Enabling Multi-Book Accounting Features

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 isn't required.

Important:

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

The Full Multi-Book Accounting feature must be implemented by NetSuite Professional Services. Implementation is a complex process and full documentation for implementation is available only to them. This topic is included in Help Center for customers who want to make changes in the current implementation. Before you change the current Multi-Book Accounting implementation, you should contact your NetSuite account representative.

To enable the Full Multi-Book Accounting features:

1. Go to Setup > Company > Setup Tasks > Enable Features.

2. Click the Accounting subtab and locate the Multi-Book Accounting section.

3. Select one or more of the following features as needed:

   • Chart of Accounts Mapping – Permits different account values to be used across books. For more information, see Chart of Accounts Mapping.

   • Foreign Currency Management – Enables Foreign Currency Management across books. For more information, see Foreign Currency Management.

   • Revenue and Expense Management – Enables differences in revenue recognition and expense amortization rules for specific books. For more information, see Revenue and Expense Management.

     Tip:

     When the Revenue and Expense Management feature is enabled, differences between accounting books are expected. Some historical transaction processes don't create revenue or amortization schedules in the secondary book. If you're using Advanced Revenue Management (Essentials), these processes don't flag revenue elements to create plans. Manual journal entries to record the revenue and amortization for the secondary book are required. To create schedules or plans for secondary books that are the same as the primary book, don't enable Revenue and Expense Management before historical transaction processing is complete.

   • Extended Accounting Period Close Process – Permits individually closing and reopening accounting periods associated with any accounting book, without impacting your other accounting books. For more information, see Accounting Book Period Close Management.

4. Click Save.

After the Multi-Book Accounting features are enabled, the feature boxes on the Enable Features page can be cleared only under the following conditions:

• If you don't have a Global Account Mapping or Item Account Mapping rule, you can clear the Chart of Accounts Mapping box.

• You can clear the Foreign Currency Management box if both of the following conditions exist:

  • The base currency in each subsidiary is the same across the subsidiary’s accounting books.

  • There are no transactions in the secondary accounting books.

• You can clear the Revenue and Expense Management box if all of the following conditions exist:

  • There are no items with different revenue recognition or amortization template or rule in the primary and secondary book.

  • There are no transactions in the secondary accounting books. In addition, if you're using Advanced Revenue Management (Essentials), verify that the status of the Create Revenue Plans On field is the same in the secondary book as in primary book.

  • There are no book-specific Revenue Commitments and Revenue Commitment Reversals for the primary accounting book.

• You can clear the Extended Accounting Period Close Process box if both of the following conditions exist:

  • All accounting periods have the same period close status.

  • All period closing tasks in the primary and secondary accounting books (All Accounting Books) have the same closing status. This condition doesn't apply to Primary Book Only.

• You can clear the Extended Accounting Period Close Process box if both of the following conditions exist:

  • All accounting periods have the same period close status.

  • All period closing tasks in the primary and secondary accounting books (All Accounting Books) have the same closing status. This condition doesn't apply to Primary Book Only.

• You can clear the Full Multi-Book Accounting box if both of the following conditions exist:

  • There are no secondary accounting books.

  • No other Multi-Book Accounting features are enabled.

Related Topics:

• Accounting Book Status
• Planning for Multi-Book Accounting
• Adding Accounting Books
• Adding a New Subsidiary to an Active Book
• Roles and Data Access for Multi-Book Accounting
• Restricting Role Access to Accounting Books
• Reports, KPIs, and Saved Searches in Multi-Book Accounting
• Book-Generic and Book-Specific Records
• Using Multi-Book Accounting
• Adjustment-Only Books Overview

General Notices