Multi-Book
Report Financial Results Based on Multiple Accounting Standards Simultaneously.
Simplify compliance with NetSuite Multi-Book accounting
Multi-book accounting provides the ability to maintain multiple sets of accounting records based on a single set of real-time financial transactions. This enables businesses to support different managerial and regulatory compliance needs such as:
Different accounting standards :
- Maintain Accounting in US Generally Accepted Accounting Principles for the Group and in French Gaap for local French regulations for example;
- Automate posting to multiple accounting books according to pre-defined accounting rules;
- Adjust financial results on a per-book basis;
- Close and then reopen accounting periods associated with any accounting book
- Reports and Consolidation by Accounting Book
Track the accounting transactions in different currencies
- Independently of the fact that there is different standard;
- Example : a NetSuite customer with subsidiaries across the world records in his Primary Book in Local currencies for statutory purposes and his secondary book in USD for reporting to Shareholders. This whenever the original currency of the transaction
Multi-Book Accounting feature includes a lighter option, called Adjustment-Only Book.
Adjustment-only books allow you to post book-specific adjustments to a secondary, adjustment-only book at closing. They serve as a light version of multi-book accounting.
Adjustment-only books can be used to comply with different accounting standards across multiple jurisdictions. They are also useful when the only requirement is to post adjustments by book-specific journal entries at the end of the accounting period.
Key features of NetSuite Multi-Book accounting
Book Generic transaction with GL Impact recorded in different Accounting Book
Daily transactions like Vendor Bill are recorded in the different Accounting Books on the same way
Book Specific entry
Ability to create Book Specific Journal entries manually or generated through periodic processes like Depreciation of Fixed Assets, Revenue Management, Amortization of expenses,…
Define different posting rules for periodic process
Example : Depreciation Fixed Assets
Reports by Accounting Books
All reports can be displayed by Accounting Book and specific
Key advantages of NetSuite Multi-Book accounting
Ensures compliance with multiple accounting standards
Reduces manual adjustments
Automates activity posting across books, saving time
Delivers robust reporting capabilities
Supports multi-currency management for accurate, compliant financial data
Why Choose Novutech?
At Novutech, we leverage our expertise to help you unlock the full potential of NetSuite Multi-Book:
- Streamlined Compliance: Simplify adherence to multiple accounting standards with automated processes and parallel financial books.
- Efficiency Gains: Eliminate manual adjustments and reduce errors by automating postings across books.
- Enhanced Reporting: Access robust, customizable reports tailored to various accounting frameworks and currencies.
- Multi-Currency Precision: Ensure accurate financial data presentation across multiple currencies for global compliance.
- Expert Guidance: With deep knowledge of NetSuite and diverse industries, Novutech ensures your Multi-Book implementation is seamless, scalable, and aligned with your business needs.
Partner with Novutech to turn the complexities of multi-standard accounting into a streamlined growth enabler.
Summary
Whenever the same business event requires different accounting treatments, whether because of industry-specific rules, country-specific rules, or both, different reporting outcomes will occur.
In order to report financial results in compliance with multiple accounting standards at the same time, accounting departments can leverage NetSuite Multi-Book, in order to comply with multiple sets of financial books in parallel and issue financial statements in accordance with whichever accounting standards are required.
Features
- NetSuite Multi-Book eliminates data entry replication and reduces the need for error-prone manual adjustments from your accounting and reporting processes, which are caused by managing unique sets of books per accounting standard
- Standard financial reports are available for internal and external reporting, as well as customisable saved searches for analysing and managing key performance indicators
- Accounting departments can use NetSuite Multi-Book to record transactions in book-specific functional currencies
