Advanced Intercompany Journal Entries in Multi-Book Accounting
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.
Multi-Book Accounting, including the Adjustment-Only Books feature, is available only in NetSuite OneWorld.
Advanced Intercompany journal entries are a specialized type of journal entry that permit the posting of transactions between an originating subsidiary and multiple receiving subsidiaries. Advanced Intercompany journal entries may be either book-generic or book-specific. For more information, see Book-Generic Advanced Intercompany Journal Entries and Book-Specific Advanced Intercompany Journal Entries below. For information on filling in an Advanced Intercompany Journal Entry form, see Making Advanced Intercompany Journal Entries.
Book-Generic Advanced Intercompany Journal Entries
To create a book-generic advanced intercompany journal entry, go to Transactions > Financial > Make Advanced Intercompany Journal Entries.
A book-generic advanced intercompany journal entry impacts all accounting books. All fields displayed in the advanced intercompany journal entry are for the primary book except for the Accounting Books subtab. The Accounting Books subtab includes the secondary books for all the other subsidiaries.
To generate the full general ledger impact, all subsidiaries affected by the advanced intercompany journal entry must share the secondary accounting books. If a secondary book is associated with only one or a subset of subsidiaries, only part of the entry posts for that book. If a secondary book is not associated with any subsidiary, there is no impact for that book.
The Currency field is the transaction currency for the posting. It is shared across all books. For advanced intercompany journal entries, you can select any currency set up in your system. You are not restricted to the currencies of the selected subsidiaries. If the base currency of the secondary books is different from the transaction currency for other subsidiaries, foreign currency journal entries are created for each subsidiary in the secondary books.
The Exchange Rate in the Line subtab of the intercompany journal entry record is between the selected currency and the base currency in each subsidiary line for the primary book. When the Foreign Currency Management feature is enabled, the base currency and exchange rate may be different for secondary books. The exchange rate for secondary books defaults to the system exchange rate value between the transaction currency and secondary book base currency.
Set the Exchange Rates per subsidiary for the secondary books on the Accounting Book subtab. If a secondary book uses the same base currency as the primary book for a certain subsidiary, their exchange rates do not have to be the same. However, if within the same accounting book you have two subsidiaries that share the same base currency, it is recommended that you keep their exchange rates the same.
Book-Specific Advanced Intercompany Journal Entries
To create a book-specific advanced intercompany journal entry, go to Transactions > Financial > Make Book Specific Advanced Intercompany Journal Entries.
Book-specific advanced intercompany journal entries do not support Auto Balance.
In book-specific advanced intercompany journal entries, the advanced intercompany journal entry posts to only one book. Book-specific advanced intercompany journal entries include an Accounting Book list in the main form.
The transaction currency must be any currency of one of the subsidiaries used in the transaction. Therefore, in one subsidiary, the posting is a base or non-base currency journal entry. In the others, it may be a foreign currency journal entry.
You must have an administrator role or be granted the Allow Pending Book Journal Entry permission to make a book-specific advanced intercompany journal entry in a pending book.
However, even if your user profile has viewing restrictions for a subsidiary, it is still visible in the Due To/From lines.
If one or some of the selected subsidiaries are assigned to one or more shared vendor or customer records, you can make book-specific advanced intercompany journal entries for any of the vendors or customers to which the selected subsidiaries are assigned. To do this, on the Lines subtab, select the shared vendor from the Name field. For more information about shared records, see Assigning Subsidiaries to a Vendor and Assigning Subsidiaries to a Customer.
For pending secondary books, you can post book-specific intercompany journal entries to all periods regardless if the period is before or after the effective period of the secondary book. This is useful in modifying the opening account balance derived from processing secondary book historical transactions.
For active accounting books, you can post book-specific journal entries to only open periods.
The Accounting Book field is locked when book-specific advanced intercompany journal entries are saved. To change the accounting book, delete the journal entry and then create a new one.
Like regular book-specific journal entries, when you add an accounts receivable or accounts payable line, the name field is disabled.