ANS-1391 · CSV IMPORT & DATA MIGRATION
How to Import Monthly End Balances into NetSuite via Journal Entries
Learn the best practices for importing monthly financial balances into NetSuite using journal entries, including considerations for inventory asset accounts.
Short answer
Importing end-of-month balances into NetSuite is efficiently managed through journal entries. Import balances dated the last or first day of each month, ensuring only the delta is imported for subsequent periods. For Inventory Asset accounts, initial journal values must be zeroed out before importing actual inventory values, as item records will set the final inventory value.
Scenario
Organizations often need to import periodic financial balances, such as end-of-month figures, into NetSuite. This process requires careful consideration to ensure data accuracy and proper accounting treatment, especially when dealing with recurring imports and specific account types like inventory assets.
Solution
The process for importing end-of-month balances into NetSuite primarily involves using journal entries.
Import balances dated either the last or first day of each month.
For subsequent months, ensure that only the delta (change) in balances is imported to avoid duplication.
Pay special attention to Inventory Asset accounts, if they are in use.
It is acceptable to set initial inventory values using journal entries before the first inventory adjustment or worksheet.
However, it is crucial to zero out these journal-entered inventory values immediately before importing actual inventory values, as the inventory value will be determined by the actual items themselves.
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