Mastering Intercompany Journal Entries in NetSuite: Step-by-Step Guide
June 10, 2025
Mastering Intercompany Journal Entries in NetSuite: Step-by-Step Guide
NetSuite intercompany journal entries are a specialized type of NetSuite journal entry designed for OneWorld accounts, enabling seamless transaction posting between different subsidiaries. Unlike standard journal entries, which are limited to a single subsidiary, intercompany journal entries allow businesses to record transactions involving multiple subsidiaries, ensuring accurate financial tracking across entities.
Enhanced Features of Advanced Intercompany Journal Entries
The advanced version of intercompany journal entries introduces powerful capabilities to streamline multi-subsidiary transactions. This feature allows users to:
Define multiple receiving subsidiaries for greater flexibility.
Change the base currency to any currency configured in the system.
Utilize the Auto Balance functionality to simplify reconciliation.
To create Inter Company journal entries, follow these steps:
Navigate to Transactions > Financials> Make Intercompany Journal Entries .
In the Classification section, choose the subsidiary that is initiating the ledger transaction. You need to select the subsidiary before you can accept or choose the currency.
The first line of this journal entry must be posted to the selected subsidiary.
In the Primary Information section, either accept the default number in the Entry No. field or enter a different number.
Enter all the required information ,in the primary information section .
If you have enabled Departments, Classes, or both on the Company subtab of the Enable Features page, select the appropriate classification to associate with this journal entry.
On the Lines subtab, enter the detailed information for each journal line.
On the Communication subtab, you can attach files and notes to this transaction.
If the Multi-Book Accounting feature is enabled in your account, the Accounting Books subtab will appear. This subtab displays any secondary books along with their respective base currencies and exchange rates.
