Your accounting system is critical to your business. That's why NetSuite applications offer powerful accounting tools to help you track every aspect of your finances, including: General Ledger and Chart of Accounts Accounts Receivable and Accounts Payable Banking, Online Banking and Online Bill Payment Employee Management and Payroll Financial Reports Inventory Management Order Processing, Sales Orders and Purchase Orders Time & Billing Here are some highlights of NetSuite's comprehensive accounting features:   General Ledger

General Ledger allows an unlimited number of accounts and subaccounts. Account numbers can be as long as 15 alphanumeric characters.

 

			You can also define your own accounting periods and close individual components separately.

More than 21 different charts of accounts have been predefined for different industries, but you can customize them even further if necessary. You can also set up as many departments and classes as you want to track.

 

			Entries automatically post to the General Ledger. Recurring journal entries can be memorized ...

... and reversing journal entries can be scheduled for automatic posting.

 

			The application always maintains a complete audit trail. In fact, because each application requires login, each record indicates the individual who made the entry and the time it was made.

			Multiple Currencies — available in NetSuite and NetSuite NetERP only. Conduct business with foreign companies, and record and track transactions in their currency. NetSuite automatically converts all foreign currency transactions to your base currency when posting to the General Ledger. The automated currency revaluation feature simplifies your period-end process by generating adjusted journal entries that reflect any exchange rate fluctuations affecting the value of open transactions.
	Accounts Receivable

			The trouble-free workflow of NetSuite's Accounts Receivable component lets you turn an estimate into a sales order with a single click, and a sales order into an invoice in another.
			Accept a payment for or issue a credit memo against the invoice in another click — without re-entering data. Customers can pay using one of several predefined or customized payment methods including cash, credit card, or electronic funds transfer (EFT). NetSuite applications allow an unlimited number of customers and let you drill down to transaction detail directly from the register.
			For all invoices and charges, NetSuite automatically calculates sales tax and finance charges and discounts based on customizable aging and payment terms.

Customers' charges can be rolled up into monthly statements, and all documents can be e-mailed or faxed directly from within the application.

 

			In addition, customers can view their transaction history and make payments online in their password-protected Customer Center. Credit card payments can even be approved and processed online. Accounts Payable offers the same flexibility so that you can manage your vendors, purchase orders, bills and liability payments in a similar manner.
	Banking, Online Banking and Online Bill Payment

			The banking features allow an unlimited number of bank accounts. You can write and print checks, or you can use the Online Bill Pay function to transfer funds electronically. You can also import bank statement data to reconcile it with all your accounting transaction data.
	Financial Reporting

Each NetSuite application includes powerful reporting capabilities that can build your financials and more. Since all transactions are entered in the same application and not several different ones, the reports are always current and complete. To learn more about reporting, see the Reporting overview. Multi-Company Consolidation — available in Net Suite and NetSuite NetERP only. The consolidation capabilities allow you to consolidate and generate financial reports on multiple companies in complicated multi-level business entity hierarchies, with full drill-down to the subsidiary company transactional data.

Employee Management and Payroll To learn about administration of employee information and payroll, see the Employee Management and Payroll overview.   Inventory Management To learn more about inventory control and costing, see the Inventory Management overview.   Order Processing To learn more about sales order capabilities, see the Order Processing overview.   Time & Billing To learn more about monitoring jobs and recording and billing time, see the Time & Billing and Job Tracking overview.   Switch Easily From Your Current Accounting Package With NetSuite, you can move easily from your outgrown accounting package to NetSuite's more productive integrated system that offers you ample room for growth-without worrying that you'll lose data. NetSuite applications contain conversion tools that allow you to important data from almost any other application, so that switching from your current application to a NetSuite application is as painless as possible. To learn more about our conversion tools and professional resources, see our Setup and Customization overview.   Conclusion NetSuite accounting features gives you all the power of a mid-tier accounting solution without the cost of installing, maintaining and troubleshooting. We take care of all of that for you. And your data is stored securely in our data center using high encryption and rigorous physical access controls. These two barriers ensure a higher level of security for your data than most businesses can provide for their data. To learn more about data security, see our Security & Reliability overview.   Next Steps Get a summary list of all the Accounting features to print out for easy reference. Or experience these Accounting features for yourself by starting a free trial of any NetSuite application. You can also watch a demo where we can guide you through the application components that interest you most. More questions? Have one of our representatives contact you.   Back to Net Results Marketing