The globalization of business continues to be driven by several factors, including the growing presence of multinational corporations, global capital markets, foreign direct investment and economic interdependence. At the same time, investors, bankers, shareholders, customers and other financial statements users exist all over the world, specifically in countries that have their own unique sets of accounting standards.
With NetSuite Version 2014 Release 2, we are excited to introduce NetSuite Multi-Book. Whenever the same business event requires different accounting treatment because of industry-specific rules, country-specific rules or both, different reporting outcomes will occur. To report financial results within compliance based on multiple accounting standards concurrently, accounting departments can now leverage Multi-Book to comply with any standard.
Automated accounting rule-driven engine. Multi-Book eliminates data entry replication and reduces the need for error-prone manual adjustments from processes due to managing multiple books per accounting standard. Using a powerful rule-driven engine, accounting departments can now create business transactions and automatically post the activity to all books efficiently in accordance with the appropriate accounting standard. With prebuilt mapping capabilities between your primary and secondary chart of accounts, Multi-Book can record all book-specific activity based on a single business transaction for the general ledger, revenue recognition, expense amortization, depreciation (Fixed Assets Management SuiteApp), P&L allocations and more.
Foreign currency management. Multi-Book enables accounting departments to record transactions using book-specific functional currencies. Based on exchange rates stored in the system, Multi-Book can automatically calculate the general ledger impact for all books, including the realized and unrealized foreign currency gain/loss amounts per transaction.
Real-time financial reporting and analysis per book. Leveraging an automated rule-driven engine, Multi-Book provides real-time visibility to see accurate “flash” financials for any book—standard financial reports, VAT/GST reports (International Tax Reports SuiteApp), saved searches and more. Run your financial operations and manage multiple sets of financial books efficiently and issue your financial statements in accordance with whichever accounting standards are required. Additional fees may apply for this feature.