Creating Accounts

To create a new account:

1. Go to Lists > Accounting > Accounts > New.

2. Enter general account information:

   1. If you are using account numbering, enter an account number.

      Account numbers can be alphanumeric with a maximum of 60 characters.

   2. Enter a name for this account.

      This name appears in the chart of accounts list, on transactions lists, and on reports.

   3. If the Use Legal Name in Account accounting preference is enabled at Setup > Accounting > Accounting Preferences, the Legal Name field appears. You can enter up to 400 characters in this field including special characters such as colon and semi colon. You can also enter characters such as Éé,Çç, and 2 byte characters such as 会計、科目.

      This field is useful in countries where the legal name of an entity is required by law.

      The Legal Name field can be added to financial reports where account is an available component. It is also available in advanced searches, SuiteScript, and ODBC. System notes maintains an audit trail specific to the activity on the Legal Name field.

      Note:

      If the Multi-Language feature is enabled, the Legal Name field appears on the Localization subtab when the account record is in edit mode. The restrictions that apply to the Legal Name field in the header apply to the Legal Name field on the subtab.

   4. To make this account the subaccount of another, select the parent account in the Subaccount of field.

      When you create a child account, it must be of the same type as the parent account. For example, you cannot choose Accounts Payable (a liability) as the parent of an expense account.

   5. Select the type of account you want to create.

      • If you are creating a Bank type account, enter the bank account number.

      • For Income and Expense type accounts, select a Deferral Account of the appropriate account type for revenue recognition and expense amortization.

        • For Income type accounts, select a Deferred Revenue type account.

        • For Expense type accounts, select a Deferred Expense type account.

        • Do not select the feature-specific, system-generated Deferred Revenue Clearing account.

      • If the new account is an account for which you want to include associated vendor transactions' amounts on 1099-MISC forms, select a 1099-MISC Category.

        • These categories correspond to the boxes on the 1099-MISC form and cannot be added to or deleted.

        • An amount for a category is not reported on the 1099-MISC form until the threshold for that category is met. As soon as the amount per vendor is greater than or equal to the threshold amount, the total amount is shown on the form.

        • You can view and change the threshold amounts for each category at Setup > Accounting > Accounting Lists. Select 1099-MISC Category in the Type filter.

        • This field is not available on certain types of account records, where it is not relevant.

      • If you are creating an Other Current Asset type account and want the balance of this account included in the total balance of the Inventory KPI, check the Inventory box.

      • If you are creating a statistical account, see Creating Statistical Accounts.

3. If the Multiple Currencies feature is enabled and the Account Type is Bank, select a currency to associate with the account. (For other types of accounts, this field defaults to the base currency.)

4. For NetSuite OneWorld, select rate types for exchange rates used to value financials:

   1. Select a General Rate Type that is used to translate amounts for accounts in the income statement, balance sheet, and other general purposes.

   2. Select a Cash Flow Rate Type that is used to translate amounts for accounts in the cash flow statement.

   The Current rate is the effective rate at the end of a selected period.

   The Average rate is a weighted average of rates used for transactions posted during a selected period to accounts with an average general rate type.

   The Historical rate is a weighted average of rates used for transactions posted during a selected period to accounts with a historical general rate type.

   Following are the default rate types for accounts:

   • General Rate Type:

     • Current - for all balance sheet accounts other than equity accounts.

     • Average - for all income statement accounts.

     • Historical - for all equity accounts.

   • Cash Flow Rate Type: Average - for all accounts.

   For more details about rate types, see Consolidated Exchange Rate Types.

   Note:

   By default, Fixed Asset type accounts have a general rate type of Current. If you want to this an account of this type to use a historical rate, you need to change its general rate type to Historical.

5. If you use the Multiple Currencies feature and want to be able to select this account for revaluation, check the Revalue Open Balance for Foreign Currency Transactions box.

   You cannot select this option for COGS, Equity, Expense, Income, Non Posting, Other Expense, and Other Income accounts.

