Once the segment structure is complete, the next step is mapping the legacy segment structure to the new NetSuite structure. If you are unfamiliar with NetSuite’s segments, check out our segment structure blog post.
Once the segment structure is complete, the next step is mapping the legacy segment structure to the new NetSuite structure. If you are unfamiliar with NetSuite’s segments, check out our segment structure blog post.
The segment structure is the backbone of the organization’s financial reporting function. NetSuite’s segment structure is robust compared to QuickBooks and flexible enough to handle most needs. Setting up the segment structure is one of the first implementation tasks. NetSuite segments are general ledger (GL) accounts, departments, classes, and locations. Organizations can also add custom segments.
Auditors often ask accounting teams to provide a list of journal entries displaying the submitter and approver. This report can serve as a critical control for users to review journal entries created by or approved by a specific user. In this article, we will walk you through how to build this using a NetSuite saved search.
Companies always want their historical transactions imported into NetSuite. Implementation partners often advise against this for several reasons:
For an accounting team explaining the spending changes, having a report that quickly shows vendor spending is helpful. In this blog post, I will walk you through how to build this with a NetSuite saved search.
NetSuite is a flexible accounting solution that has many preferences available to individual users. While an individual setting rarely makes-or-breaks the system, over time, optimizing many small experiences can lead to large efficiencies. In this blog post, I highlight five preferences to improve your NetSuite experience.
If you are managing multiple subsidiaries in QuickBooks, it might be time to upgrade your ERP to NetSuite. Basic ERP systems, like QuickBooks, cannot often manage numerous subsidiaries in a single instance in a controlled manner. NetSuite is an excellent option for handling the finances for multiple subsidiaries in one system. Importing this data from a legacy system can be challenging, depending on how it is has been tracked. Here are three tips when importing data from multiple subsidiaries to NetSuite:
Importing historical financial data is a critical component of the NetSuite implementation process. Generally, there are two approaches:
Early in the NetSuite implementation process, organizations will need to import their vendor records into NetSuite. This blog post shares some best practices and standard struggles I've seen in the vendor record conversion process.
The most common report used around fixed assets is the rollforward. The rollforward shows the beginning balance, additions, disposals, depreciation, and ending balance over a given period. Over the next series of blog posts, I will walk you through how to build saved searches and views to compile a rollforward report in NetSuite.
To start, we are going to customize the fixed asset listing view to calculate the beginning and ending balances for gross assets and accumulated depreciation.
