We can set up account numbers that appear in your chart of accounts, transactions, and on most financial reports. When you start to work with NetSuite, account numbers are not enabled. An administrator must enable the preference on the Accounting Preferences page. To enable account numbers: Go to Setup > Accounting > Accounting Preferences. Click… Continue reading Chart of Account Numbering
Tag: chart of account
Transfer Balance Sheet Account to different Subsidiary
To transfer Balance Sheet Account to different Subsidiary Create clearing account 1. Go to Lists > Accounting > Accounts > New 2. Populate the following: Name = Clearing Account Currency = *null* Note: It is important to set this to null so that it can be used on transactions with any currency. Type = Other Current Asset General Rate Type = Current 3. Click Save . Create a journal entry to… Continue reading Transfer Balance Sheet Account to different Subsidiary
Chart of accounts merging
You can merge one account into another if they are the same account type and the account you want to merge has no attached subaccounts. You can combine an account with a parent account or with a subaccount. For example, a store owner has a bank account for petty cash and a bank account for… Continue reading Chart of accounts merging
Saved Search to Display Accounts with Eliminate Intercompany Transactions=True
Create a Saved Search to Display Accounts with ‘Eliminate Intercompany Transactions’ box = True Navigate to Lists > Search > Saved Searches > New Click Account On the Criteria tab > Standard subtab, set the following filters: – System Notes Fields > Field = Eliminate – System Notes: New Value = T Rename the Custom Account Search Click Save or Save & Run. Note: The search will only return those… Continue reading Saved Search to Display Accounts with Eliminate Intercompany Transactions=True
PART 2.4 – Managing account balances
Entering Opening Balances The opening balance for each general ledger account is the amount in the account when you first start using it in NetSuite. The date of the opening balance is included on each account record. After an opening balance has been entered for an account, that account can be used in NetSuite transactions. … Continue reading PART 2.4 – Managing account balances