The optional additional features Chart of Accounts Mapping, Foreign Currency Management, and Revenue and Expense Management enable the automated accounting rules. For more information, see Journal Entries in Multi-Book Accounting.Īccounting rules to automate the financial results of shared business transactions. Manual adjustments using book-specific journal entries. The Full Multi-Book Accounting feature provides two distinct but complementary methods to generate secondary book financial results: Unless chart of accounts mapping is configured, all accounting books use the same accounts for transactions. Revenue recognition and expense amortization schedulesįixed asset depreciation schedules and journal entriesĬhart of accounts mapping: Permits different account values to be used for transactions in secondary accounting books from those used in the primary book, thus creating different account balances and usage for the secondary book. Revenue commitment and reclassification journal entries Book-specific records include the following:īook-specific journal entries and intercompany journal entries Examples of book-generic records with book-specific attributes are items, sales orders, sales invoices, and vendor bills.īook-specific: Records that are created for only one book. Other book-generic records may also have book-specific attributes. Examples of book-generic records are entity records and CRM records. Secondary accounting books may have one or more of these differences from the primary book: different subsidiary base currency, posting to different accounts for the same transaction, and different accounting rules.īook-generic: Records that are created and shared across all books. Secondary books: Any accounting books that are not the primary book. The primary book is the daily operational book where your business transactions are recorded and viewed. It is automatically configured and activated. When you enable multi-book accounting, the primary book becomes visible as separate from other accounting books. ![]() Primary book: The accounting book record as it is before you enable the Multi-Book Accounting feature. Multi-book accounting introduces some new terms to the NetSuite vocabulary: 2) No other Full Multi-Book Accounting features are enabled. 1) There are no secondary accounting books. ![]() You can clear the Full Multi-Book Accounting box on the Enable Features page if both of the following conditions exist. The Full Multi-Book Accounting feature is enabled by NetSuite Professional Services.
0 Comments
Leave a Reply. |