Who Needs Multi-Book?
• Companies that have a legal obligation to maintain additional sets of books.
• Companies that want to keep another accounting book to track differences between accounting and tax books.
• Global companies that need to use different accounting principles in certain subsidiaries.
• International companies that have a complex definition of local statutory Chart of Accounts.
• International companies that must use different functional currencies
in certain subsidiaries
Advantages of NetSuite Multi-Book Accounting
• Adjusts financial results on a per-book basis to report on different managerial and regulatory compliance metrics or currencies.
• Eliminates data entry replication and reduces the need for error-prone, manual adjustments to the accounting and reporting processes.
• Provides a rule-driven engine where accounting departments can create business transactions while automatically posting the activity to all books, in accordance with the appropriate accounting standards.
• Records all book-specific activity based on a single business transaction for the general ledger, revenue recognition, expense amortization, depreciation, P&L allocations and more.
• Supports historical data reporting considerations for the secondary ledger
How Yantra Enhances the Multi-Book Experience
• Determines how NetSuite Multi-Book accounting can fit your organizational needs.
• Discusses system considerations and prerequisites for implementing Multi-Book.
• Identifies historical data reporting considerations.