Use journal entries to adjust the balances in your general ledger accounts without entering a posting transaction. A general journal entry records debits and credits to be posted to ledger accounts. General journal entries adjust the value of any set of accounts without entering transactions such as invoices or bills. All accounting transactions are recorded through journal entries that show account names, amounts, and whether those accounts are recorded in debit or credit side of accounts.
Making of Journal Entries
If you want to create journal entries manually, then
Go To Transactions >> Financial >> Make Journal Entries >> New
Select a Subsidiary if you use NetSuite OneWorld. Subsidiary is in the Classification section. You must select the subsidiary before you can accept or select the currency. If you use the Multiple Currencies feature, in the Primary Information section, accept the default Currency or select the currency used for all amounts in this journal entry. If you use NetSuite OneWorld, the Currency field displays the base currency of the subsidiary selected in the Subsidiary field.
For general journal entries, the currency defaults to the base currency of your company or root parent subsidiary. You can select any other currency available in your account. If you do not use NetSuite OneWorld, the Currency field defaults to the base currency of the company.
The Exchange Rate field displays the default exchange rate of the selected subsidiary, If you have journal approval permission, check the Approved box to approve your journal entry, If you do not check this box, this entry does not post until it is approved. In the Account field, select the ledger account to be affected by this journal entry.
The list of available accounts is filtered according to any class, department, and location restrictions set for your role. Accounts that are associated with classes, departments, and locations to which your role does not have access are not available in the Account list. Enter the Debit or Credit amount for the line. Review the Out of Balance By fields at the top of the form as you enter journal lines. They indicate whether the debits and credits in the journal entry balance.
Making Of Intercompany Journal Entries:
Intercompany journal entries are a specialized type of journal, specifically for OneWorld accounts. Use intercompany journal entries to post transactions between subsidiaries, You cannot associate a regular journal entry with more than one subsidiary. For journal entries between two subsidiaries, make an intercompany journal entry.
If want to create Intercompany Journal Entries, then
Go To Transactions >> Financial >> Make Intercompany Journal Entries >> New
For intercompany journal entries in OneWorld, the currency defaults to the base currency of the selected subsidiary, but can be changed to the currency of the To Subsidiary.
For intercompany journal entries in OneWorld,Exchange rate field displays the To Subsidiary's currency to the Subsidiary's currency. You can edit the exchange rate for this transaction only, or you can update the currency exchange rates list.
In the Classification section, select the subsidiary initiating the ledger transaction. You must select the subsidiary before you can accept or select the currency. The first line of this journal entry must post to the selected subsidiary.
If one of the subsidiaries uses a base currency different from the selected currency, the journal entry is translated into that subsidiary's base currency before it posts to that subsidiary's ledger. This translation is based on the exchange rate entered on the intercompany journal form. The Exchange Rate field is the current exchange rate between the selected currency and the base currency of the other subsidiary in the transaction. You can edit the exchange rate on this form for only this transaction. To affect additional future transactions, you can also update the currency record with the entered exchange rate.
In the Subsidiary field, select the subsidiary to associate with this journal line. Only the Subsidiary or To Subsidiary can be selected. The first line of this journal entry must post to the subsidiary selected in the Subsidiary field. Lines subsequent to the first may post to either the Subsidiary or To Subsidiary.