6. Check the Eliminate Intercompany Transactions box if this is an intercompany account used only to record transactions between subsidiaries. Amounts posted to intercompany accounts are eliminated when you run the intercompany elimination process at the end of an accounting period.

7. Enter a description of the account.

8. The Date field indicates the date for the account's opening balance.

   It defaults to the current date. You can modify it as necessary.

9. If you are not using NetSuite OneWorld, enter an opening balance for this account.

   If this account is a summary account, you cannot provide an opening balance.

   If you are using NetSuite OneWorld, you can enter opening balances only after you have created accounts. See Entering Opening Balances.

10. Check the Summary box to make this a reporting account record.

    Summary accounts are useful when you want to create a non-posting, inactive parent account that has active child accounts.

    Important:

    Checking the Summary box automatically inactivates the account.

    Checking the Summary box does not modify the state of the Inventory and Revalue Open Balance for Foreign Currency Transactions boxes.

11. To make an account inactive, check the Inactive box.

12. Enter classification information:

    1. If the Departments feature is enabled and you want to restrict the use of this account to a single department, select the department.

    2. If the Classes feature is enabled, and you want to restrict the use of this account to a single class, select the class.

    3. If the Locations feature is enabled, and you want to restrict the use of this account to a single location, select the location.

       Important:

       After you select a class, department, location, or a combination of segments, this account can be selected only on transactions where those segments are also selected.

    4. If you are using NetSuite OneWorld and you want to limit the use of this account to a subset of subsidiaries:

       1. Select one or more subsidiaries.

       2. Check the Include Children box to make the account available to all of the child subsidiaries of selected subsidiaries.

          Important:

          Inactivating and activating accounts may limit access to subsidiaries for users assigned custom roles.

    5. If Multi-Book Accounting is provisioned in your account, select the secondary accounting books to which this account is restricted when you make book specific secondary book transactions. Accounts restricted to only secondary accounting books are not available at book generic transactions.

       Note:

       The Restrict to Accounting Book field displays Active and Pending accounting books. Inactive accounting books are listed only if selected before the accounting book was deactivated.

       If you do not select a secondary accounting book, the account is available in all accounting books.

       In addition to secondary accounting books, the Restrict to Accounting Book field lists the primary accounting book. If you select the primary accounting book, the account is not available at book specific secondary book transactions. If you select the account at primary accounting book generic transactions and mapping is not defined, the transactions are posted to the same account in the secondary accounting books. For information on mapping, see Chart of Accounts Mapping.

       Important:

       Secondary accounting book restricted accounts are not available for budgeting. Budgeting is available only in the primary accounting book.

       Every page where you can select an accounting book and an account adheres to the defined restrictions. For example, for Amortization and Revenue Recognition journal entries, the Original Account, Target Account, and Deferral Account fields display the restricted accounting books. For Allocation Schedules and Intercompany Allocation Schedules, the Source Account, Destination Account, Credit Account, and Intercompany Account fields display the restricted accounting books. If the account is not restricted to an accounting book, journal entries are posted to the same accounts in the secondary accounting books. For Account Mappings, the Source Account field lists all accounts that are available in the primary accounting book and the Destination Account field lists accounts that are available in the restricted secondary accounting books.

       Statistical accounts do not have accounting book restrictions because these accounts do not appear at book specific transactions.

       You can restrict an account to additional accounting books after transactions are posted to previously restricted accounting books.

       A restricted account displays in reports.

13. If you have the GL Matching SuiteApp installed, check the Include in GL Matching box if you want to include this account for GL Matching or account reconciliation. Including an account in GL Matching enables you to select this account type from the Account dropdown filter in the GL Matching Dashboard. For more information, see GL Matching.

    Note:

    You cannot include the following account types in GL Matching: Cost of Goods Sold, Expense, Income, Non–Posting, Other Expense, and Other Income.

14. Click Save.

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