Financial Consolidation NetSuite one world combines the power of real time consolidated visibility, with powerful Multi-subsidiary and multi-currency financial management, from flexible subsidiary close management, to financial adjustments, to currency revaluation, to intercompany eliminations, and internal and external reporting. NetSuite accelerates the financials closed and conciliation process. Let’s see how Nelson Holdings uses NetSuite one world to drive its financial closed process.
Lock NetSuite out speeds flexibility and efficiency to accounting period management by providing outer glance view of historical accounting manuals and allowing users to lock the current accounting periods by general ledger, accounts receivable, accounts payable, payroll, and independently by subsidiary for complete control . A simple click is all it takes to lock a subsidiary’s and instantly update their status the helpful period closed check list walks the user through all the key steps to close including data and period mismatch, inventory adjustments, intercompany time and expansive and foreign currency revaluation.
Revaluation Financial controllers can run the month end foreign currency revaluation process for the open balances on accounts payable, accounts receivables, banks, and other miscellaneous accounts. In this example revaluation is based on Canadian dollars within the Canadian subsidiary contacts. NetSuite uses the month end spot exchange rates to revalue dose open balances and post unrealized gains and losses amounts to the proper accounts the systems will automatically reveries this unrealized gains and losses posting in the beginning of the next period results are returned in a report that shows the unrealized gains and losses interest for individual AP and AR transactions and real-time. Netsuite one world also makes it easy to view this information across subsidiaries and drill down to source transactions details.
Consolidate The conciliated exchange rate capability translate foreign currency amounts across subsidiaries at this stage of the close process users can enter currency rates NetSuite can automatically calculate based on current, average, or historical rates.
Eliminates NetSuite automatically evaluates intercompany accounts and post journal entries to eliminate any potentially over stated balance sheet and income statement items and provides the ability to drill down to see the elimination journal entries lines posted to the intercompany account for this particular balance account the results nets out to zero because both subsidiaries are operating in US dollars from here it is easy to drill down to the underline transaction.
Close One the process is completed by closing the period NetSuite period check list immediately reflects the lock and closed status.
Reports NetSuite provides a real-time consolidated gap SCC compliant reporting built to deliver a finely detail and highly formatted financial reports. This flexible reports can be generated from a variety of perspectives at every level of the business all to the amount of the currency or they could be broken down by location, accounting period, subsidiary, or more.
Summary of Benefits With NetSuite one would, Nelson Holding gets an accelerated finical consolidation process and a clear view from the consolidated level to subsidiary with currency management at every level. To learn more about NetSuite please contact us today.