How To Enter General Journal Transactions

🚨 How to Enter General Journal Transactions in NetSuite 🚨

This tutorial explains the step-by-step process for entering general journal transactions in NetSuite, ensuring accurate financial record-keeping.

Step-by-Step Guide 📋

1. Navigate to Journal Entries 🖥️

• Go to Transactions > Financial > Make Journal Entries.
• This is where you adjust balances in your general ledger accounts.

2. Fill Out the Journal Entry Form 📋

• Entry Number: Accept the default or enter a new number (auto-generated if your account supports it).
• Subsidiary:
  • For NetSuite OneWorld users, select the appropriate subsidiary under Classification.
  • Journal entries cannot span multiple subsidiaries; use intercompany journal entries for that.

3. Select Currency (If Applicable) 💱

• If your account supports multiple currencies:
  • Choose the currency from the dropdown.
  • Modify the exchange rate if necessary.

4. Approval Process ✅

• If you have approval permissions:
  • Check the Approved box to finalize the entry.
  • If unchecked, the entry remains unposted until approved.

5. Set Date and Posting Period 📅

• Enter the date for the journal entry or use the default Today’s Date.
• If fiscal periods are enabled:
  • Select an open posting period, subject to role permissions.

6. Create a Reversal Journal Entry 🔄

• Check the Defer Entry box and set a Reversal Date to create an automated reversing journal entry.

7. Add Line Items 🧾

• Go to the Lines Subtab:
  • Select the Account for each line.
  • Enter Debit and Credit amounts.
  • Watch the Out of Balance field to ensure the journal entry balances.

8. Use Optional Fields (If Applicable) 📝

• Revenue Recognition or Amortization:
  • Select templates and enter start/end dates.
• Classification: Assign Departments, Classes, or Locations.
• Attachments: Add supporting documents in the Communication Subtab.
• Multi-Book Accounting: Review secondary books in the Accounting Books Subtab.

9. Save and Review 💾

• Ensure the Out of Balance field is empty before saving the journal entry.

10. Key Notes 📝

• Subsidiary selection is critical for NetSuite OneWorld users.
• Use the Defer Entry option for automated reversals.
• Always check the Out of Balance field before saving to avoid errors.

Congratulations! 🎊 You’ve successfully entered a general journal transaction in NetSuite. 🌟🎉

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