Easily Import Trial Balance into NetSuite for Simple Accounting

IT Services and Consulting | Australia

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Consider a scenario where you receive multiple templates holding financial data from your business locations. How can these reports be correctly added to your system to verify that the accounts are clear and accurate? Can any errors in the balance sheet be sorted, even when there are multiple files and templates? 

Yes, they can! This case study illustrates how we've achieved this by automating the journal entry creation with the Trial Balance reports via NetSuite. 

Client Portfolio

An Australia-based IT services and consulting company approached us to import their Trial Balance report into NetSuite for better financial management. With multiple subsidiaries, they had various reports containing credit, debit, and other account information that needed to be accurately recorded and used to create associated journal entries.

Problem Statement 

Our client, a global organization with multiple subsidiaries, was facing challenges in managing its accounting processes. Each subsidiary used a different accounting system, making it difficult to consolidate financial data across the organization. The client required a solution that would allow them to import Trial Balance (TB) files from these various systems directly into NetSuite without requiring any modifications to the data. 

Currently, the process involved converting data into the NetSuite CSV template before importing it, which was time-consuming and prone to errors. 

What We Suggested

To address the client’s challenges, we proposed a customized solution that would automate the Trial Balance data import process. The goal was to simplify this process by enabling the direct import of TB files into NetSuite and automatically create Journal Entry transactions without the need for manual data transformation. 

Key Features of Our Solution: 

Automation of JE Record Creation: 

• Implemented a process where subsidiary-wise Excel files could be directly used to generate Journal Entry records in NetSuite. 

• Eliminated the need for converting data into NetSuite’s CSV template, making the process more efficient. 

File Management System: 

• Developed a mechanism where processed files would automatically be moved to another folder within the corresponding Subsidiary folder for future reference. 

• Ensured organized file management, reducing the risk of misplaced or duplicated files. 

Error Handling and Notifications: 

• Introduced a robust error-handling mechanism where files with validation failures would be moved to a ‘Failed Files’ subfolder. 

• Implemented an automated email notification system to alert designated users of any errors, providing clear reasons for the failure.

Challenges

During the implementation, system compatibility was a major concern. Integrating multiple subsidiary systems into a unified process posed compatibility challenges, particularly in ensuring that the different formats of TB files could be processed uniformly.

Customer Success 

The customized solution led to significant improvements in the client’s financial data management processes. 

Improved Efficiency: 

• The new process reduced the time spent on data transformation and manual Journal Entry creation, allowing the client to focus more on financial analysis. 

• Optimized the consolidation of financial data from multiple subsidiaries, enabling faster and more accurate reporting. 

Enhanced Accuracy: 

• The elimination of manual data transformation significantly reduced the risk of errors, leading to more reliable financial records. 

• The error-handling system ensured that any issues were promptly identified and addressed, maintaining the integrity of the data. 

Faster Review: 

• The automated email notifications provided users with clear and actionable information, enabling them to quickly resolve any issues. 

• The organized file management system made it easier for users to track and manage their financial data. 

    • 80% reduction in manual work with automated JE creation. 
    • Major decrease in errors during the financial data import process. 

Way Forward

With the customized Trial Balance import system, the client is now well-positioned to continue improving their financial management processes. The automated process has also minimized the risk of errors, ensuring that financial records are accurate and up-to-date. Additionally, the error-handling mechanism provides a reliable way to address any issues that arise, keeping the client informed and in control. 

Are you looking for an efficient way to simplify your account management? Need to automate time-consuming manual processes? Contact us today to enhance your operations with our automated solution.