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
Tag: Chart of Accounts
Configuring a Default Vendor Prepayment Account
To work with Vendor Prepayments, you must configure a default vendor prepayment account. This can be a new or existing account that is an Other Current Asset type. This is the account that NetSuite selects by default when entering a new vendor prepayment transaction. You can configure the vendor prepayment account at the company level.… Continue reading Configuring a Default Vendor Prepayment Account
Audit Trail Saved Search for Chart of Accounts Changes
Navigate to Lists > Search > Saved Searches > New Select Account Under the Criteria tab, add the following filter: – System Notes fields… Type = Change Under the Results tab, add the following fields: System Notes fields… Click the Add Multiple button Select the following: Field, Old Value, New Value, Set by, Context, and Date Click Add button Click Preview or Save and Run
Display parent and child name of chart of accounts separately in transaction search
For example, if we have to find account names separately for journal entry transactions do the following, Goto Reports -> Saved Search -> New, Select Transaction Choose the type of transaction as – Journal under criteria subtab Under results subtab, For parent account, Select Formula(Text) as field and in formula section – CASE WHEN INSTR({account.name},’… Continue reading Display parent and child name of chart of accounts separately in transaction search
Merge Chart of accounts
This article summarizes the merging of chart of accounts and the accounts that can be merged and the points to consider while merging of accounts.
PART 2.3 – Creating/ Editing an account
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,… Continue reading PART 2.3 – Creating/ Editing an account
PART 2.2 – What naming conventions do you want to use for accounts?
When naming accounts in NetSuite, it’s important to follow best practices to ensure that the accounts are easily understood and consistent across the chart of accounts. Here are some naming conventions that you can follow (best practices) for accounts in NetSuite: Use descriptive names: Use standard account type names that clearly describe the account, such… Continue reading PART 2.2 – What naming conventions do you want to use for accounts?
PART 2.1 – How do you want to organize the hierarchy for each account type?
You can define a parent account on each account record. A parent account must have the same type as the subaccount. You cannot change the account type for an account that has associated posting and non-posting transactions such as sales order and revenue commit. The hierarchy for each account type in NetSuite can be organized… Continue reading PART 2.1 – How do you want to organize the hierarchy for each account type?
PART 2 – Chart of Accounts
Current Assets: Current Asset accounts are accounts that represent assets that are expected to be converted to cash within one year or one operating cycle, whichever is longer. These accounts are important for businesses to manage their short-term liquidity and cash flow. Cash and Cash Equivalents: This account represents cash on hand, bank deposits, and… Continue reading PART 2 – Chart of Accounts
Entry should not be allowed in “Parent Account”
Requirement: The transaction entries should be posted only in the child account, not the parent account. Solution: Step 1: Go to Setup -> Accounting -> Chart of Account -> Edit the chart of account record. Step 2: Check the Summary field on the account record. Step 3: Click Save.