NetSuite journal entries data upload is a critical part of any NetSuite implementation. This training is focused on uploading or migrating GL data from one system to another. Typically, we are migrating data from QuickBooks to NetSuite. Journal entries have some unique challenges so we created this training session with step-by-step details to share.
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.
The requirement for any data migration is the chart of accounts. Once you have a solid foundation, you then upload the AP and AR transactions and the general ledger activities.
Journal Entries Activities Upload
Here are three requirements to keep in mind as we prepare and upload journal entry activities.
Requirement 1: Journal entries require an external ID. The external ID is a reference number or journal entry name. Internal IDs are the reference numbers that NetSuite automatically creates so the system generates system reports. As the user, you can you’re your existing journal entry naming convention like “May 2016 Payroll JE”.
Requirement 2: Journal entries have to balance between debits and credits, to the penny. We run into circumstances when the data exported from the original ERP system is a calculated number like foreign exchange rate or cost of inventory x quantity. When exported into excel, the numbers extend more than 2 decimal points. An example is inventory cost is “$1.10”. When we look at the journal entry was really is 1.1023. Those extra 23 the digits after the decimal points make a difference because the system thinks the journal entry is out of balance. We‘ve spent a lot of time troubleshooting it finding that one cell that doesn’t match up.
Requirement 3: We uploading journal entries for multiple subsidiaries, the journal entries for each subsidiary have to be grouped together. For example, we may have the US as the parent company, UK as a subsidiary and Asia as another subsidiary. All the journal entries for UK must be group together or sorted together to be uploaded. If not, the upload gets rejected.
Here’s an example of a journal entry upload file from excel.
We are showing you a small snippet of available fields. The External ID is your journal entry name. In the memo field, we can add comments or details. You may have subsidiaries and you may have departments.
Below are the steps in NetSuite to complete this upload.
Go to: Setup → Import/Export → Import CSV Records
Choose import type as Transactions and record type is Journal Entry
Choose the file that you want to upload and then click next
Choose add and click next
Everything in Fields Mapping should be match.
Click the pencil icon for Subsidiary and choose Internal ID under reference type then click done. Then click next.
Type a name for your file and click Save & Run
When you have successfully uploaded, you will get the green confirmation box. Click on the Import Job Status to verify all the records uploaded.
And now we will see 2 records imported successfully. And we’re done.