NetSuite Multi-Book Accounting 2023: Features and Benefits
NetSuite Multi-Book Accounting 2023: Features and Benefits
NetSuite Multi-book accounting changes the way your business functions. Your business’s financial requirements continuously evolve, and you need an application that can help you keep up with these requirements.
You have financial opportunities in various aspects of business, such as dealing in different currencies, opening subsidiaries in new locations, etc. Now, if your current application doesn’t have the features that can help you with these opportunities, then you have to manage everything manually.
Rather than that, you can move forward with NetSuite Multi-book accounting, save hours of resources, pace up the financial processes, and improve growth metrics.
With new metrics kicking in, you need new reporting functionalities. That would help to make better data-driven decisions. NetSuite Multi-book accounting stands out in this also by offering in-depth reporting capabilities.
Now, let’s explore what’s NetSuite Multi-Book Accounting and check its features.
What is NetSuite Multi-Book Accounting?
NetSuite Multi-Book Accounting is an application that is designed to accommodate multiple accounting standards and perform accounting and other financial tasks.
Your business may need multiple accounting treatments. This can be because of:
- Industry Specific Rules
- Country Specific Rules
- Zone Specific Rules
- Size Specific Rules
For specific rules, compliance requirements would be specific, too. Here, the NetSuite Multi-Book comes into the picture, allowing you to create multiple financial books. Then, you can issue different financial statements aligning with their respective accounting standard.
With NetSuite Multi-Book Accounting, you can perform various activities for different accounting standards:
- Recording transactions
- Managing payables
- Managing receivables
- Collecting taxes
- Accounting Reporting
- Governance over financial assets
How does NetSuite Multi-Book Accounting Work?
Check out the following steps to learn how NetSuite Multi-Book Accounting works:
– After the NetSuite Multi-Book Accounting solution is implemented, it is available as a feature in the NetSuite application. You need to go to the “Enable Features” menu provided under the “Accounting” option.
– After enabling the multi-book accounting feature, NetSuite automatically places the company’s original subsidiary structure and setup as the primary book. Besides the primary books, you can also have four secondary books (active).
– Whenever a transaction takes place, its impact gets reflected on primary as well as secondary books. An authorized user can even create a transaction specific to a single book.
– Besides book-specific transactions, you can also define various book-specific elements, such as:
- Charts of accounts
- Revenue recognition process
- Expense amortisation process
- Monthly closing process
- Intercompany eliminating journal entries
– You can check the change in the general ledger for each book for entries made in primary and secondary books at once.
What’s Special About NetSuite Multi-Book Accounting Solution
Here are the primary characteristics of NetSuite Multi-Book Accounting Solution:
- There are historical transaction processing features available, such as removing the GL impact, revaluing open balance for foreign currency transactions, processing extra secondary book transactions, processing open transactions, and processing statistical journals.
- You can have one primary and four secondary books.
- Ability to share the NetSuite Accounting system with different company subsidiaries.
- Automation allows financial posting for different books without human input.
- Ability to maintain different currency transactions for a subsidiary.
- You can do reporting and analytics for every book separately.
- You can perform various activities through NetSuite: Amortization, Revenue Recognition Transactions, and Amortization.
Features of NetSuite Multi-Book Accounting
NetSuite Multi-Book Accounting has several features. We have highlighted some of the primary ones in this section:
Reporting and Analytics
NetSuite Multi-book accounting provides you with standard reporting features. Besides that, you can also create customized reports. You can access the general analytics using its intuitive dashboard and customize it per the key performance indicators you define. One of the best things about NetSuite’s reporting and analytics is its flexibility. It allows you to create an extensive number of reports for internal as well as external parameters.
NetSuite Multi-Book comes with highly responsive themes that help you avoid duplication and make manual changes in accounting. Besides that, it comes with a rule-driven engine that boosts the automation capabilities without compromising ease of use.
The automation benefits the users by providing the ability to record book-specific activities regarding:
- General Ledger
- Revenue Recognition
- Profit and Loss Allocations
The automation also helps in creating connections between the primary and secondary charts of the accounts.
NetSuite Multi-Book Accounting allows you minute-level customization where you can customize your financial processes as the requirement suggests. Whether it’s an ongoing financial process or you create a new financial process, you can customize it completely with ease. Apart from financial processes, you can also create forms and accounting workflows from scratch. Such customization levels help you to map different business processes and create an environment that’s easy to understand and executive.
Foreign Currency Management
One of the biggest advantages of NetSuite Multi-Book Accounting Solution is its foreign currency management system, which allows you to calculate the exchange rates automatically and helps you understand foreign currency transactions. There are certain currency management regulations such as SFAS 52, ASC 839, etc. Multi-Book Accounting Solution is compliant with all such solutions.
Even when new rules and regulations come into existence, the application stays compliant with it by updating itself as per the new compliance requirement.
The NetSuite Multi-Book Accounting solution comes with great mapping features for subsidiary-book relationships. The benefit of the mapping features is visible in managing reporting and analytics for your financial processes. Moreover, it delivers ease in managing different currencies for different accounting books.
Different Roles and Access Levels in Multi-Book
NetSuite Multi-Book Accounting takes care of data privacy by allowing you to define different roles and access levels. You can give access to the user only for required features and books. This allows them to go through whatever is important to their role without interfering with other books and going through data irrelevant to them.
Cloudiotech NetSuite Multi-Book Services
Cloudiotech provides you with various NetSuite Multi-book accounting solution services. We are one of the top NetSuite services providers, catering to a wide range of customers from different domains and industries.
We can implement NetSuite Multi-Book Accounting Solution and define all financial processes per your requirements. For that, we will first understand your business and its structure, and go through your current financial landscape. We will list out your financial business process requirements accordingly.
After the implementation of the application, we will help you customize it to provide a tailored solution. If you want to improve the current reporting and analytics functionalities, we can define the key performance indicators and how they impact your business. Based on those key performance indicators, we can deliver top-notch reports to help you better understand your business and make data-driven decisions.
Next, we can deliver training sessions to your team, ensuring that they understand the day-to-day activities to be performed through the application and how to use it for the benefit of your organization.
If you need ongoing support for your NetSuite Multi-Book Accounting, we can provide you with that, too. It is also possible to have an onsite resource who can manage your team and guide them through their tasks.
NetSuite Multi-Book Accounting Solution is one of its one-of-a-kind applications that offers unique features, whether you speak of mapping capabilities, reporting abilities, currency management, or more.
One thing to note about the application is its gentle learning curve and ease of use. It won’t take time to explore the application and learn about its capabilities.
We discussed some of the prominent features of the Multi-Book Accounting application, but there are several other characteristics that are worth exploring. To discuss more about how the application can help you improve financial management and deliver growth to your business, consult our experts.
NetSuite Multi-Book Frequently Asked Questions
What is Multi-Book in NetSuite?
NetSuite Multi-Book Accounting Solution is a NetSuite offering that helps businesses manage different types of accounting records in multiple currencies and provides you with a real-time intuitive view of the minute details of these records.
How do I Enable Multi-Book in NetSuite?
You can enable the Multi-Book Accounting Application by:
- Go to Setup
- Click on Company
- Choose Setup Tasks
- Select Enable Features
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