Migrating Transactions into a New Subsidiary in Netsuite
There is no doubt that NetSuite ERP can make wonders in your business, and what we need is a perfect NetSuite implementation to get the best ever results.
One of our Canada based clients, who provide licensing and subscription of data centers to companies across the globe was looking for an effective implementation rescue service as they were facing issues with their subsidiary. They were in the urgency of changing their functional currency of two subsidiaries, as the existing subsidiary currencies were not matching with the required ones. This wrong entry was made during the implementation, and they were also facing issues with their Reporting.
With NetSuite, this specific requirement was customized and added to their operations. The major objective of this custom made solution by the experts of Jobin & Jismi was to clear the blockade in the activities of business.
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. In normal cases, it is not possible to change the posted transactions in subsidiaries. But our client required to have 2 new subsidiaries with corrected currencies. We are required to align all the existing and non posting transactions into new subsidiaries.
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.
Our expert team of ERP consultants analyzed the transactions and downloaded the reports. We have analyzed the posted transactions in the old subsidiary and downloaded the same in 3 levels: child level, parent level, intermediate parent level. We have identified the customers and vendors in the old subsidiary.
We have assigned the same to a new subsidiary and added a department, location to the new subsidiary. We had deleted posted transactions and recreated the same manually. We have created an approval process for deleting the transactions in the old subsidiary.
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.