Alliance Partner
27 May, 2022

General Ledger in NetSuite

NetSuite General Ledger (GL) automates essential accounting procedures and provides a customizable structure that adjusts to the needs of each business. Modify accounts, payments, and reporting sections to meet specific company needs. You can lessen your dependence on manual data entry using regular bank integration, rules-based activity matching, and auto-posting of journal entries. NetSuite allows accounting and finance experts to maintain accurate financial records, provide insightful reports, and close the accounts on time.

Advantages of NetSuite General Ledger

Add Efficacy: You can save time through automating journal entries, data imports, transaction verification, and bank reconciliation. 

Improve your accuracy: The quality of reporting data is improved through eliminating the requirement for complex GL codes. 

Make more informed decisions: Multidimensional analytics and custom reporting segments provide the data you need to make informed business decisions. 

Go Global: Keep various books to meet national and international accounting standards, tax restrictions, and reporting requirements. 

Faster integration: It automatically summarizes the financial results of a subsidiary without any manual changes. 

Effortless Closing: With automatic account reconciliation and exception management, you can reduce data input errors, missing transactions, and other issues that slow down the closing process. 

Features of NetSuite General Ledger

Every accounting system is built around the general ledger. It must be adaptive, flexible, and active. NetSuite general ledger gives businesses the mobility, visibility, and control they need to stay on top of rapidly changing business needs. 

Automation 

Manual journal entries should be eliminated. Account reconciliation, closures, and audits take less time and effort when unique GL impact lines are added to transactions across single or multiple accounting books. Before a journal is published, automated journal-entry approval routines examine criteria such as threshold amounts and permission restrictions. 

NetSuite General Ledger solve challenges 

Inefficient manual process: It automates repetitive tasks such as creating journals, matching bank and credit card accounts, and creating consolidated financial statements.  

Accounts are complicated: While enabling infinite accounts and sub-accounts, it eliminates the requirement to capture operational information for reports. 

Rigid GL Structure: To modify the total ledger to meet your company's commercial business structure, modify account codes, transaction types, and GL affects reporting segments. 

Closing the Books: Automated transaction matching, exception control and approvals, and a customizable near-control tick list enable a boost in the near process. 

Financial Consolidation: Automatically roll up subsidiary-degree reporting information into consolidated economic statements. 

How much is NetSuite Ledger?  

Companies of all sizes, from pre-profit start-ups to fast-growing companies, have moved to NetSuite.  

NetSuite is licensed on an annual basis. The license is divided into three parts: the basic platform, additional modules, and the number of users. There will also be a one-time implementation cost for the first setup. You can effortlessly activate newer features and add users as your company expands. This is the great thing about cloud software. 

The NetSuite platform license includes ledger functionality. 

Want to know more about NetSuite General Ledger? Connect with Jobin and Jismi IT Services. 

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