NetSuite automatically generates journal entries when you record posting transactions. You can also create an approved journal entries, using NetSuite’s easy to use .NetSuite enforces double bookkeeping with journal entries that post changes to accounts using offsetting debits and credits
Each journal entry includes at least one debit and one credit amount.
Reverse & Memorize Journal Entry
NetSuite supports both the reversal and memorize the journal entries.
Enter a reversal date on the journal entry to automatically create the reversal journal entry, and link it to the original.
Journal entries can also be memorized and scheduled so that they are automatically created at regular intervals in future periods.
If you need to generate a reversal entry, enter the reversal date
Both the journal entry and the reversal entry will be generated when the journal is saved. But the reversal entry will post on the date you specify.
Click Defer Entry if you want the reversal entry to be created, as well as posted, on its reversal date.
To memorize a journal, first locate the journal entry you wish to memorize.
Navigate to Financial, Other, Make Journal Entries, and select List.
Within the journal page, click Edit.
Under the Actions menu, select Memorize. The memorize option only appears while in Edit mode.
On the Memorize Transaction page, give your transaction an intuitive name, including the transaction type, timing, and purpose. Select the Remind Me option to be prompted through reminders when the journal is due.
Journal Entry Approval
For improved business control and compliance, it is recommended to have at least a single-level rule-based approval for journal entries.
With single level rule based approval, the accountant enters the journal, which remains in a pending approval status until a controller or executive approves the entry.
The controller and executive can enter and approve their own journals.
Journal entries are not posted until they are approved.
Deleting Journal Entry
At any time you can delete an existing journal entry that has not been approved for posting or has not been posted. You can unpost a journal entry by deleting it if:
You have a role with the Full level of the Make Journal Entry permission, and the posting period is open.
To delete an existing journal entry:
Go to Transactions > Financial > Make Journal Entries > List.
If available, click Edit next to the journal entry you want to modify.
On the Journal page, from the Actions list, select Delete.
At the prompt to confirm the action, click OK.
See List of Deleted Journal Entries
User wants a report that shows a list of deleted Journal Entries, who deleted them and when it was deleted.
Navigate to Transactions > Management > View Audit Trail
Action: Select Delete
Transaction Date: Select Transaction Date
Transaction Type: Select Journal
Click Submit