NetSuite Accounting & Financial Management Guide

Learn to create a child subsidiary in NetSuite OneWorld, assign a parent, gather legal details, enter addresses and tax data, and apply document number prefixes for unique subsidiary transaction sequences.

Learn how to set up multi-currency in NetSuite, manage base and foreign currencies, and create new currencies with exchange rates and automatic updates.

Explore how to set up currency exchange rates in NetSuite, linking base and foreign currencies, and applying direct, triangulation, inverse, or manual methods with rate providers.

Learn the golden rules of accounting and the real, personal, and nominal accounts, and how debit and credit apply to assets, liabilities, equity, income, and expenses within an ERP system.

Explore the accounting equation, where equity equals assets minus liabilities, and see how owner investments affect assets and equity, with the double-entry system recording each transaction.

Explore the fundamentals of debit and credit within double-entry accounting, classify accounts into assets, liabilities, equity, income, COGS, and expenses, and apply notation to balance sheet and income statement concepts.

Explore how balance sheets and income statements interconnect to reveal a business's financial health, detailing assets, liabilities, equity, cogs, income, expenses, gross profit, net profit, and debits and credits.

Explore account types on the balance sheet (assets, liabilities, equity) and the income statement (income, COGS, expenses), and learn how the chart of accounts is organized and customized within NetSuite.

Explore predefined NetSuite account types—assets, liabilities, equity, and income statement—by navigating lists, accounting, accounts, new, and selecting the type; every chart of accounts must belong to one of predefined types.

Learn how to create a NetSuite chart of accounts, understand assets, liabilities, equity, revenue, income, COGS, and expenses, and apply a standardized numbering system.

This session teaches how to create asset accounts in NetSuite, including bank and petty cash restrictions by subsidiary and shared asset accounts like inventory and accounts receivable.

Learn to create liability accounts in NetSuite's chart of accounts, including accounts payable and payroll accruals, by setting numbers, names, types, and sharing across subsidiaries.

Create an owner's equity account in NetSuite's chart of accounts by selecting equity as the account type, enabling include children for subsidiaries, and save.

Create and configure an income account in NetSuite within the chart of accounts, setting account type to income, assigning an account number and name, and sharing it across all subsidiaries.

Learn to create a cost of goods sold account in NetSuite by building a chart of accounts from scratch, including account number, name, type, and sharing across all subsidiaries.

Create an expense account in NetSuite by navigating to lists, accounting, accounts and clicking new. Enter 6210, Salaries and Wages, set sub-account to Expense, select the parent account, and save.

Enter opening balances in NetSuite by migrating legacy data or recording owner's capital, then verify the balanced debit and credit journal entry posted automatically.

Posting the owner's capital in NetSuite increases assets and equity on the balance sheet and trial balance, with no income statement impact, reflecting financing activity in the cash flow statement.

Explore costing methods—average, FIFO, LIFO, and standard—and see how each rule determines cost of goods sold. Observe how changing costs affect inventory value and profit in financial reports.

Create a NetSuite inventory item using last in, first out costing by copying an existing item, assigning a unique name and code, and saving to lock the costing method.

Learn to create a vendor bill in NetSuite by selecting the vendor, entering item quantities and locations, applying payment terms and incoterms, and verifying item records after posting.

Explore the accounting impact of supplier invoices by recording inventory purchases as assets and crediting accounts payable via debit and credit journal entries totaling $1,580.

Explore landed cost and its components in NetSuite. Learn how freight, duties, insurance, handling, port fees, and storage influence the true unit cost.

Open the vendor bill, select make payment, and complete the payment with the correct account, currency, date, and location to mark the bill as paid and print a voucher.

Learn the financial impact of supplier payments by recording debit to accounts payable and credit to the bank, reducing liabilities and validating the accounting equation.

Learn how to create a NetSuite purchase order, choose the vendor ABC General Store, set subsidiary and location, add items DCH99 and SM01, and finalize with billing terms.

Learn to create and manage NetSuite work orders, detailing items, quantities, bill of materials, scheduling, and status transitions to support assembly production.

Learn how NetSuite's assembly build converts components into finished bicycles by building from a released work order, tracking components, and updating inventory and costing.

Explore the accounting impact of an assembly build in NetSuite by debiting finished goods and crediting components, recording the $1,580 journal entry, and balancing the accounting equation.