Specialized Types of Journal Entries

The following are specialized types of journal entries:

• Journal Entries in OneWorld - Most journal entries in OneWorld must be associated with a single subsidiary. Journal entries in OneWorld are made in the same manner as journal entries in accounts that are not OneWorld. See Journal Entries in OneWorld.

  The following types of journal entries are available to maintain balance among subsidiaries in OneWorld accounts:

  • System-Generated Journals - NetSuite provides a system-generated, read-only journal to represent the general ledger impact of transactions that are at varying states of completeness in your system. See System-Generated Journals for Payments.

  • Advanced Intercompany Journal Entries - Advanced intercompany journal entries record the impact of transactions between two or more subsidiaries. These advanced intercompany journal entries are created through a user interface that differs from both regular journal entries and legacy intercompany journal entries. Advanced intercompany journal entries identify both a from (originating) subsidiary and one or more to (receiving) subsidiaries. These journal entries cause the ledger of each subsidiary to be appropriately debited and credited.

    As of 2018.1, advanced intercompany journal entries replace legacy intercompany journal entries in new OneWorld accounts, except when the Intercompany Time and Expense feature is enabled. See Making Advanced Intercompany Journal Entries.

  • Intercompany Journal Entries - Prior to 2017.1, these intercompany journal entries, now called legacy intercompany journal entries, were the only journal entries that recorded the impact of transactions between subsidiaries. These legacy intercompany journal entries are created through a user interface that differs from both regular journal entries and advanced intercompany journal entries. Legacy intercompany journal entries are limited to an originating subsidiary and a single receiving subsidiary. See Making Intercompany Journal Entries.

  • Elimination Journal Entries - Elimination journal entries are regular journal entries that are associated with elimination subsidiaries. Elimination journal entries can be created to reverse the effect of intercompany transactions, thereby maintaining balance in the consolidated books. An elimination journal entry must be associated with a single elimination subsidiary. See Elimination Journal Entries. Use the Automated Intercompany Management feature to automatically generate elimination journal entries when closing a period. See Automated Intercompany Management Overview.

  • Automated Intercompany Adjustments - The Intercompany Time and Expense feature enables entry of intercompany time and expense transactions. It also enables creation of adjusting intercompany journal entries to transfer time, expense, or both charges from one subsidiary to another. Adjustments for intercompany expenses can be automated. Intercompany adjustments for time cannot be automated. Users with the Intercompany Adjustments permission and access to all subsidiaries can configure the system to generate all required adjustments for a selected posting period. See Creating Intercompany Adjustments for Time and Expenses.

• Expense Allocation Journal Entries – If the Expense Allocation feature is enabled, you can set up allocation schedules to automate journal entries that transfer balances from expense accounts into other accounts. For information about scheduling expense allocation journal entries, see Expense Allocation Overview.

• Revenue Recognition Journal Entries – If the Revenue Recognition feature is enabled, you can set up revenue recognition schedules. You can also create specialized journal entries that recognize revenue over a period of time rather than all at one time. See Revenue and Expense Recognition Overview and Working with Revenue Recognition Journal Entries.

• Amortization Journal Entries – If the Amortization feature is enabled, you can create journal entries from amortization schedules. The journal entries amortize expenses across a range of time and recognize expenses in increments. See Expense Amortization and Generating Amortization Journal Entries.

• Statistical Journal Entries – If the Statistical Accounts feature is enabled, you can make single-sided transactions by class, department, location, or custom segment. Statistical journals appear as a positive, debit amount. For more information, see Making Statistical Journal Entries.

• Book Specific Journal Entries – If the Multi-Book Accounting feature is provisioned in your account, you can make book specific journal entries and book specific intercompany journal entries. For more information, see Journal Entries in Multi-Book Accounting.

• Period End Journal Entries – If the Period End Journal Entries feature is enabled, you can post period end journals to record consolidation and income statement closing to the general ledger. Creation of period end journals is part of the Period Close Checklist. For information, see Period End Journal Entries.

• Balancing Journals – When the Balancing Segments feature is enabled, the transactions created by the process that balances transactions by segment are called balancing journals. For information, see Balancing Segments and Journals.

Related Topics

• Journal Entries Overview
• Manual Journal Entry Creation
• Journal Entry Approval
• Journal Entry Reversal

General Notices