single class, select the class.
- If the Locations feature is enabled, and you want to restrict the use of this account to a single location, select the location.
Note: After you select a class, department, location, or a combination of segments, this account can be selected only on transactions where those segments are also selected. - If you are using NetSuite One World and you want to limit the use of this account to a subset of subsidiaries:
- Select one or more subsidiaries.
- Check the Include Children box to make the account available to all of the child subsidiaries of selected subsidiaries.
Note: Inactivating and activating accounts may limit access to subsidiaries for users assigned custom roles.
- If Multi-Book Accounting is provisioned in your account, select the secondary accounting books to which this account is restricted when you make book specific secondary book transactions. Accounts restricted to only secondary accounting books are not available at book generic transactions.
- Click Save.