NetSuite 2017.1 Updates: Advanced Intercompany Journal Entries

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The new NetSuite 2017.1 release includes many new improvements that will make your workday easier! One of those great updates is the addition of the Advanced Intercompany Journal Entries for OneWorld accounts. On the previous version, you had access to the intercompany journal entries, but these had some limitations that made data entry and reconciling a bit more difficult. With the new release and the advanced version of the intercompany journal entries, you can now do the following:

  • Add more receiving subsidiaries;
  • Use more currencies; and
  • Use the new Auto Balance button.

Previously, in the intercompany journal entries, you were only able to specify two subsidiaries: the originating subsidiary and the receiving subsidiary. With the new advanced features, you can specify the originating subsidiary and multiple receiving subsidiaries.

When using the Currency field for subsidiaries in other countries, you were only able to change it to the base currency of the receiving subsidiary prior to the 2017.1 release. With the new Advanced Intercompany Journal Entries feature, you can now change the Currency field to any currency that is set up in your system.

If you use the Automated Intercompany Management feature, you are now able to click the new Auto Balance button that will automatically add elimination lines to balance the transaction. For example, if the net amount of a “To” subsidiary is a credit, NetSuite automatically adds an offsetting debit line with a receivables account. To enable the Auto Balancing button, go to Accounting > Accounting Preferences > Items/Transactions. From there you can set your preferences for Default ICJE Auto Balance Receivables Account and Default ICJE Auto Balance Payables Account.

All of the functions of the Advanced and regular Intercompany Journal Entries are available to you if you have a OneWorld account. In order to create an Advanced Intercompany Journal Entry, navigate to Transactions > Financial > Make Advanced Intercompany Journal Entries. Regular entries have not been changed and are still available by navigating to Transactions >Financials > Make Intercompany Journal Entries.

The Advanced Intercompany Journal Entries is just one of the many additions NetSuite has made with the 2017.1 release, so be sure to check out our blog for more! If you would like more information about the Advanced Intercompany Journal Entries or about OneWorld, please contact us. You can also learn about more great tips for NetSuite on our YouTube playlist or our other posts.

This publication contains general information only and Sikich is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or any other professional advice or services. This publication is not a substitute for such professional advice or services, nor should you use it as a basis for any decision, action or omission that may affect you or your business. Before making any decision, taking any action or omitting an action that may affect you or your business, you should consult a qualified professional advisor. You acknowledge that Sikich shall not be responsible for any loss sustained by you or any person who relies on this publication.

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