Our client is a Canada based company, who provide licensing and subscription of data centers to companies across the globe. Their business’s success depends on timely compliance, accurate financials, and scalable system architecture. They were looking for an effective implementation rescue service as they were facing issues with their subsidiary. Ensuring that every subsidiary reflects true operational realities is critical for their global reporting and decision-making.

Our client was keen on getting a service, to sort their subsidiary with the correct currency with all the historical transactions transferred into new subsidiaries. 

A misconfiguration in the initial NetSuite setup assigned the wrong currency to two subsidiaries. This error distorted consolidated financial reports, created compliance headaches, and made routine business operations increasingly difficult. 

In normal cases, it is not possible to change the posted transactions in subsidiaries. Since NetSuite does not allow changing the functional currency for a live subsidiary with transactions, our client needed a way to create 2 new subsidiaries with the right currencies. We were required to align all the existing and non-posting transactions into new subsidiaries.

Our expert team of ERP consultants proposed a tailored migration strategy. The first thing to do was to create two new subsidiaries within NetSuite, each with the correct functional currency. 

We analyzed every transaction and downloaded the reports. We were to then identify, map and migrate all affected customers and vendors in the old subsidiary to their new subsidiary records. 

We then added department and location to the new subsidiary. We had deleted posted transactions and recreated the same manually. Our team specifically designed an approval process for deletion and recreation of a transactions. Also, cleaned up and inactivate old subsidiary records, ensuring a clean architecture for future growth.

Our challenge was to transfer already posted transactions into a new subsidiary. It was a herculean task for us to change in complete transactions into new subsidiaries. We need to align the approval process to post transactions in new subsidiaries. Also, it was difficult to process the deletion of all the transactions in the old subsidiary and inactivate the same in all accounts.

Issue configuration and correction after implementation is a quite complex procedure, without getting support from an expert team to rescue these services is very difficult. Jobin & Jismi with our expertise in achieving any complex request to reliable results, we have completed the request and transferred the system to the client. 

Our client now operates with a clean, currency-aligned subsidiary structure. All transactions, past and present, are accurately reflected in their proper entities. Financial reports now match real-world operations, giving leadership the full clarity and confidence. Compliance risk and reporting delays are removed, allowing for easy audits and simpler expansion. The expert-driven process facilitated smooth transition without disrupting day-to-day activity.

• Entire historical record and open transactions successfully aligned with new subsidiaries 
• Accuracy of reporting and compliance with regulations reinstated 
• Zero lost data, maintaining client's complete financial history integrity 
• Zero unplanned downtime during the process 
• Seamless system handover enabling the client for new growth 
• The new structure facilitates quicker growth and future system enhancement

There is no uncertainty that NetSuite ERP has the capability to do wonders for your business, and what we require is a flawless NetSuite implementation and an expert implementation partner to yield the best ever outcome. 

With a resilient, correctly configured subsidiary structure in place, the client is free to pursue fresh international opportunities, scale business faster, and approach financial audits with new confidence. Jobin & Jismi’s depth of expertise in NetSuite transformations sets the groundwork for continued partnership and ongoing operational excellence. 

Ready to resolve complex NetSuite challenges and optimize your subsidiary structure for global growth?

Jobin & Jismi’s expert team is here to deliver transformative solutions. Contact us today to discover solutions that drive efficiency, accuracy, and growth for your business.