Use standard account types: Use the standard account types provided by NetSuite, such as Asset, Liability, Equity, Revenue, and Expense. These account types ensure that your financial statements are accurate and comply with accounting standards. Create a chart of accounts: A chart of accounts is a list of all the accounts used in your financial… Continue reading Best practices for setting up debit and credit in NetSuite
Tag: Debit
PART 1 – Debit and Credit Terms in General
Debit means left and Credit means right To decrease an account you do the opposite of what was done to increase the account. For example, an asset account is increased with a debit. Therefore it is decreased with a credit. The abbreviation for debit is dr. and the abbreviation for credit is cr. Generally, these types of accounts are… Continue reading PART 1 – Debit and Credit Terms in General