The NetSuite Accountant

How to import historical consolidated financial statements in NetSuite

Paul Giese Jan 14, 2022 7:58:07 AM
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I recently assisted a client with migrating 15 legal entities (with 15 separate QB Online accounts) to a single NetSuite account. The ability to generate historical consolidated financial statements was a project requirement. My approach for meeting this requirement was to import historical transactions to "import only" accounts and reclassify the eliminating balances with monthly advanced intercompany journal entries. This blog post will discuss the detailed steps taken.

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Best practices for organizing intercompany balances in QuickBooks

Paul Giese Jan 14, 2022 7:53:04 AM
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As companies expand their operations, they often form new legal entities for legal and tax reasons. As a result, the accounting team must prepare and analyze consolidating financial statements, including eliminating intercompany balances. Unfortunately, QuickBooks does not support this systematically, so accountants must complete this process outside the system. This blog post discusses best practices for organizing these intercompany balances to ease this manual process.

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Load financials and open transactions from QuickBooks to NetSuite

Paul Giese Jul 14, 2021 10:19:32 AM
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intheBlk consulting can complete these tasks on your behalf, including loading detailed transactions. Our self-service tool can create the NetSuite CSV import templates directly from the QuickBook trial balance and subledger files. Contact us today!

Companies implementing NetSuite need to load monthly historical financial statements and open transactions. This article will discuss the debits and credits in this process. This process is relevant for companies loading monthly net change entries (also known as monthly trial balances). This process is not needed if you are loading detailed transactions.

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Optimize a GL transaction saved search with the CASE WHEN formula

Paul Giese Jul 8, 2021 2:26:11 PM
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A general ledger (GL) export is a common request for budgeting purposes and for the financial statement auditors. In this blog post, we will discuss how to build this with a NetSuite saved search, utilizing the CASE WHEN formula to include the header-level and line-level name information in a single column.

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Update segments on multiple transactions via CSV import in NetSuite

Paul Giese May 5, 2021 4:37:25 PM
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Changing transaction coding via a CSV import template is critical when the volume of transactions is too high to do this task manually. Two use cases for this skill are updating the department coding for all transactions with a specific vendor for comparative financials or adding a class code for transactions migrated from QuickBooks during a NetSuite implementation. This blog post will walk through the steps to complete this process.

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Data migration implications of Bill.com's initial sync with NetSuite

Paul Giese May 3, 2021 3:35:14 PM
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Bill.com is an excellent tool for creating and paying vendor bills. If you used Bill.com with QuickBooks and plan to continue using it with NetSuite, there are some steps to ensure the sync works correctly with your QuickBooks to NetSuite data migration. In this blog post, we are specifically discussing the Accounts Payable sync with Bill.com.

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How to validate and document the NetSuite data migration process

Paul Giese Apr 22, 2021 11:26:06 AM
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You’ve successfully loaded your data into NetSuite. How do you validate that the data migration worked? And what do you need to document for the financial statement auditors? This blog post discusses three tieout procedures recommended to finalize the data conversion project.

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How to mass change transactions in QuickBooks Online

Paul Giese Apr 19, 2021 10:42:32 AM
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The ability to mass change the account coding of transactions is extremely useful. A few all-to-common scenarios might be (1) you are the new controller at a company, and the old team's chart of accounts is a mess, (2) you have added a new GL account or class that previously wasn't needed, and now you want to go back and update the past year's transactions for comparative purposes, or (3) you are about to start a NetSuite implementation, and you'd like to change the coding on transactions before migrating your data.

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NetSuite data migration for the life sciences with Sikich

Paul Giese Apr 5, 2021 8:59:54 AM
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Paul Giese from intheBlk consulting joined Liz Keefe, Client Engagement Manager at Sikich, to discuss the data migration process for life science companies. Specifically, we discussed how life science accounting teams can start to prepare for in advanced for their implementation and some tips and tricks to ease the data migration process.

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Three approaches to importing historical sales into NetSuite

Paul Giese Mar 4, 2021 3:37:18 PM
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If your organization needs their historical data imported into NetSuite, contact intheBlk consulting to learn about our solution for migrating QuickBooks data to NetSuite.

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