1. Accounting
  2. General Accounting
  3. Journal Entries
  4. Journal Entries in OneWorld

Journal Entries in OneWorld

You create most OneWorld journal entries at Transactions > Financial > Make Journal Entries. On the Journal record, you associate the journal with a single subsidiary. Revenue recognition journal entries must also be associated with a single subsidiary. For general information about journal entries in NetSuite, see Journal Entries.

Intercompany journal entries are a specialized type of journal, specifically for OneWorld accounts. Use intercompany journal entries to post transactions between subsidiaries.

When you create an advanced intercompany journal entry, you select the originating subsidiary and can then define multiple receiving subsidiaries. Your current role determines which options are available in the Account fields, based on the selected subsidiaries, classes, departments, locations, and custom segments. The Currency field displays the base currency of the originating subsidiary, but you can change it to any currency set up in your system. When you save the journal entry, the ledger of each subsidiary is appropriately debited and credited. Create advanced intercompany journals at Transactions > Financial > Make Advanced Intercompany Journal Entries. For details, see Making Advanced Intercompany Journal Entries.

Elimination journal entries are regular journal entries that are associated with elimination subsidiaries. You can create elimination journal entries to reverse the effect of intercompany transactions, maintaining balance in the consolidated books. You must associate an elimination journal with a single elimination subsidiary. You create elimination journal entries at Transactions > Financial >Make Journal Entries. On the Journal record, you select an elimination subsidiary. See Elimination Journal Entries. You can also automatically generate elimination journal entries if you enable the Automated Intercompany Management feature. See Automated Intercompany Management Overview.

You can import journal entry and advanced intercompany journal entry data from a CSV file. See Importing a Journal Entry.

If you enable the Intercompany Time and Expense feature, you can create intercompany time entries and expense transactions. You can create intercompany adjustment journal entries to transfer time, expense, or both charges from one subsidiary to another. You can also automate adjustments for intercompany expenses. See Enabling Intercompany Time and Expenses.

You can set preferences to require approval for journal entries before they are posted, and to determine how classes, departments, and locations are shown on journal entry forms. To set these preferences, go to Setup > Accounting > Accounting Preferences > General subtab.

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General Notices