Multi-Book Accounting Overview

Note:

Please contact your sales or account representative to find out how to get the Full Multi-Book Accounting feature. The assistance of NetSuite Professional Services or a Multi-Book authorized partner is required to implement this feature. You should consider contacting NetSuite Professional Services or a Multi-Book authorized partner for assistance in setting up the Adjustment-Only Books feature, even though it is not required.

Important:

Multi-Book Accounting, including the Adjustment-Only Books feature, is available only in NetSuite OneWorld.

Multi-book accounting provides the ability to maintain multiple sets of accounting records based on a single set of real-time financial transactions. This enables businesses to support different managerial and regulatory compliance needs such as:

Deliver different financial reports to serve different purposes

A company that maintains its primary accounting records according to United States Generally Accepted Accounting Principles (U.S. GAAP), for example, can add accounting books to generate different versions of financial reports and statements that are mandated by local governments or industry regulations.
Provide detailed transaction-based reports for each accounting book

Transaction-level reports can be generated for individual accounting books to satisfy managerial reporting requirements and provide detailed transaction level audit trail to book-specific financial statements. Saved searches and KPIs also support display by accounting book.
Automate posting to multiple accounting books according to pre-defined accounting rules

You can create different revenue recognition and expense amortization rules for different accounting books.
Adjust financial results on a per-book basis

Manual journal entries, including intercompany journal entries, can be posted for individual accounting books.
Close and then reopen accounting periods associated with any accounting book

Process and modify the accounting result of one book without impacting other books.
Ensure data integrity across multiple accounting books

The system automatically maintains data synchronization for parallel transactions in different accounting books to ensure data integrity.
Enable customization to leverage the multi-book Accounting context

SuiteApps and customization can be implemented to yield book-specific financial results.
Run financial consolidation on a a per-book basis

By default, Multi-Book Accounting supports financial consolidation only in the primary book. To run consolidated reports in secondary accounting books, check the Enable Consolidation box on the accounting book record. Secondary books enabled for consolidation have access to all OneWorld consolidation including all tasks on the period close check list, consolidated reporting, auto-elimination, and book-specific consolidated exchange rates.

The Multi-Book Accounting feature includes options for chart of account mapping, foreign currency management, revenue and expense management, and accounting book period close management to address these needs.

In addition to the Full Multi-Book Accounting feature, NetSuite offers you the ability to post book-specific adjustments to a secondary, adjustment-only book at closing. Adjustment-only books differ from standard secondary books in that they don’t duplicate the data in the primary book. Instead, adjustments are made in the adjustment book to data from the primary book. You can then utilize the standard NetSuite reporting tools to display financial reports on the data from both the primary book and adjustment book.

Adjustment-only books can be enabled on any NetSuite OneWorld account by an administrator, and do not require the Full Multi-Book Accounting feature. Additionally, they do not need to be requisitioned from or set up by NetSuite Professional Services.

For more information, see Adjustment-Only Books Overview.

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