This article summarizes the merging of chart of accounts and the accounts that can be merged and the points to consider while merging of accounts.
Tag: Chart of Accounts
PART 2.3 – Creating/ Editing an account
Go to Setup > Accounting > Manage G/L > Chart of Accounts > New. Enter general account information: If you are using account numbering, enter an account number. Account numbers can be alphanumeric with a maximum of 60 characters. Enter a name for this account. This name appears in the chart of accounts list, on transactions lists,… Continue reading PART 2.3 – Creating/ Editing an account
PART 2.2 – What naming conventions do you want to use for accounts?
When naming accounts in NetSuite, it’s important to follow best practices to ensure that the accounts are easily understood and consistent across the chart of accounts. Here are some naming conventions that you can follow (best practices) for accounts in NetSuite: Use descriptive names: Use standard account type names that clearly describe the account, such… Continue reading PART 2.2 – What naming conventions do you want to use for accounts?
PART 2.1 – How do you want to organize the hierarchy for each account type?
You can define a parent account on each account record. A parent account must have the same type as the subaccount. You cannot change the account type for an account that has associated posting and non-posting transactions such as sales order and revenue commit. The hierarchy for each account type in NetSuite can be organized… Continue reading PART 2.1 – How do you want to organize the hierarchy for each account type?
PART 2 – Chart of Accounts
Current Assets: Current Asset accounts are accounts that represent assets that are expected to be converted to cash within one year or one operating cycle, whichever is longer. These accounts are important for businesses to manage their short-term liquidity and cash flow. Cash and Cash Equivalents: This account represents cash on hand, bank deposits, and… Continue reading PART 2 – Chart of Accounts
Entry should not be allowed in “Parent Account”
Requirement: The transaction entries should be posted only in the child account, not the parent account. Solution: Step 1: Go to Setup -> Accounting -> Chart of Account -> Edit the chart of account record. Step 2: Check the Summary field on the account record. Step 3: Click Save.
Foreign Currency Balance and the Balance column on the Chart of Accounts
Details on how Foreign Currency Balance and the Balance column appear on the Chart of Accounts
Foreign Currency Balance Column of Chart of Accounts is Zero but Balance is Not Zero.
When checking Chart of Accounts, Foreign Currency Balance column shows zero however Base Currency Balance column does not.
Some Accounts in Chart of Accounts have inactive check box is greyed out
Some Accounts in chart of accounts have inactive check box greyed out.
Unable to add subsidiary in an existing G/L Account
Unable to add subsidiary in an existing G/L Account