NETSUITE TUTORIAL

Module 2 – Chart of Accounts and Journal Entries

Objectives

In this module, you will

 View the Chart of Accounts

 Create general ledger accounts
 Enter and delete journal entries
 Design a custom transaction detail report

If you make a mistake in this training environment, you may back out or delete your work or
simply start over again

2 – 1: Viewing the Chart of Accounts and Creating a New General

Ledger Account
In this exercise, you will view your company’s chart of accounts and create a new general ledger
account.

General Ledger (GL) information is transaction-based. Journal entries are created in the General
Ledger after a transaction is posted (saved). The General Ledger classifies all transactions by accounts
to accurately record financial information about your business. The main types of NetSuite accounts
include asset, liability, equity, income, cost, and expense. Perform the following steps to view your chart
of accounts and add a new GL account.

1. Log in to your NetSuite account with your assigned Email address and your new password. This
time you will not have to change your password or set your default role.
2. Access your Chart of Accounts by navigating to Setup > Accounting > Chart of Accounts.
 ACCOUNTING MODULE #2 REVISED DEC 2015 DR. JOYCE K. BRYER – INDIANA UNIVERSITY

2. Click on any account name in the Account column to view all the transactions posted to the
account. Transactions will normally be posted for accounts that have a non-zero balance.
3. To create a new GL account, navigate to Setup > Accounting > Chart of Accounts, and then
New. The New Account page opens.

4. Enter the following information:

 Account Number: 1422
 Name: Automobiles
 Subaccount of: 1420 Machinery & Equipment. You can select this account by clicking on the
double arrow and selecting List.
 Type: Fixed Asset

5. Click the Save button. Navigate to Setup > Accounting > Chart of Accounts and verify that your
new account has been added.

2 – 2: Entering Journal Entries

In this exercise, you will enter journal entries into the General Ledger for a cash advance from the
Petty Cash account.

1. Navigate to Transactions > Financial > Make Journal Entries. The New Journal page displays.
Note that NetSuite has already assigned a unique transaction number, Entry No, to the journal
entries that you will be entering. Make a note of this number.

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2. On the Lines tab, enter the following information.

 Account: Select 1150 Employee Advances from the list of accounts.
 Debit: 200
 Click the Add button below this line item.
 Account: Select 1006 Petty Cash
 Credit: 200
 Click the Add button again below this line item.
3. Click the Save button to post your journal entries. You may want to write down the transaction
number, which you will use later.

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2 – 3: Deleting Journal Entries

In this exercise, you will learn how to delete (not void) a journal entry.

1. Navigate to Transactions > Financial > Make Journal Entries > List. The Journals page
displays a listing of several journal entry transactions. Remember, your NetSuite account has
been pre-populated with many transactions in order to simulate a viable business operation.

2. Click the Edit link for any journal entry transaction other than the new entry that you made in the
previous exercise.

3. Select More Actions at the bottom of the page and then select Delete. A window will prompt you
to verify that you want to delete the entry. Click the OK button.

4. If there are no related transactions, for example an invoice that has been paid or an expense that
has already been reimbursed, then the selected journal entry transaction will be deleted.

2 – 4: Designing a Custom Transaction Detail Report

In this exercise, you will learn how to use the Report Builder to customize a detailed transaction report
that will list the journal entries that you created in the previous exercise.

1. Navigate to Reports > Financial > Transaction Detail. The Transaction Detail page displays
many transactions that have been made during the date range indicated at the bottom of the page.
NetSuite transactions include all the financial information about your company including cash
sales, bill payments, invoices, quotes, journal entries, etc.
2. To narrow your report to list only your transaction, click the Customize button at the bottom of the
page. The Report Builder page displays.

4 steps to define a report

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3. There are 4 steps to define a report.

 Edit Columns – allows columns to be added, moved, and deleted
 Filters – allows selection criteria to be entered
 Sorting – allows sorting of the data within specific columns
 More Options – allows formatting and sharing of the report
Always be aware of which step you are in.
4. The first step is Edit Columns. The basic column structure lists Type, Date, Num, Name, Memo,
Account, Clr (cleared transaction), Split, Qty, and Amount. The default columns are
satisfactory. So bypass this step by selecting the Filters step.
5. Click Filters. You can enter filter (query) parameters in the Choose Filters section to select
specific transactions. Perform the following steps to retrieve the journal entry transaction that you
posted in the previous exercise.
 A Period filter is placed by default in the Choose Filters section. The easiest way to select
the transaction is by Date. Open the Transaction folder in the Add Fields pane on the left by
clicking on the plus sign next to the folder name. Scroll down and select Date.

 In the date filtering window enter the date range when you made your journal entry transaction,
and click the Done button.
 Click the Preview button on the lower right corner of the page. All the transactions for your
selected date range are displayed. You will need to add another filter to narrow your results.
 The default report sort sequence is by Type. Scroll down and find the Journal transactions. If
you wrote down the Entry No number of your journal entry transaction, you can identify your
journal entries by their transaction number listed in the Num
 column.

You may have a different

transaction number here.

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 ACCOUNTING MODULE #2 REVISED DEC 2015 DR. JOYCE K. BRYER – INDIANA UNIVERSITY

 In order to select only your journal entries, click the Return to Customization button to return
to the Report Builder page. Verify that the Filters step is still selected.
 Open the Transaction folder again and select Transaction Number. This field will create a
transaction number filter on the right side of the page.

You may have a different

transaction number here.

 Set the filter to equal to. Enter the transaction number for your journal entries in the selection
field. An alternative method is to click on the drop down list to the right of the field. The
Choose Transaction Number window opens. Select your transaction number from the list by
clicking on the green arrow to the left of the number. You may have to select a new range of
transaction numbers at the top of the window. Click the Done button to complete the selection.
 Your Filters window should now look similar to the following picture.

Filter delete button is here

 Note: If you need to re-edit a filter, click on the specific filter in the Choose Filters pane and
make the appropriate changes. If you need to delete a particular filter, click the small square
containing an x on the right side of the filter.
 Click the Preview button to display the transactions again.
 Your Custom Transaction Detail Report should look similar to the following picture.

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 ACCOUNTING MODULE #2 REVISED DEC 2015 DR. JOYCE K. BRYER – INDIANA UNIVERSITY

6. The next step will demonstrate how to sort your transactions. This is not necessary for this
exercise. However, you will need to know how to do this for your assignment. Click on the Return
to Customization button.
7. Click on the Sorting step: Follow these steps to sort by Transaction Number.
 First, delete all the default sort fields on the right side of the page.
 Open the Transaction folder on the left side of the page. Scroll down and select the
Transaction Number (Sort) field to add it to the list on the right. The default is Ascending
sort sequence. Therefore, do not select the Descending check box. Click the Add button.
Note: If you ever have more than one sort field, you can prioritize the fields by moving them up
or down on the list.
 Your Sorting window should now look similar to the following picture.

8. Click the Preview button to view your report again.

9. When you are satisfied with your report, return to the Report Builder page and save this report
definition by clicking the Save button at the bottom of the page. The name of the saved report
template will be Custom Transaction Detail. You can re-use this report template in the future by
going to Reports > Saved Reports.
10. You do not need to print this report for this tutorial. However, you will need to print a transaction
listing for your assignment. You can do so by clicking the Print button at the bottom of the
Custom Transaction Detail report page.

- End of Module 2 -