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Creating Statistical Accounts and Unit Types

Posted by Mariella Marquez, Consultant on Dec 28, 2022 1:26:55 PM
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NetSuite offers Statistical Accounts as part of their Advanced Financial module and these accounts enable you to track non-monetary data that you can use in reports and income statements. Users who utilize this function are often being asked to provide cost and revenue allocation, financial reporting using ratios and managing period close activities. Users can manually make statistical journal entries or autogenerate them through a saved search run by a statistical schedule. Users can also run record an absolute value when they manually create statistical journals, enabling them to capture periodic reporting such as office space by department or headcount by department. 

 

In this blog we’re going to review the steps to create the statistical account and any prerequisites on your account settings. 

 

To begin setting up statistical accounts you will first have to enable a few features if they’re not already set up in your NetSuite account.  

 

Steps to enable Statistical Accounts: 

      1. Go to Setup > Company > Enable Features.
      2. Under the Accounting  subtab in the  Advanced Features  section, enable the  Statistical Accounts  feature. 
      3. Click  Save.


Next, you will need a unit type for your statistical account. In our example we’re going to be measuring square footage in an office by department so we will set up Square Footage as our unit type. 

Steps to create a unit type for a statistical account: 

      1. On the Unit Type window, enter the name of the kind of unit you are creating.  For example, you can have an  Area  unit type. 
      2. Check the Inactive  box to inactivate this unit record. 
      3. Enter a name for the unit you want to create. For example, you can have an Area unit named Square Footage. 
      4. Enter the plural name for the unit. For example, the plural for the unit Square Footage is Square Feet. 
      5. Enter the abbreviation for the singular unit. For example, the abbreviation for the unit Square Footage is  SQFT. 
      6. Enter the abbreviation for the plural unit. For example, the abbreviation for the plural name Square Feet is SQFT. 
      7. In the  Conversion Rate  field, enter the quantity that corresponds to 1 of the base unit. For example, for the unit Square Yardage with the base unit Square Footage, the conversion rate is 9. When you check the Base Unitbox, the conversion rate for the unit is set and locked at 1. 
      8. Check the  Base Unit box if this unit should be used to define other units in this group, and is to be the default unit for this unit type. For example, Square Footage is the base unit to create an Area unit of Square Yardage. Each unit type must have a base unit and can have only one unit designated as the base. 
      9. Click Add. 
      10. Click  Save. 

 

Finally, you have all the components required to create your statistical account. 

Steps to create a new statistical account: 

      1. Go to Setup > Accounting > Manage G/L > Chart of Accounts > New. 
      2. If you are using account numbering, enter an account number. 
      3. Enter a name for this statistical account. 
      4. In the  Type  field, select  Statistical. 
      5. Select the type of unit to associate with this statistical account. 
      6. Enter a description of the statistical account. 
      7. The  Date  field indicates the date on which this statistical account can be used in statistical journal entries. 
      8. Check the Inactive  box to deactivate this statistical account. 
      9. If the Departments feature is enabled and you want to restrict the use of this statistical account to a single department, select the department. 
      10. If the Classes feature is enabled and you want to restrict the use of this statistical account to a single class, select the class. 
      11. If the Locations feature is enabled and you want to restrict the use of this statistical account to a single location, select the location.  
      12. If you use NetSuite OneWorld and you want to limit the use of this statistical account to a subset of subsidiaries, select one or more subsidiaries. 
      13. Check the Include Children box to make the statistical account available to all the child subsidiaries of selected subsidiaries. 
      14. Click Save.
         

Now you have a statistical account available for posting. Next in this series we’ll review the steps to create Statistical Journal and Dynamic Allocations.  

 

 

 

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Concentrus is a complete NetSuite solutions provider that guides organizations through how to use NetSuite to reach highly focused business goals and objectives. We provide NetSuite implementation, developer, integration, and customization services to ensure that you have a long-term solution that is tailored to fit your systems, people, and processes.

 

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Tags: NetSuite, Reporting, NetSuite How To's, NetSuite Tips, Statistical Account, Dynamic Allocations, Unit Types

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