In this Suite Guide, Senior Functional Consultant Aldamer Orca will discuss how to present monthly balances in the consolidated balance sheet.
To access the NetSuite balance sheet, users can navigate to Reports > Financials > Balance Sheet. Select the subsidiary context of the parent company, consolidated, and go to the column drop-down. As you can see, the accounting period option is not available. But if I go ahead and select the parent company, and then toggle back to the column drop-down, the Accounting Period option will now appear in the column drop-down.
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So if I click refresh, this will show me the NetSuite balance sheet by month, with reports at the per-month or monthly comparative level. To run the reports at the consolidated level, as you do at the parent level, you need to customize the report by clicking the Customize button below.
Showing the Balances per Month in the Consolidated Balance Sheet
Go to the Edit columns portlet and then click on the Financials section. Click the amount, then click the custom label. We can rename it to the period we need, for example, January 2022.
And then on the alternate period range type, select relative to today’s date. And then, in the alternate period range, click custom, and you will have the option to select the period. So for this one, we’ll select January 2022. As soon as we hit preview, select the consolidated level, and refresh, we will see the month we need for January 2022. So you just have to repeat the process during the customization and then select under financials, the Amounts, then another amount column here appears, just change the custom label to February 2022, and then for Alternate Period Range Type to today’s date, and then just select the period to custom and then select February 2022. And then click on Preview or save.
This will allow you to run the report on a per-month or per-period basis.
Wrapping Up
As a highly accredited NetSuite Solution Provider, ScaleNorth is well-positioned to help you with the full scope of your NetSuite customization needs. If you require more NetSuite assistance, contact ScaleNorth today.
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About the Author
Al Orca is a seasoned Senior NetSuite Implementation Consultant with nearly eight years of experience. He specializes in optimizing Order-to-Cash, Record-to-Report, and Procure-to-Pay processes. With a degree in Accounting and an ongoing pursuit of a Master’s in Business Administration, Al brings his work a unique blend of financial expertise and technological proficiency.