Creating a New Account in NetSuite

Ron Danenberg1 min

🚨 Problem: Need to create a new account in NetSuite? 🚨

This tutorial will show you how to set up a new account step-by-step to keep your financial records organized and efficient! 📊✨

Step-by-Step Guide 📋💡

  1. Access the Accounts Menu
    • Navigate to Lists > Accounting > Accounts in the menu. 🔧📈
  2. Enter Account Number
    • Input an Account Number (up to 60 alphanumeric characters). 🔢
  3. Provide Account Name
    • Enter a Name for the account, for example “Bank LTD,” which will appear on the Chart of Accounts List, Transactions list and reports. 🏦
    • If the use legal name in accounting preferences is enabled, you can enter a legal name (in this case up to 400 characters).
    • In some countries, the legal name of the entity is required by law. ⚖️
  4. Specify Sub-Account
    • Indicate if this is a Sub-Account by selecting a Parent Account, ensuring they are of the same type. 👥
  5. Choose Account Type
    • Select the appropriate Account Type (e.g., bank, receivables, payables) from the dropdown menu. ⚙️
  6. Set Currency
    • If multiple currencies are enabled, select the Currency for this account (e.g., US dollars). 💵
  7. Revalue Open Balance Option
    • Check the box to Revalue Open Balances for foreign currency transactions if applicable. 🔄
  8. Add Description and Opening Balance
    • Enter a Description for clarity and set an Opening Balance Date (defaults to today). 📅
  9. Mark as Inactive if Needed
    • Check the Summary box to make this a Non-Posting Inactive Parent Account if desired. ☑️
  10. Specify Departments and Subsidiaries
    • Use Department, Class, or Location restrictions and specify any subsidiaries if applicable. 🏢
  11. Save Your Changes
    • Once everything is filled out, click Save to finalize the account creation. 💾🎉
    • Note: Certain system generated accounts can not be inactivated. ⭕
    • Additional fields are available for bank type accounts in edit mode. 🏦

Congratulations! 🎊 You’ve successfully created a new account in NetSuite! 🌟🎉

If you found this tutorial helpful, please subscribe to this channel for more tips and tutorials. Visit www.KOLLENO.com for more tools to enhance your accounting processes! 🎥✨💼

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