fbpx

A chart of account (COA) provides a complete listing of every account in accounting system. In NetSuite, you can manually add account records or use the CSV import assistant to upload account information. The Chart of Accounts is an excellent way to record all of these transactions for an asset, income, revenue, expense, liability, equity.

NetSuite gives organisations the chance to consolidate their Chart of Accounts by removing segments and subsidiaries out from their chart structure as NetSuite allows users to dictate these classifications on the transaction header and line.

Many organisations miss this opportunity and therefore underutilised NetSuite’s standard financial reporting pivoting and filtering functionality.

Traditionally, Chart of Account numbering would dictate which segment (department, class, location etc.) the account belongs to. Now that NetSuite allows these classifications to be assigned on the transaction header and line (with defaults), Chart of Account numbering is used to create different formats of financial statements. Typical examples are Statistical and Management Income Statements.

“Other handy tips to make the end user experience easier, when creating a new account, add the account number as the External ID, this is done via import only. This will make future Journal Entry Importing easier.” writes Henry Sack, Klugo’s Solution Consultant.

Another tip: Netsuite OneWorld automatically adjusts the currency revaluation therefore when creating your NetSuite Chart of Accounts across multiple currencies and subsidiaries there is only the need for one Account’s Receivable and Account’s Payable account.

Need a NetSuite Health Check?

We are experts in helping existing NetSuite users to review their platform, identify risks and improvements, and assist with enhancements.

Are you having difficulties with your NetSuite implementation? Our team of local experts can evaluate your current development and configuration, advise you on remediations and provide solutions for ongoing improvements.

More tips on our LikedIn

Follow our company page on LinkedIn for more tips, how-tos, support and news from the Best-of-Class ERP software for the cloud. Keep posted with all things NetSuite.

Henry Sack

Henry Sack

Solutions Consultant

Read here Henry’s original post and follow him for more tips and tricks on leveraging the power of Netsuite.

Need a specialist’s free advice?

Feel free to call an expert in NetSuite today.
Find out how cloud-based technology can support your business growth.

Why Retailers Should Be Focusing On Creating Amazing Experiences

Appetite for retail satisfaction is more voracious than ever, providing an amazing customer experience is mission-critical to set yourself apart.

How Millennials are Changing the Field Service Industry

The Millennial generation or Generation Y includes those that are born between the 80s and 90s. They are a generation that grew up with mobile technology and the internet at their fingertips. This instant access to information has bred an inherent expectation that at...

The Benefits of Warehouse Pick, Pack and Ship Automation

Through a combination of hardware, such as RF devices, and software, such as NetSuite, smaller distributors are gaining a competitive advantage by investing in technology that is designed to streamline their warehouse operations. Australian wholesalers are fast...

Top KPIs that Every Wholesaler Should be Tracking Right Now

Wholesale distribution has emerged as one of the top performing industries in terms of cloud technology take up. This early adoption, when compared to other industries such as professional services or manufacturing has seen Australian wholesale distribution business...

Manufacturing Software in 2019. How MRP Platforms have Changed.

In the past decade the manufacturing industry in Australia has changed dramatically, and so has Manufacturing Software (also known as MRP software). Interestingly, the concept of Enterprise Resource Planning software was born in the manufacturing industry. In the late...

The Omni-Channel Retail Customer is Changing

In 2019, the average consumer has evolved into a multi-channel purchasing machine. As the traditional customer buying journey continues to grow, retailers and wholesalers need to consider opportunities to cater to a new, savvier buyer. The question is though, where...
Share This