As part of the journal integration with NetSuite OneWorld, there is the added benefit of automating the management of intercompany loans.
Connecting to NetSuite OneWorld is extremely straightforward and takes less than 2 minutes! Detailed instructions on connecting to NetSuite OneWorld can be accessed here
Posting intercompany journals with NetSuite OneWorld
Intercompany journal entries are a specialised type of journal available specifically for NetSuite OneWorld users. Intercompany journal entries adjust the value of any set of accounts without entering transactions such as invoices or bills. Using an advanced intercompany journal entry allows you to specify the originating subsidiary and multiple receiving subsidiaries for the journal entry.
The following enhanced settings in the payroll system will allow users to seamlessly post intercompany journals into NetSuite OneWorld:
Setting 1: Assigning Subsidiaries to Locations
In addition to assigning NetSuite classes and departments, users now have the ability to assign a subsidiary against each location. This will ensure that earnings assigned to the locations are posted against the associated subsidiary.
Setting 2: Assigning Subsidiaries to Pay Schedules
This is particularly beneficial for businesses with multiple pay schedules. Assigning a subsidiary against a pay schedule overrides the subsidiary setting in the Journals screen.
Setting 3: Assigning Loan Accounts in the Chart of Accounts
Users also need to configure the loan components of the payroll journal. These accounts will be used for posting the loan amounts between the relevant subsidiaries.
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