I suggest you watch the video. It’s easier to understand if you are a visual/audio learner. The content below is the same as the video. It’s for those who learn by reading.
Data Migration Process Overview:
There are 5 steps in data migration process:
- Identify the data to be migrated
- Prepare the CSV file
- Upload the data in NetSuite
- Resolve the issues
- Validate the data
We’ve condensed everything down so you can repeat this as many times as necessary when you find mistake. You are going to go back to previous steps or you may have to start all over.
Here are the 5 types of data elements that you are going to upload.
The chart of account is always the first list to get uploaded and then you can upload employees, customers or vendors. The fixed assets is its own set of data. So we’ve separated that for different training session.
Let’s focus on chart of accounts.
The chart of accounts will be the first data to migrate in to NetSuite. Since it’s a foundation of a good accounting system it’s really important to migrate the chart of accounts correctly. Once transactions are in the General Ledger account, the GL account cannot be edited. You can merge and you can do other things but it’s more cumbersome.
- Tip 1: identify all the parent and children accounts. Any amounts posted in the child account would automatically be shown in the parent account. It basically rolls up. Like a fixed assets account, you may have a general fixed assets account and in there you maybe have software, furniture & fixture, building. All three of those accounts then roll in to the parent fixed asset account.
- Tip 2: identify the correct type of GL account ensures the system will work correctly. Is the account is a revenue account, expense account, or a posting account?
- Tip 3: identify the appropriate currency for the GL account. The US dollar is usually for the US. In NetSuite you’ll notice that US dollar is denoted as USA. That’s a NetSuite bug. We know that USD is correct denomination.
- Tip 4: identify company for each GL account. The GL account could be the parent account. You could include the children of the parent account into that same GL. The advantage of using NetSuite is being able to have the same chart of accounts across all of your subsidiaries.
- Tip 5: identify whether the GL account is a summary account. A summary account cannot be posted into. Basically it adds up all the sub account in to it but you can’t post directly in it.
- Tip 6: upload the chart of account and you needed to do it in 2 files. NetSuite can’t post a child account if a parent account does not exist. So first you need a parent account created and then the children accounts to roll up to it.
- Tip 7: assign 1 GL account for each bank or credit card account. The system only recognizes one GL account for 1 bank or credit card account per subsidiary per company.
- Tip 8: keep an updated chart of accounts mapping file to ensure accuracy when you migrating other data. What happens overtime is that you will do an upload and then you add an account number or you fix something and you forget about it. So we found that keep an updated chart of account mapping files is really important
Here is an example of a parent account and children accounts. As I mentioned, the fixed assets parent account is on top – 1600. Then you can have in 1601, 1602, 1603 for each of the child account.
Next is the actual NetSuite demo so that you see what it looks like in NetSuite.
After you log in to NetSuite go to: Setup > Import/Export > Import CSV Records
Once you are in the import assistance page select the following:
- Import type: Accounting
- Record type: Chart of Accounts
Choose parent file by clicking select button at the bottom and search for the CSV file that you want to import.
All the fields should be mapped correctly because the naming convention between NetSuite and excel is similar. Click the pencil icon next to subsidiaries.
Choose internal ID under the reference type then click next
Choose map name or enter map name and then save.
After you do the upload you will get a successful confirmation in the green box.
To view your job status, click on the import status link and you will see one record imported successfully.
You’ll see a history of all your various uploaded files.
To recap, we reviewed the 5 steps to the data migration process. We look at the list or the type of data that we have to upload. We specifically narrow in on the chart of accounts including a demo in NetSuite so that you can see the steps to upload.