NetSuite Implementation – Should you bring in historical transactions?

With every new NetSuite implementation, there is a decision to make with what to do with historical data. Should you import just the month-end trial balances, or bring in all the individual transactions? Cleanest and most common choice is to bring in monthly trial balances. Though not impossible, it is a heavy lift to properly bring in the transactions into NetSuite.  

Thinking about bringing in historical transactions? Here are some key factors to consider:

1. 1. How much data are you bringing in?

      1. The volume per month and per subsidiary is the first thing you have to consider. The more data, the more time needed. 
         
         

   2. How complex are your transactions?

      1. If you do not have a lot of variations in your transactions, then the upload process is smoother.  For instance, if you are loading invoices and the only payment is credit card on the same day, then uploading and applying payments would be easy.  If you are loading invoices with various payments, including terms, then you have more difficult time matching and applying payment records with the correct invoice, which means more time.  
      2. More transaction types means more upload processes you need to manage, which means more time. 
         1. Note: If you are considering bringing in subscriptions and revenue recognition, please consult with your NetSuite consultant. These transactions are much more complicated to replicate and require a detailed plan and testing. 
            
            

   3. Time to validate.

      1. Answers to the above points will determine how much time is needed.  
      2. Uploading historical transactions is not just CSV loading the transactions.  
      3. Transactions need to go all the way through its lifecycle. For instance, Sales Order will need to go through fulfillment, invoicing, and payment or credit memo/refund. 
         1. Timing of these steps in a lifecycle can cross multiple accounting periods, making reconciliation more difficult. 
      4. Inventory and GL impacts need to be reconciled each month.
         
         

   4. Why do you need the historical data?

      1. Consider why you need the data and weigh the risks with the effort to load them in. 
      2. Are you able to download transactions and supporting documents from your legacy system? 
      3. Speak with your accountant and auditors on the year end audits to make sure your approach will pass audits. 
      4. Does your budget allow for this?  
         1. Note: this is not a go live showstopper. You can upload historical transactions post go live as long as your open transactions and balances are correct. 

Simplify Your NetSuite Setup: Talk to Concentrus Today!

Replicating historical transactions at any volume is time consuming.  Before making this decision, it's wise to consult with a NetSuite expert. Here at Concentrus, we offer free consultations to help you assess the complexity and effort involved in your specific situation.  We can guide you towards the most efficient approach for your NetSuite needs.

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Our goal is to help businesses of all sizes maximize their investment in NetSuite by providing expert NetSuite cost optimization and implementation strategies. With years of experience as a NetSuite partner, our NetSuite administrators and NetSuite consultants are well equipped to help businesses of all sizes with their NetSuite consulting needs.  

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