Complex accounting structures and business operations in multiple jurisdictions drive the need for multi-book accounting and good record keeping. But entering the same transaction repeatedly in separate accounting books is exhausting, inefficient, and prone to error.
NetSuite Multi-Book simplifies financial reporting and compliance. Thanks to a system of rules, you can efficiently post transactions to multiple books and display information in accordance with the required reporting standards.
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Why Choose NetSuite Multi-Book?
Multi-Book accounting provides the ability to maintain multiple sets of accounting records based on a single set of real-time financial transactions, enabling businesses to support different managerial and regulatory compliance needs.
Financial reports
Tailor reports to meet specific needs and different accounting standards, ensuring accuracy and compliance.
Transaction Reports
Access detailed transaction information for each accounting book, facilitating thorough analysis and auditing.
Automatically posting
Streamline processes by automatically posting transactions to multiple books according to predefined accounting rules such as creating different revenue recognition rules or expense amortization rules for other accounting books.
Financial Adjustments Results
Fine-tune financial results per book, accommodating varying accounting treatments or adjustments required for accurate reporting.
Period Management
Manage accounting periods independently for each book, allowing for precise period closures and adjustments without affecting other books.
Data Integrity
Ensure data consistency and accuracy across all books, enhancing trust in financial information and decision-making.
GURUS Data Exporter for NetSuite
If your business is not ready to leave spreadsheets behind, don’t worry, you can still implement the many NetSuite add-ons while continuing to use spreadsheets. Each has their advantages and disadvantages.
In fact, the GURUS Data Exporter for NetSuite was designed due to the ever-lingering need to hold onto spreadsheets. As easy as A,B,C, you can take your saved searches from NetSuite and export them to Google Sheets. From there, you can generate colorful charts, custom filters and formulas, and even share with clients, partners and shareholders.
Key Features of NetSuite Multi-Book
Multiple standards
Book-specific rules allow the application of different accounting treatments to a single transaction.
Simultaneous posting
Transactions entered in one book post to additional books simultaneously based on predefined rules.
Multi-entity
Support the management of multiple subsidiaries with separate general ledgers within a single instance of NetSuite.
Currency conversion
Automatically converts entries into the correct currency for each book using up-to-date exchange rates.
Account mapping
Use of book-specific charts of accounts; transactions posted to a secondary book automatically posts to the corresponding account in the primary book.
Key NetSuite Multi-Book Benefits
Accelerate the close process
Speed up month-end closing by posting transactions to multiple books simultaneously, eliminating manual adjustments.
Save time and reduce reliance
Save time and improve accuracy by replacing spreadsheet processes, especially for realized/unrealized FX gains or loses.
Tailored Fixed Assets
Assign individual fixed assets to multiple books with different depreciation methods.
Before and After Preview
Evaluate the impact of proposed accounting changes prior to implementation with before and after reports.
Real-Time Monitoring
Monitor the financial performance of subsidiaries in real-time via a single application.
NetSuite Multi-Book Value & Impact On Businesses
- Grow your business with automation instead of adding additional headcount. Save on full/part time employee expenses.
- Better understand business unit profitability with improved allocations. Make business decisions with the right data.
- Ensure compliance with various accounting standards and financial/regulatory reporting requirements across multiple countries, industries and/or tax jurisdictions.
- Avoid fines or penalties that may arise from errors that result in being non-compliant
Multi-book in NetSuite Allows You To
- Configure secondary books to contain different account values from the primary book.
- Manage foreign currency transactions and generate financial reports for different accounting books using different base currencies
- Access different revenue recognition and amortization rules across books.
- Set individual closing and reopening of accounting periods with any accounting book without impacting other accounting books.
Ready to optimize your financial reporting and compliance with NetSuite Multi-Book?
Contact us now to learn more and get started!