What Is NetSuite Multi-Book? Benefits & Features

Why Choose NetSuite Multi-Book?

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.

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.

Export NetSuite Multi-Book Data Easily with GURUS Data Exporter

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

NetSuite Multi-Book accounting allows organizations to meet multiple reporting standards by defining unique rules per book. Key features include:

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.

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.

Multi-entity

Support the management of multiple subsidiaries with separate general ledgers within a single instance of NetSuite.

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 losses.

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: Business Impact & ROI

With NetSuite Multi-Book, enhance efficiency, accuracy, and compliance, driving sustainable business growth and success.

• 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.

Is NetSuite Multi-Book Right for Your Business?

If you're still hesitant about adopting NetSuite Multi-Book, consider the immense benefits it offers. This solution not only simplifies financial reporting and compliance but also provides a level of flexibility and control that traditional accounting methods can't match.

With the ability to configure multiple books, manage foreign currency transactions, customize revenue recognition rules, and maintain data integrity across books, NetSuite Multi-Book empowers businesses to make informed decisions, improve accuracy, and stay compliant with ease.

Ready to simplify your financial reporting with NetSuite Multi-Book? Contact GURUS Solutions today for a personalized demo.