Book-Generic and Book-Specific Records
Please contact your sales or account representative to find out how to get the Full Multi-Book Accounting feature. The assistance of NetSuite Professional Services or a Multi-Book authorized partner is required to implement this feature. You should consider contacting NetSuite Professional Services or a Multi-Book authorized partner for assistance in setting up the Adjustment-Only Books feature, even though it is not required.
Multi-Book Accounting, including the Adjustment-Only Books feature, is available only in NetSuite OneWorld.
Multi-Book Accounting groups NetSuite records into two categories:
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Book-specific: Records that are created for only one book.
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Book-generic: Records that are created and shared across all accounting books. Some book-generic records may have book-specific attributes.
NetSuite has these major record types:
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Item
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Entity
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General Ledger (accounting period, chart of accounts, class, department, location, and subsidiary)
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Transactions (including journal entry)
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CRM
CRM records are not affected by enabling Multi-Book Accounting.
Entity and general ledger records are book-generic although some such as subsidiaries, may have book-specific attributes.
Item records are book-generic with book-specific attributes. The item record is visible in all books, but book-specific information for revenue recognition and expense amortization is derived from the item record. When chart of accounts mapping is enabled, the accounts specified in the item record also used as the source for item account mapping.
Most transactions are book-generic, many with book-specific attributes. Some NetSuite processes, however, can be performed using only one base currency. Transactions and templates related to these processes are book-specific. The processes are:
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Inventory COGS
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Revenue recognition
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Deferred revenue reclassification journal entries
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Expense amortization
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Fixed asset depreciation
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Intercompany elimination journal entries
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Month end currency revaluation
Multi-Book Accounting currently supports only the same inventory COGS across all accounting books.
Allocation schedules are a special case. They may be either book-generic or book-specific depending on your selection in the Accounting Book list. For details, see Allocation Schedules in Multi-Book Accounting.
To support book-specific transactions, Multi-Book Accounting includes book-specific journal entries and book-specific intercompany journal entries. These are in addition to the standard book-generic journal entries. For details, see Journal Entries in Multi-Book Accounting.
Related Topics:
- Planning for Multi-Book Accounting
- Enabling Multi-Book Accounting Features
- Adding Accounting Books
- Adding a New Subsidiary to an Active Book
- Roles and Data Access for Multi-Book Accounting
- Chart of Accounts Mapping
- Accounting Book Period Close Management
- Foreign Currency Management
- Revenue and Expense Management
- Reports, KPIs, and Saved Searches in Multi-Book Accounting
- Using Multi-Book Accounting