OneWorld Overview
NetSuite OneWorld supports global, multi-subsidiary organizations. OneWorld lets you use a single NetSuite account to manage records and transactions for multiple subsidiaries conducting business across multiple tax jurisdictions involving multiple currencies.
OneWorld organizes both domestic and international subsidiaries into a single hierarchical structure. Each subsidiary is treated as a unique legal entity for taxation and regulation purposes. Each subsidiary has a specific nexus (tax jurisdiction) and a specific base currency. This base currency is the currency in which the subsidiary manages its financials. Subsidiary-specific data is available for reporting. Data for multiple subsidiaries can be rolled up into consolidated reports in the currency of a parent subsidiary.
OneWorld supports local and foreign currencies for transactions with foreign companies and between subsidiaries. Consolidated reports including aggregated financial statements provide foreign currency translation and consolidation for all child subsidiaries of a selected parent subsidiary.
OneWorld Capabilities
With NetSuite OneWorld, you can manage inter-related business processes across multiple subsidiaries. Some of the capabilities that NetSuite OneWorld provides include:
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Accounting and Financial Consolidation
Each subsidiary completes transactions in its own base currency. Subsidiaries share inventory items and have unique items. Using a single chart of accounts as well as subsidiary-specific accounts you prepare consolidated and subsidiary financial statements in the appropriate currencies. You can also enter advanced intercompany journal entries and eliminate profits for transactions among subsidiaries.
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Tax and Regulatory Compliance
Each subsidiary has one or more locations unique to that subsidiary, which enables you to administer location-based tax and regulatory requirements.
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Customer Relationship Management
With OneWorld, you can manage your sales organization and customer relationships. Sales quotas and forecasts span subsidiaries and sales organizations. Sales people can sell and be commissioned across subsidiaries. Marketing campaigns and the leads obtained could be shared by one or more subsidiaries.
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Shared or Unique Web Stores
Subsidiaries can have dedicated or shared Web stores with unique items.
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SuiteCloud
SuiteCloud supports OneWorld with Web Services, SuiteScript, Customization, and SuiteAnalytics Connect.
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Reporting and Search
OneWorld supports reporting in the base currency of each subsidiary, its parent subsidiary, and the top-level, root-parent subsidiary. Financial statements, dashboards, and Key Performance Indicators can display consolidated roll-ups and side-by-side comparisons of subsidiaries.
Customers Who Use OneWorld
Most companies can adapt the capabilities of NetSuite OneWorld to meet the requirements of their particular business operations and structure. However, OneWorld provides the most value to organizations with the following characteristics:
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Subsidiaries exist as separate legal entities, particularly foreign subsidiaries.
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The top-level, or root-parent subsidiary, owns 100% of all subsidiaries. Affiliates, franchisees, joint ventures, and similar shared-ownership entities require more specialized accounting treatment. For more information, see Set up NetSuite OneWorld and NetSuite Company Settings.
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All subsidiaries have similar business processes. For example, a wholesale distribution company with similar operations in multiple countries can take advantage of company-level preferences. For more information, see Set Company Preferences.
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All subsidiaries generally use the same chart of accounts and fiscal periods. However, a company could set up country-specific accounts to meet statutory or internal reporting requirements. For more information, see Chart of Accounts Management and Accounting Period Management.
OneWorld Implementation
A new NetSuite implementation can be set up to use NetSuite OneWorld, and an existing account can be upgraded to use NetSuite OneWorld. Any edition of NetSuite can be upgraded. This is a one-time upgrade to your NetSuite implementation that cannot be reversed.
If you are interested in NetSuite OneWorld, contact your account representative.