Mastering Advanced NetSuite Inter Company Journal Entries
OneWorld accounts offer an exclusive feature called the NetSuite inter company journal. This feature allows users to record debits and credits, which can then be posted to ledger accounts for transactions between an originating subsidiary and multiple recipient subsidiaries. Users can also change the transaction currency to any currency set up in the system when using advanced inter company journal entries.
Users can specify the originating subsidiary and multiple receiving subsidiaries when making an advanced inter company journal entry. They can also change the transaction currency to any currency configured in the system. In all other respects, advanced inter company journal entries function like simple inter company journal entries.
To create an advanced inter company journal entry, users need at least edit-level access to the ‘Make Journal Entry’ permission. These entries also adhere to subsidiary and account constraints.
To make an advanced inter company journal entry
Navigate to Transactions > Financial > Make Advanced Intercompany Journal.
Enter the required information in the necessary fields. In the example below, these fields include subsidiary name, date, currency, GL account code, amount, and department.
Click the Auto Balance button. Please note that users must enable the Automated Inter company Management feature to utilize this functionality.
NetSuite automatically fills in the balancing lines & users can click on SAVE button
Note : If the ‘Require Approvals on Journal Entries‘ accounting preference is enabled, you must click the ‘Approved‘ button to post the journal.
