1 Government Accounting

Government Accounting within NetSuite for Government

The NetSuite for Government General Ledger (GL) module serves as the central hub for all financial data management, offering seamless access and robust functionality to support local government accounting needs. Accessible directly from a dashboard, KPIs, or transaction drilldowns, the system provides real-time visibility into every transaction detail, ensuring accuracy and efficiency throughout financial processes. Compliant with Generally Accepted Accounting Principles (GAAP) and Government Accounting Auditing and Financial Reporting (GAAFR) standards and provides Government Accounting Standards Board (GASB) and GAAP reporting. Flexible user-defined chart of accounts segmentation, hierarchical rule segmentation, and streamlined transaction processing, tailors financial management to the specific needs of local government, minimizing complexity and maximizing effectiveness.

• Hierarchical rule segmentation allows users to perform reporting-only functionality for financial and operational requirements without cluttering up the chart of accounts.
• Line level GL selections on standard transactions, such as invoices and vendor bills, across single or multiple accounting books, eliminate the need for manual journal entries.
• GL lines values for entities such as vendors and customers, can be set in both primary and secondary accounting books.
• Custom segments allow for agency specific needs. Classify records defining segments appropriately, filtering and grouping data based on specific categories.
• Accounting entries are always balanced for the organization. NetSuite for Government balances entries for other dimensions or categories, such as funds or business units.