Posted by Paul Giese ● Dec 31, 2019 2:21:32 PM

NetSuite | Full transaction import case study - Akouos

Importing historical financial data is a key component of the NetSuite implementation process. Generally, there are two approaches:

  1. Net change journal entry - import a journal entry to record the period balance with some combination of GL account, department, class, and vendor/customer.
  2. Full transaction - bring all historical transactions into NetSuite from the legacy system.

Approach # 2 is often requested by companies. This approach preserves the company's transaction history and removes the need to maintain access to the legacy ERP system. Reports ran from NetSuite will include all the details, easing the pain come audit time.

"(intheBlk) managed the accounting system implementation process for Akouos, Inc.  The company migrated from QuickBooks Online to NetSuite.  The implementation was a smooth process and we were up and running very quickly.  We would highly recommend Paul as a NetSuite implementation partner." - Mary LeBlanc, VP Finance

intheBlk completed a full transaction import for a NetSuite implementation with Akouos, a precision genetic medicine company focused on developing gene therapies that restore and preserve hearing.

Here is the profile of Akouos' NetSuite implementation:

  • ERP system: QuickBooks Online (QBO)
  • Transaction Types used: Bill, Bill Payment (Check), Bill Payment (Credit Card), Check, Credit Card Credit, Credit Card Expense, Deposit, Expense, Journal Entry, Transfer, Vendor Credit
  • Transaction volume: Approximately 22,000 lines of transaction data, or 3.5 years of transactions
  • Purchasing system: Prendio/BioProcure (PO history preserved in Prendio)
  • NetSuite implementation partner: Sikich (Life Sciences SuiteSuccess)
  • Implementation timeline: 10 weeks

One challenge with a full transaction import is that data fields required in NetSuite are not required in the legacy ERP. For example, in QBO, a Check transaction does not require a payee. In NetSuite, a Check transaction requires a payee. This means that a true 1:1 transaction match is not possible. Here is how intheBlk mapped transactions:

QBO Transaction Type

NetSuite Transaction Type

Rationale

Bill

Vendor Bill

 

Bill Payment (Check), Bill Payment (Credit Card)

Vendor Payment

 

Vendor Credit

Vendor Credit

 

Journal Entry, Transfer, Expense

Journal Entry

Bank transfers cannot be imported into NetSuite via a CSV import; Expense transactions in QBO don’t require an employee field. In NetSuite an employee is required.

Check, Credit Card Credit, Credit Card Expense, Deposit

Monthly net journal entry (imported as Journal Entry)

In QBO, a Check does not require a payee. In NetSuite, a payee is required. All other transactions included here were immaterial and client was comfortable combining into one net monthly JE.

intheBlk completed the following during the implementation:

  • Created the map files, which linked the QBO GL accounts, classes, and vendors to the NetSuite GL accounts, departments, classes, and vendors
  • Exported required reports from QBO.
  • Created the CSV import files for individual journal entries, vendor bills, vendor payments, vendor credits, and a net monthly journal entry.
  • Completed tie-out procedures on the accounts payable detail listing, income statement by GL account and class, and balance sheet by GL account.

Would your company like to bring in the full transaction detail into NetSuite? If so, contact intheBlk for a free consultation. We can help you with the challenging task of converting historical financial data into NetSuite.

Topics: Financial Reporting, Systems, ERP, Technology, NetSuite

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