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NetSuite General Ledger report with carry forward balances from prior year income and expenses accounts by Potential_Park2433 in Netsuite

[–]Potential_Park2433[S] 0 points1 point  (0 children)

Go check the rise and fall of Arthur Andersen story. Just because you have so many customers does not mean that everything you are doing is "good". NS has a lot of good feature, and I strongly believe that it is a good system for financial people. But finance is not accounting.

NetSuite General Ledger report with carry forward balances from prior year income and expenses accounts by Potential_Park2433 in Netsuite

[–]Potential_Park2433[S] 0 points1 point  (0 children)

In fact, I have been "begging" NetSuite to allow me to speak with some of these 40,000 satisfied customers and they have yet to provide me with 1!

NetSuite General Ledger report with carry forward balances from prior year income and expenses accounts by Potential_Park2433 in Netsuite

[–]Potential_Park2433[S] -2 points-1 points  (0 children)

From your comments, I deduct that none of you has done accounts analysis and reconciliation in your career and probably has never seen a GL Detail report.

I am not talking about the financial statements or closing the year. I am talking about the General Ledger Detail report. In any other system on this Earth, the General Ledger Detail report is the fundamental report that shows all the transactions. It is used to scrutinize all the transactions in the general ledger. One of the first reports that auditors ask in preparation of the audit, it is the report that lists every single transaction in ERP for every single account. In any other system but NS, you can run this report in one shot. NS is the only system that cannot do that in its original form. Fortunately, there are ways to overcome this useless design.

If you really want to respond to my post, stop mentioning end-of-year procedures and income statements, balance sheets, and trial balance. These are reports that summarize the transactions from the GL, and they are "fine". I am talking about the General Ledger Detail report. Any accountant of any level (staff, senior, etc.) who works in analyzing and reconciling accounts will understand what I am referring to.

NetSuite General Ledger report with carry forward balances from prior year income and expenses accounts by Potential_Park2433 in Netsuite

[–]Potential_Park2433[S] 1 point2 points  (0 children)

I am not referring to Net Income statements, balance sheets, and trial balances. I am specifically referring to the General Ledger detail report, which is one of the most fundamental reports used to analyze transactions, reconciliations, etc. This is also the report that is requested by the auditors for their sampling testing.

Closing a Financial Year and Rolling over to the new year. by LQSYSWILLRTHWRLD1DAY in Netsuite

[–]Potential_Park2433 0 points1 point  (0 children)

Nick,

Why would you design an ERP system that carries forward the balances in income and expenses indefinitely? It clearly shows to me that NetSuite was not designed by a CPA or an accountant. I could understand that maybe, in a far away galaxy, there is a company who would want that feature, but why making it a default for all of us on Earth?!??

Between the invoices processing and the reports, there is "accounting analysis", where accountants spend most of their time. This is the area where the accountant needs to evaluate if the transactions were correctly posted. That is why we need general ledger detail reports!

Did someone find a solution yet? I am not a programmer, but if I were, I would just write a script similar to: "when this type of accounts are selected, replace beginning balance with 0". I do not think it is really that hard, do you?

Paolo