NetSuite | Net change journal entry import case study - Oncorus
Importing historical financial data is a key component of the NetSuite implementation process. Generally, there are two approaches:
Net change journal entry - import a journal entry to record the period balance. This can be compiled with some combination of GL account, department, class, and vendor/customer.
Full transaction import - bring all historical transactions into NetSuite from the legacy system.
Approach # 1 is recommended by implementation partners. This approach avoids the complexity of legacy ERP data and is easier for finance teams to compile. In my experience (as both an accounting manager and implementation consultant), a net change journal entry approach is sufficient for the needs of a biotech organization. This is especially true for companies coming off of QuickBooks, because maintaining access to a QuickBooks license is cheap.
"intheBlk made everything super simple. They worked directly with Sikich, which helped reduce delays. I don’t think I would have been able to do it without them." - Jill Curiale, Senior Accounting Manager
intheBlk recently completed a net change journal entry import for a NetSuite implementation with Oncorus, a company driving innovation to deliver next-generation viral immunotherapies to transform outcomes for cancer patients.
Here is the profile of Oncorus' NetSuite implementation:
ERP system: QuickBooks Online (QBO)
Transaction volume: Approximately 75,000 lines of transaction data, or 4 years of transactions
For Oncorus, intheBlk created the monthly net change journal entry file, which included the GL account, department, class, and vendor segments. This approach preserves key details, without the complexity of dealing with individual transactions in the legacy ERP.
One benefit of partnering with intheBlk is the timing of turning around the import files. During the Oncorus implementation, intheBlk got involved because the client contact (who was the only accounting team member) was juggling multiple responsibilities. With the mapping files provided by Oncorus, intheBlk was able to get the net journal entry files to Sikich within a week. This ensured that the client was able to stay on track and not have the historical financial import delay the go-live date.
If your company is considering NetSuite as their ERP, or you’ve started a NetSuite implementation but need help converting your data, contact intheBlk for a free consultation. We have helped many organizations implement NetSuite and can convert the historical financial data into NetSuite quickly and efficiently.