Creating Reclassification by Region Journal Entries

The Revenue Expense Reclassification by Region SuiteApp provides you the ability to automatically create journal entries. These journal entries reclassify your revenue or expenses depending on the rules you specify based on your business needs.

To create reclassification journal entries:

1. Go to the reclassification journal entries creation page:

   • In the Accounting Center, go to Financial > List > Create Reclass. by Region Jnls.

   • In the Classic Center, go to Transactions > Financial > Create Reclass. by Region Jnls.

2. In the Subsidiary field, select a subsidiary.

3. In the Posting Period field, select a period.

4. Click Create Journal Entries.

5. NetSuite processes the transactions and creates the journal entries.

6. Review the process records that appear in the process status window. Only the following transactions will considered for journal creation:

   • Invoice

   • Credit Memo

   • Cash Sale

   • Cash Refund

   • Approved Bill

   • Bill Credit

     Note that transactions that use items that are configured with reclassification rules within the selected subsidiary will be used.

7. Click Refresh.

8. The status under the Submission Status column under the Process Status subtab will change to Complete.

9. (Optional) Click Complete to view the list of journal entries created from this transaction line. For more information, see Viewing Reclassification Journal Entries and Process Status.

List Guidelines for Reclassification Journal Entries

Note that the following guidelines will be followed when displaying the list of journal entries:

• If Advanced Revenue Management is enabled, reclassification journals will only be created if standard revenue recognition journals are created. NetSuite will use the amount recognized in the revenue recognition journals for the selected period.

• if Amortization feature is enabled, reclassification journals will be created if amortization journals are existing. NetSuite will use the amount amortized in the amortization journals for the selected period.

• If there are no reclassification journals created or available for the selected time period, No Journal Created will be displayed.

• If Locations/Departments/Classes are enabled in the account, the reclassification journal lines will be summarized with the combination Account + Source transaction type + Locations + Departments + Classes.

General Notices