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.
With Multi-Book Accounting enabled, the Transactions > Financial menu includes the following commands to create journal entries:
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Make Journal Entries
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Make Intercompany Journal Entries
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Make Advanced Intercompany Journal Entries
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Make Book-Specific Journal Entries
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Make Book-Specific Intercompany Journal Entries
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Make Book-Specific Advanced Intercompany Journal Entries
This topic pertains to only non-intercompany journal entries. The behavior of intercompany journal entries is documented in a separate topic. For more information, see Intercompany Journal Entries in Multi-Book Accounting.
Journal entries that are not designated book-specific are book-generic with an Accounting Books subtab for book-specific attributes. To create a book-generic journal entry, go to Transactions > Financial > Make Journal Entries.
Except for the Accounting Books subtab, book-generic journal entries are the same as non-multi-book journal entries.
The main form and Lines subtab are for the primary book. If Foreign Currency Management is enabled, the exchange rates for the secondary books can be edited in the Accounting Books subtab. If Chart of Accounts mapping is enabled, use global account mapping to post to different accounts in secondary books.
You can also create .csv files, and then use the Import Assistant to import multiple journal entries from another system into NetSuite. For more information, see Journal Entry Import and Intercompany Journal Entry Import.
Book-Specific Journal Entries
The main function of the book-specific journal entry is to make accounting adjustments for a specific accounting book. You can make these adjustments in base and non-base currencies.
To create a book-specific journal entry, go to Transactions > Financial > Make Book Specific Journal Entries.
You must select an Accounting Book from the list on the form. You may select the primary book or any secondary book to which you have access. You may select only accounting books that are associated with the subsidiary you select.
You must have an administrator or be granted the Allow Pending Book Journal Entry permission to make a book-specific journal entry in a pending book.
If the subsidiary you select is assigned to one or more shared vendor or customer records, you can make book-specific journal entries for any of the vendors or customers to which the selected subsidiary is assigned. To do this, on the Lines subtab, select the shared vendor or customer 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 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 pending secondary books where the opening balance journal entries are foreign exchange transactions, you can also modify the Currency field to reflect the currency of those 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 journal entries are saved. To change the accounting book, delete the journal entry and then create a new one.
Book-specific journal entries have the same characteristics as other non-specialized journal entries. The only restriction is that you cannot add accounts receivable or accounts payable lines with named entities. The name field is disabled.
You can also create .csv files, and then use the Import Assistant to import multiple book-specific journal entries from another system into NetSuite. For more information, see Journal Entry Import and Intercompany Journal Entry Import.