Multi-book accounting provides the ability to maintain multiple sets of accounting records based on a single set of real-time financial transactions. This enables businesses to support different managerial and regulatory compliance needs
To enable the Full Multi-Book Accounting features:
Go to Setup > Company > Setup Tasks > Enable Features.
Click the Accounting subtab and locate the Multi-Book Accounting section.
Select one or more of the following features as needed:
Chart of Accounts Mapping – Permits different account values to be used across books. For more information
Foreign Currency Management – Enables Foreign Currency Management across books. For more information Revenue and Expense Management – Enables differences in revenue recognition and expense amortization rules for specific books.
Primary books are automatically created when the Full Multi-Book Accounting feature is enabled. Additional books must be set up and configured. The maximum number of active accounting books including the primary book, is five.
To add an accounting book:
Go to Setup > Accounting > Multi-Book Accounting > Accounting Books > New to open an accounting book record.
Complete the required and optional fields as follows:
Name – (Required) Enter a unique name for the accounting book. This name appears in fields and lists when a choice of accounting book is available.
Is Primary – This box is for display purposes only. It cannot be checked for secondary accounting books or cleared for the primary accounting book.
Subsidiary – (Required) Select one or more subsidiaries to associate with this accounting book. Any child subsidiaries of the subsidiaries you select are automatically associated with this accounting book.
Include Children – If this box is checked, any child subsidiaries of a subsidiary that you select are automatically associated with this accounting book including newly created subsidiaries. This box is checked by default on the primary accounting book and cannot be cleared.
Effective Period – (Required) Select the existing historical base period for this secondary accounting book. The accounting periods that appear in this list are those associated with the primary accounting book.
If there are no closed periods in your system, NetSuite lists only the first open accounting period
Enable Consolidation – Check this box to enable this secondary accounting book for consolidationPrimary accounting books are enabled for consolidation by default.
Enable Contingent Revenue Handling – Check this box to add fields to item records and revenue elements for contingent revenue.
Enable Two Step Revenue Allocation – This box is checked by default but can be cleared on a book-by-book basis. When checked, two-step allocation is used only when the Allocation Type is Software. When the conditions are met that trigger the residual method, the second step of allocation takes place. Two-step allocation cannot be turned off unless Multi-Book Accounting is enabled.
Arrangement Level Unbilled Receivable Reclassification Journal – Check this box to use the deferred revenue reclassification journal entries process to adjust deferred revenue after you post month-end revenue recognition journal entries.
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