Netsuite Accounting Book

Hi All,

Accounting is a very complex structure, usually either Netsuite or Companies who already implement are first point of contact to implement however it is important to know about Accounting book and related features.

Accounting Book feature is available in One World Account. As soon as this feature is enabled in Netsuite , primary book gets created automatically. Netsuite allows maximum of 5 Accounting book.

Accounting books as useful in accounting rules for revenue recognition, expense amortization, and fixed asset depreciation.

Terminology:
Below are some terms which are used in Accounting Books:
1. Primary Book
2. Secondary Book
3. Book Generic
4. Book Specific
5. Charts of Account Mapping

Secondary Book have one or many difference like different subsidiary base currency or posting to different accounts for the same transaction or different accounting rules or including all difference together.
Best example for having more than one accounting book is to keep transactions separate before 606 and after 606 implementation.


To create new Accounting book:
Setup > Accounting > Multi-Book Accounting > Accounting Books > New

Mandatory Fields:
Effective Period
Name
Subsidiaries
*** Read About:
1.Accounting Context here
2.Accounting Period here
3.Accounting Transaction here

if you have any query please comment or join our FB Group/Page .

Thanks
Netsuite Guru