Tag: Advanced Intercompany Journal

Error when creating Advanced Journal Entry

An error may occur when creating an advanced journal entry with the message: “Invalid account reference key.” To be available for selection, the accounts must meet the following criteria: The account must be a posting account. The account must belong to the subsidiary selected at the line level. The account’s currency must match the base… Continue reading Error when creating Advanced Journal Entry

Elimination Journal Entries

Different business transactions between a parent company and its subsidiary involve a profit or loss. Consolidated financial statements compute the financial position and the results of the two operations of two or more subsidiaries as if they were one company, so the unrealized profits or losses in these intercompany transactions need to be eliminated.   ​ General Ledger accounts that will require… Continue reading Elimination Journal Entries

Automated Intercompany Management Feature

Intercompany The system identifies transaction lines that require elimination:​ Journal Entry​ Sales Order (invoice)​ Purchase Order (billed)​   Enabling the Automated Intercompany Management feature adds the following:​ Cumulative Translation Adjustment-Elimination (CTA-E) account is added to your chart of accounts. Eliminate Intercompany Transactions is added as the last task in the Period Close Checklist. Eliminate box… Continue reading Automated Intercompany Management Feature

Intercompany Income Account Field on Item Record

Intercompany Income Account –  Select the account to use for intercompany income for this item. This account is used to record transactions between subsidiaries in NetSuite OneWorld accounts. To be available for selection, an account must have the Eliminate Intercompany Transactions box checked. If the Eliminate Intercompany Transactions box is later cleared on the account, intercompany… Continue reading Intercompany Income Account Field on Item Record

Unable to Select “To Subsidiary” in Intercompany Journal Entry

When using a custom accountant role associated with multiple subsidiaries, users are unable to select a different subsidiary in the “To Subsidiary” field on an Intercompany Journal Entry, other than what is defaulted. Steps to Resolve: Check User Preferences: Navigate to Home > Set Preferences. Go to the Restrict View tab. Ensure that the Subsidiary… Continue reading Unable to Select “To Subsidiary” in Intercompany Journal Entry

Unable to Select a Specific Project in Advanced Intercompany Journal

When a user attempts to select a specific project on the line tab while creating an advanced intercompany journal entry, the desired project is not available in the options. This is a standard behavior in NetSuite, where journal entries only source projects created under the subsidiary for which the journal entry is made. Even if… Continue reading Unable to Select a Specific Project in Advanced Intercompany Journal

“Elimination Settings for the Journal Line, Account, and Name Do Not Match” Error in Intercompany Journal Entry

When attempting to create an Intercompany Journal Entry, an error message appears stating: “Elimination settings for the journal line, account, and name do not match,” even though a vendor and customer have been selected for Accounts Receivable (A/R) and Accounts Payable (A/P) type accounts. Root Causes: The error occurs if there is no intercompany vendor… Continue reading “Elimination Settings for the Journal Line, Account, and Name Do Not Match” Error in Intercompany Journal Entry

Vendor or Customer Not Selectable in Advanced Intercompany Journal

If Users cannot select the vendor or customer in the Name column on the Line subtab of the Advanced Intercompany Journal Entry page. This issue typically arises due to a mismatch or absence of currencies in the entity records (Customer/Vendor). To resolve this, follow the steps below to ensure the currencies used in the Advanced… Continue reading Vendor or Customer Not Selectable in Advanced Intercompany Journal

Update Advanced Intercompany Journal Entry line fields

Requirement – The line-level data of the Advanced Intercompany Journals should be updated through CSV import Solution – The lines of the Advanced Intercompany Journal Entry Line sublist are not keyed, therefore you cannot directly update specific lines. That is, there is no key field to map in the import assistant. To update journal entry… Continue reading Update Advanced Intercompany Journal Entry line fields