Journal Entries Overview

A general journal entry records debits and credits to be posted to ledger accounts. General journal entries adjust the value of any set of accounts without entering transactions such as invoices or bills.

For example, journal entries can be used to do the following:

Specify the opening balances for your accounts if you chose not to do it when you first created your NetSuite account for your company.
Edit your opening balances if you find the amounts were in error.
Enter an adjustment such as for depreciation, that is not possible as a standard transaction.
Transfer amounts from one ledger account to another.
Consolidate multiple subsidiary accounts into a single account for the purposes of consolidated reporting.

Journal entry transactions are not posted until they are approved. A journal entry is posted in a period to which the journal entry approver has access. Until a journal entry is approved, NetSuite tentatively displays the posting period based on the transaction date. If the period is locked or closed, the posting period is determined by the accounting preference Default Posting Period When Transaction Date in Closed Period.

To keep your books in balance, remember the principles of double-entry bookkeeping when you make journal entries. You can enter as many lines as needed in the journal entry. The total amount of debit lines must equal the total amount of credit lines.

Note:

Lines in journal entries can post to almost any account you choose. Ensure that the accounts you select accurately reflect the transaction you are recording.

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