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How to Upload InterCo Open Balances

Posted by Sara Duong, Consultant on Jun 20, 2022 8:53:07 AM

Congratulations! You are ready to go live with NetSuite! Before you start entering live transactions, the Opening Balance Sheet needs to be entered; this is your starting balance for your financial statements. Normally, this is a simple Journal Entry upload of your last closed period’s Balance Sheet. However, if you have Intercompany Accounts with balances, then a simple one step Journal Entry will not be enough. Intercompany Accounts require additional set up and separate Journal Entries for each customer or vendor.

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Tags: NetSuite, NetSuite How To's, Accounting, NetSuite Tips, Financial, Intercompany Accounts, Go Live, Open Balance Upload, Open Transaction Upload

Change in JP Morgan Chase Connections for U.S. Bank Feeds in NetSuite

Posted by Kevin Suh, NetSuite Administrator on May 4, 2022 2:27:54 PM

You might have received a notice last month regarding the news that JP Morgan Chase (JPMC) is moving away from Screen Scraping technology and will no longer support connections to their credential-based sites. Per notification, this change is part of JPMC’s transition to Open Banking technology which aims to improve security and ensure smooth bank feeds connection. If you are using the NetSuite Bank Feeds SuiteApp which may be importing data from the JP Morgan Chase & Co. (JPMC) financial institution, you might have encountered the bank data import errors on or after April 21, 2022.

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Tags: NetSuite, Reporting, NetSuite How To's, Accounting, NetSuite Tips, Financial, Bank Reconciliation, Bank Account, data, Excel, Bank Statements

Write Off Bad Debt

Posted by Mariella Marquez, Consultant on Apr 25, 2022 11:08:46 AM

Have you noticed small increments of one or two pennies in your A/R Aging report? Do you have some bad debt that you need to write off your books due to unresponsive clients? The following process will walk you through how to enter a Journal and process the customer payment to remove these from your Accounts Receivable reporting.

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Tags: NetSuite, Reporting, NetSuite How To's, Accounting, NetSuite Tips, Financial

Is it possible to redesign your Chart of Accounts after go live?

Posted by Sara Duong, Consultant on Feb 2, 2022 4:44:13 PM

In a previous blog we explored Netsuite Purchase Request vs. Purchase Requisition.  In this blog we’ll explore the complexity of chart of accounts redesign. We provide some tips and learnings from a previous chart of accounts redesign project.  

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Tags: NetSuite, Accounting, Segmentation, Financial, COA, General Ledger, Chart of Accounts, GL

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