The General Ledger is the central repository that records all financial transactions and accounting data for an organization. It provides a complete, historical and auditable record of all debit and credit transactions, serving as the “source of truth” for all financial reporting.
In simple terms, the General Ledger captures everything from invoices and bills to budget vs actuals, to cash transactions and more. It consolidates financial data across business entities, currencies, accounting standards into specialized books and ledgers tailored to reporting needs.
The NetSuite General Ledger delivers robust capabilities and compliance support for even the most complex business. Let us explore some of the key features:
Flexible Chart of Accounts
The Chart of Accounts forms the foundation of the General Ledger system. NetSuite allows intricate customization of the account structure and segments to match specific business needs.
For example, companies can define account segments for business entities, locations, departments, product lines and more. Segmentation enables deeper analysis and specialized reporting at granular levels.
Accounts can also be categorized as income statement, balance sheet or other categories to generate reports like a profit and loss statement. Subaccounts can be created in unlimited nested levels to capture transaction details.
Multi-Book Accounting
NetSuite Multi-Book accounting allows companies to define multiple books/ledgers within a single NetSuite account. This helps meet compliance requirements across different countries, legal entities, accounting standards, tax filing needs and more by using the same underlying transaction data.
For example, companies can configure separate ledger books for US GAAP, IFRS, Tax, Local Statutory books and so on. Additional books can be added anytime without affecting live transactions or rebuilding historical data. This simplifies consolidations and reporting under different standards.
Multi-Currency Transactions
The NetSuite General Ledger seamlessly supports over 200 global currencies and allows recording transactions in both foreign and base currency. It offers real-time currency conversion during transactions by accessing exchange rates from external providers.
Companies with overseas subsidiaries and global operations can transact in local currencies, while reporting in base currency for financial consolidation. NetSuite automatically computes cumulative gains and losses on currency fluctuations over periods of time. This streamlines compliance in cross-border business.
Robust Financial Reporting
NetSuite enables creation of an extensive array of financial reports that can be customized, formatted and visualized to business needs. Standard reports include Balance Sheet, Income Statement, Trial Balance, Statement of Cash Flows and more.
Reports combine data from multiple books and use advanced rules to allocate accounts across periods. Custom reports can analyze real-time information on budgets vs actuals, operating metrics, customer profitability, inventory analysis and more. Ad-hoc searching is enabled directly from reports.
Audit and Control
NetSuite maintains detailed system audit logs of all transactions, including granular data like users, timestamps, custom records accessed, before and after event states, access from IP addresses etc. This degree of auditing supports compliance with regulations like SOX.
Workflow-based Field Audit Trail capture changes to custom fields, while the Custom Audit Trail Log tracks customizations. Advanced fraud detection reporting can uncover suspicious access. This strengthens internal controls.
Allocation Management
NetSuite Allocations allow accountants to define rules both at company and subsidiary level to allocate costs/expenses across departments using weighted methods on revenue percentage, headcount, usage metrics and custom formulas. This simplifies period closing.
Amortization rules can automate calculation and journal entry posting for prepaid expenses, unearned/deferred revenue, loan interest, depreciation and more based on transaction details like amounts, periods, fiscal calendars etc. NetSuite computes periodic amortizations.
Budgeting and Forecasting
Deep integration between NetSuite Planning and Budgeting module allows actual General Ledger data to be used to develop budgets, forecasts and modeling scenarios. NetSuite allows dynamic planning capabilities including rolling forecasts.
In summary, NetSuite General Ledger is a robust foundation that unlocks essential benefits like compliance, global consolidation, real-time reporting, audit controls and business insights for strategic decision making. For complex organizations, the General Ledger capabilities are invaluable.
Why Choose SuiteRep for NetSuite Implementation?
Choosing the right implementation partner is crucial to maximize value from the NetSuite investment. With proven expertise across 150+ successful implementations, SuiteRep has an impeccable track record.
Here are 8 key reasons why SuiteRep should be your preferred NetSuite implementation partner:
1. Deep NetSuite Expertise Across Industries
With years of experience, SuiteRep brings together NetSuite administrators, developers and subject matter experts with extensive background implementing ERP across Software, Manufacturing, Distribution, Retail, Ecommerce and Professional Services industries. Our best practices and knowledge of industry processes allow us to customize NetSuite to best align with how you do business.
2. Structured CustomSuite Implementation Methodology
SuiteRep follows a structured 7-stage approach covering Design, Configuration, Customization, Data Migration and Go-Live Support that is tailored to industry needs. Our project accelerators minimize business disruption and enable customers to utilize over 80% of NetSuite capabilities in just weeks. With over 100 fixed-fee projects delivered on time and budget, our methodology is battle-tested.
3. Ongoing Support and Guidance
Our SuiteCare SupportSuite plans provide ongoing 24/7 support with US-based resources. We offer administrators and end-users guidance in self-sufficiency through training videos and documentation. Our support bridges knowledge gaps and helps you get optimal value from NetSuite even years after implementation.
4. Expert-level Customizations
SuiteRep has some of the most experienced NetSuite customization specialists on key functionality like Workflows, Scripting, Custom Records, Saved Searches, KPI Scorecards, Advanced PDF/Excel Reporting and Suitescript 2.0. We analyze unique business challenges and unleash NetSuite’s capabilities to enrich functionality through CustomSuite solutions.
5. Value Added Services
Our services like data migration using CSV Import, Integrations with legacy systems, end-user training and change management allow smooth transition to NetSuite. Our SuiteApps extend NetSuite to provide WMS, Route Accounting, POS and other capabilities. We offer assessment services to help quantify ROI prior to implementation.
6. Proven Scalability
Whether working with small businesses or large enterprises with 1000+ users, our solution architects design thinking ahead for business growth. We leverage techniques like partitioning and data center management for high performance as volume increases. Our expertise allows us to plan and deliver implementations for complex global company structures.
7.Domain Expert Consulting
Drawing from experience across manufacturing, distribution, services, food industries and more, our teams provide vertical-specific advisory spanning production planning, supply chain optimization, inventory control, shop floor automation, route accounting needs and more along with NetSuite enablement.
8. Reliable Technical Resources
Our US-based development team consistently delivers technical solutions aligned to specification and business objectives while following best practices. We invest in resources and IP that enhance delivery capabilities including test automation, CI/CD pipelines and solution accelerators.
In summary, SuiteRep eliminates guesswork and risk from your NetSuite implementation by combining deep product expertise with proven delivery methodology tailored for your industry. Our disciplined approach enables rapid realization of benefits from NetSuite investment. To learn more, visit our website www.suiterep.com or email us.
