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The core of every accounting system is the General Ledger. Accounting experts believe that it should be dynamic, adaptable, and scalable. Business seeking a flexible accounting structure that adapts to business’s requirements can go with NetSuite general ledger. This accounting tool gives companies the flexibility, insights, and control needed to meet fast-changing business requirements.
NetSuite General Ledger Features
Automation
By Adding custom GL impact lines to transactions across single or multiple accounting books, businesses can eliminate manual journal entries and reduce the time and effort required for account reconciliation, closes and audits.
General Ledger in NetSuite automates amortization and depreciation schedules, P&L allocations, and other routine calculations.
Chart of Accounts
Accounting professionals can bid farewell to complex tracking codes and make the most of simplified chart of accounts structure that organizes financial and statistical data for simplified reporting.
Budget Tracking
Businesses can grab the ability to track revenue and expenses against predefined budgets in real-time with NetSuite Planning and Budgeting. These are imported as .csv files and you can go with NetSuite Transaction Detail Report for a detailed analysis of the same.
Banking Integration
NetSuite General Ledger lets you view cash flow insights at a glance. With its banking integration, you can connect to thousands of financial institutions globally, and automatically import bank and credit card data into NetSuite and reconcile statements with General Ledger accounts.
It comes with an intelligent rules engine compares bank data with existing transactions, automatically reconciles matching entries, and flags exceptions to be addressed.
Multiple Currencies & Tax Structures
You can maintain accurate tax records, with the correct details in the right currencies, irrespective of the location of the business of your customers and partners. Businesses can record transactions in both the local currency and your company’s base currency — simultaneously.
NetSuite eases compliance with local and international tax rules, including income, VAT and other sales and use levies. For Indian landscape, you can go with India Tax Bundle, which is orchestrated on the fundamentals of NetSuite SuiteTax and assists in meeting Accounting, TDS, GST requirements.
Reporting
NetSuite General Ledger offers custom reporting segments to have a multidimensional analysis of financial and operational data. NetSuite General Ledger Detail Report helps schedule reports to be generated and emailed daily, weekly or monthly. Also, you can witness automatic consolidation of subsidiary financials and reports under multiple accounting standards.
NetSuite General Ledger Benefits
You can save substantial business hours with automated journal entries, data imports, transaction matching and bank reconciliation; adding efficiency to your business.
Accounting professionals can eliminate complex GL codes by improving the quality of reporting data. This drives increased accuracy to your whole accounting process.
Businesses can create different sets of books to comply with local and international accounting standards, tax rules and reporting requirements and esnure robust Global Business Expansion without much hassle.
You can simplify financial close by minimizing data-entry errors, missing transactions that usually delay the close process with automated account reconciliation, and exception management.
If you want to know how to View General Ledger In NetSuite?
You can follow this simple step: Go to Reports > Financial > General Ledger. However, to make the most of this accounting capability and ensure robust accounting and financial management, you can connect with a certified and award-winning NetSuite Partner—inoday. Our rich expertise, experience, and successful deliveries across the subject can help you pick a reliable and fruit-bearing partner for your business, saving both cost and time.
For more details around NetSuite General Ledger, connect with us at info@inoday.com Or Schedule A Demo
FAQs
Q1. What is NetSuite Cloud Accounting Software?
Ans. NetSuite cloud accounting software assists in simplifying the process of recording transactions, managing payables and receivables, collecting taxes, and closing the books. Businesses can make the most of NetSuite Accounting for timely and accurate reporting, and get greater control of financial assets. It comes with real-time access to financial data that 0you can quickly drill into for resolving issues, generating statements and disclosures to meet financial compliance requirements,
Q2. How Much Does NetSuite Cloud Accounting Software Cost?
Ans. In general, businesses subscribe to NetSuite for an annual license fee. The license includes core platform, optional modules, and the number of users. Also, there is a one-time implementation fee for the initial set up. However, NetSuite Cloud Accounting Software cost widely depends on the number of tools you will be deploying, number of users, and the size of your business.
Q3. Is NetSuite the same as SAP?
Ans. No, Although SAP and NetSuite are both ERP software for streamlining business processes, they have potential differences and distinctive features. Unlike SAP, NetSuite delivers greater standardization and can function in a multi-tenant cloud environment as well. You can use NetSuite for tracking costs and optimizing resource allocation better.
Q4. What is the difference between NetSuite and QuickBooks?
Ans. NetSuite is a comprehensive, highly scalable, and inventive solution. NetSuite Accounting offers everything under a single suite where businesses can ensure accounting for all in one place. QuickBooks is a simpler tool for basic accounting tasks only. As QuickBooks are going dysfunctional, its high time to move to NetSuite Accounting to ensure business continuity and avoid delays in business operations.
Q5. Is NetSuite an ERP or accounting software?
Ans. NetSuite ERP is an all-in-one cloud business management solution that organizations use to operate more effectively by automating business processes. It comes with real-time visibility into operational and financial performance as well. You can avail of NetSuite Accounting under NetSuite ERP package.
