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Removing Journal Entries in A/P Aging Detail Report

Posted by Mariella Marquez, Consultant on Jan 26, 2023 12:14:27 PM

With the new year beginning and accounting teams working busily to close the prior year financials one of the biggest errors we see is offsetting journal entries stuck on your A/P Aging report. If you are posting offsetting journals that post to your Accounts Payable transaction without first adding an “A/P Clearing Vendor” you might be asking how to clean up your reporting. Below we will walk you step by step on how to clear up your A/P Aging and remove these transactions entirely. 

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Tags: NetSuite, ERP, Reporting, NetSuite How To's, Accounting, Financial, General Ledger, GL, Accounting Periods, Transactions, Journal Entry, Transaction Lines, Financial Report, Accounts Payable, AP Aging

Manually Creating Statistical Journals

Posted by Mariella Marquez, Consultant on Jan 24, 2023 4:47:14 PM

In NetSuite manually creating statistical journal entries is like manually creating general financial journals with the exception that you do not provide financial specific data. Instead, you areutilizing the unit of measures we previously set up to allocate fees such as monthly rent per department or shipping cost by items sold. When manually creating statistical journals, you are also given the opportunity to make an absolute balance for multiple statistical accounts at the same time.

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Tags: NetSuite, ERP, Reporting, NetSuite How To's, Transactions, Journal Entry, Transaction Lines, Statistical Journals

Best Practice for Reclassing General Ledger Account Segmentation

Posted by Sara Duong, Consultant on Sep 1, 2022 12:13:44 PM

What is Segmentation in Netsuite? Segmentation or classification are ways to categorize entity (Vendor, Customer, Item) records and transactions amounts in NetSuite.  For instance, you may want to see your Income Statement separated out by Location; Location will be a classification field on your transactions.  There is native reporting function that will automatically break up your Financial Statements in segmentations.  

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Tags: NetSuite, Reporting, NetSuite How To's, Accounting, NetSuite Tips, Segmentation, Financial, Transactions, Classification, Income Statement, Journal Entry, Trial Balances, Reclass

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