The Ultimate Guide to General Accounting in NetSuite

Classifications replace subledgers, using department, class, and location to pivot and report transactions by line or total. Set up hierarchy, fields, and filters to streamline reporting and budgeting in NetSuite.

Perform bank reconciliation in NetSuite by matching bank statements to bank records, using account, statement date, and ending balance, then clear and save.

Set up budgets by subsidiary and year, choosing manual entry, import, or copy from prior budgets. Use classifications and account types to simplify reporting and enable budget categories.

Record customer deposits and move funds from undeposited funds to the bank using NetSuite’s make deposit and accept payment workflows; set undeposited funds as the default payment account.

Master creating journal entries in NetSuite with multi-line debits and credits, optional approvals, subsidiary and currency setup, reversal dates, intercompany entries, and bulk import via templates.

Master memorized transactions to automate recurring entries, set reminders and frequencies, adjust dates, and auto post while updating addresses and prices as needed.

Select the from and to accounts under bank transfers, enter the amount, and save; the subsidiary controls available accounts, and currency differences apply exchange rates, with hard-coded amounts possible.

Record simple payments with the write checks function in NetSuite by entering the amount, selecting a payee, and recording the check number and date.

Learn to work with income statements and trial balances in NetSuite, switch subsidiary contexts and currencies, and drill down to details with efficient sharing options.