Turn your general ledger into a dynamic business asset

What is NetSuite General Ledger?

NetSuite general ledger (GL) automates core accounting processes and provides a flexible structure that adapts to the needs of any organization. Customize account types, transactions and reporting segments to meet unique business requirements. Reduce reliance on manual data entry with real-time bank integration, rules-based transaction matching and auto-posting of journal entries. NetSuite gives finance and accounting professionals the tools they need to maintain accurate financial records, produce detailed reports and close the books on time.


Trust Your Data

Say goodbye to broken formulas in spreadsheets. With all your finances in one place, you get accurate figures and effortless reconciliation.


Static to Dynamic

Your general ledger should support the unique structure and requirements of your business. NetSuite lets you control how your GL operates with custom workflows, transaction types and more.


Run Your Business Anywhere

Access your books anytime, from any internet-connected device — phone, tablet or computer — so you’re always on top of business financials.

Before NetSuite, Larkin spent hours each month creating profit and loss statements and reports for individual business entities, then adding them to Excel and consolidating data for leadership. Now, I can get all that by clicking a button. It's night and day.

Ian Larkin
Controller, CentralReach

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NetSuite General Ledger Benefits


  • Add Efficiencies. Save time with automated journal entries, data imports, transaction matching and bank reconciliation.
  • Increase Accuracy. Eliminating the need for complex GL codes improves the quality of reporting data.
  • Make Better Decisions. Custom reporting segments and multidimensional analytics deliver the information you need to make sound business decisions.
  • Go Global. Create different sets of books to comply with local and international accounting standards, tax rules and reporting requirements.
  • Faster Consolidation. Roll up financial results from subsidiaries automatically, without the need for manual adjustments.
  • Easier Closes. Minimize data-entry errors, missing transactions and other issues that delay the close process with automated account reconciliation and exception management.

NetSuite General Ledger Features

The general ledger is the core of every accounting system. It must be dynamic, adaptable and scalable. NetSuite general ledger gives companies the flexibility, insights and control they need to keep up with fast-changing business requirements.

Automation

Eliminate manual journal entries. Adding custom GL impact lines to transactions across single or multiple accounting books reduces the time and effort required for account reconciliation, closes and audits. Automated journal-entry approval workflows verify criteria, like threshold amount and approval limits, before the journal is posted. NetSuite GL automates amortization and depreciation schedules, P&L allocations and other routine calculations.

NetSuite journal dashboard

Chart of Accounts

Say goodbye to complex tracking codes and hello to a simplified chart of accounts structure that organizes financial and statistical data for simplified reporting.

NetSuite Chart of Accounts dashboard

Segments

Define unlimited custom GL segments, such as profit center, fund, program, product line and more, in addition to standard subsidiary, class, department and location segments. Improve accuracy and save time by ensuring adherence to double-entry accounting principles and balancing data across all segment combinations.

NetSuite segment dashboard

Budget Tracking

Gain the ability to track — in real-time — revenue and expenses against predefined budgets created with NetSuite Planning and Budgeting or imported as .csv files.

NetSuite Budget Tracking dashboard

Banking Integration

Get cash flow insights at a glance. Connect to thousands of financial institutions around the world, automatically import bank and credit card data into NetSuite and reconcile statements with general ledger accounts. An intelligent rules engine compares bank data with existing transactions, automatically reconciling matching entries and flagging exceptions so they can be addressed.

NetSuite Banking Integration dashboard

Multiple Books

Eliminate data entry replication and reduce the need for error-prone manual adjustments to your accounting and reporting processes with NetSuite multi-book accounting capabilities. Managing books aligned with various accounting standards is simpler with prebuilt mapping capabilities linking primary and secondary charts of accounts and book-specific functional currencies. The NetSuite multi-book engine records all book-specific activity based on a single business transaction from the general ledger, including revenue recognition, expense amortization, depreciation, P&L allocations and more.

NetSuite Multiple Books dashboard

Multiple Currencies & Tax Structures

Maintain accurate tax records, with the correct details in the right currencies, wherever your customers and partners do business. Record transactions in both the local currency and your company's base currency — simultaneously. Automatically manage currency conversions using up-to-date exchange rates, saving time and minimizing errors. NetSuite eases compliance with local and international tax rules, including income, VAT and other sales and use levies.

NetSuite Multiple Currencies & Tax Structures dashboard

Reporting

Custom reporting segments allow multidimensional analysis of financial and operational data. Automatically consolidate subsidiary financials and create reports under multiple accounting standards. Schedule reports to be generated and emailed daily, weekly or monthly.

NetSuite reporting dashboard

Challenges NetSuite General Ledger Solves


  • Inefficient Manual Processes. Automate repetitive tasks, like creating journal entries, reconciling bank and credit card accounts and generating consolidated financial statements.
  • Complex Chart of Accounts. Eliminate the need to capture operational details for reporting while still supporting unlimited accounts and sub accounts.
  • Inflexible GL Structure. Customize account codes, transaction types, GL impacts and reporting segments to tailor the general ledger to fit your company’s business structure.
  • Closing the Books. Automated transaction matching, exception management and approvals and a customizable close-management checklist helps accelerate the close process.
  • Financial Consolidation. Automatically roll up subsidiary-level reporting data into consolidated financial statements.

How Much Does NetSuite General Ledger Cost?

Companies of every size, from pre-revenue startups to fast-growing businesses, have made the move to NetSuite. Looking for a better way to run your business but wondering about the cost?

Users subscribe to NetSuite for an annual license fee. Your license is made up of three main components: core platform, optional modules and the number of users. There is also a one-time implementation fee for the initial set up. As your business grows, you can easily activate new modules and add users — that’s the beauty of cloud software.

General ledger capabilities are included with the NetSuite platform license.

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