We're created an example Go-Live task list for you to use as a template to create your own, using an example Go-Live date of 07/01/13. All of the steps described below reference activities that have been covered in prior sessions, so we haven't duplicated those details here.
Important: If your organization manages inventory, additional steps are required to add the inventory items and balances. Those steps will impact the opening balances and the processes described herein. Please review the Netsuite Essentials course if you need to manage inventory. |
Important: You will need to update the days listed below to the actual dates pertinent to your own go live date. |
On the last day of the closing period, reconcile bank accounts
On the last day of the closing period, update prepaid expenses. Keep note of each amount by vendor, type of expense, amount and number of months prepaid.
On last day of the closing period, finalize Accounts Payable balance
On last day of the closing period, finalize Accounts Receivable balance (including Grants) by Customer
On last day of the closing period, finalize the balance on Credit Cards and reconcile
NOTE: There may be a mid-month cutoff that you’ll need to address. See below.
On last day of the closing period, update Investment activity through the last day of the closing period and current.
From the first day of the new period to current, check that all Expenses in QuickBooks are recorded to the correct expense account and fiscal year. Print and export the Check Detail report before making any changes, in order to have a good trail supporting changes.
The following is a list of items you should have on hand to enter beginning balances in NetSuite:
Ensure names, numbers, account types and account/sub-account relationships are final.
Important: Account names and numbers can be changed later but types cannot, and account/sub-account relationships may require special processes to change. |
Important: It is important to delete all test transactions prior to going live. If you are unable to delete a test transaction, please contact NetSuite Support using the steps described in Session 6. |
Ensure that Vendors and Customer/Donors who have open balances are in the system.
When completed, the balance totals in your Asset, Liability and Equity accounts in NetSuite should be identical to the totals in your legacy system. Your Balance Sheet account names, numbers and the total number of accounts may have changed with your NetSuite Chart of Accounts, however, when completed, the balances must be the same.
Balance Sheet balances are established using a combination of some or all of the following record types in NetSuite:
NOTE: Other than Cash Sales and Deposits, the sequence of entering the above records is not critical. Cash Sales need to be entered first in order to show on the Deposit form. |
Ensure the “Expand Account Lists” preference is enabled. Go to:
Setup > Accounting > Accounting Preferences and ensure the second box is checked.
Create an Income Item to use on your Cash Sale and Invoice transactions. Go to:
Lists > Accounting > Items > Other Charge for Sale
In the Item Name/Number field enter “Open Balance”
On the Accounting tab, select the Unrestricted Net Assets Account
NOTE: If it’s not there, either the name of the account is something else, possibly Retained Earnings, or the step right above this one was skipped. Save |
Ensure the Payment Method “Check” is coded to Undeposited Funds. Go to:
Setup > Accounting > Accounting Lists
Select Payment Method from the Filter Type dropdown.
Click Edit on the Check type
Select the Undeposited Funds radio button
Save
Bill for a payable
Transactions > Payables > Enter Bills
Invoice for a receivable
Transactions > Sales > Create Invoices
Check for uncleared checks
Transactions > Bank > Write Checks
Cash Sale for Undeposited and the associated deposit (these are uncommon)
Transactions > Sales > Enter Cash Sales
Journal Entry – this only needs to include one or two asset and liability accounts, plus the Unrestricted Funds account. Ultimately this journal entry and be 40, 50 or even more lines and can take an hour or longer to do. The income statement can often take several hours.
The following describes the process of adding open and uncleared transactions.
Uncleared Checks
Reference Document Required: Bank statements; legacy bank rec if available (will indicate uncleared checks)
Enter all outstanding checks on the final date of closing period as follows:
Transactions > Bank > Write Check
Use the actual check dates, Vendor names and amounts. Post to Unrestricted Net Assets, not expense.
Uncleared Deposits
Enter all deposits in transit on the final date of closing period as follows:
Use actual deposit dates, customer/donor names and amounts, but post them to an Equity account (such as Unrestricted Net Assets, not an income account).
Reference Document Required: List of payables by vendor and bill
Enter a Bill for each vendor on the final date of closing period . Choose Unrestricted Net Assets from the Account column on the Expenses tab. Ensure the correct Payables account is selected if more than one is available.
Transactions > Payables > Enter Bill
NOTE: if the vendor owes a credit, enter via vendor credit |
Transactions > Payables > Enter Vendor Credit
Code to the appropriate Payables account and Unrestricted Net Assets on the Expenses tab
Reference Document Required: List of receivables by customer/donor and invoice
Enter an Invoice for each Customer/Donor on the day that ends the previous period. Use the Open Balances item created above. Ensure the correct Receivables account is selected on the Accounting tab if more than one is available (note that a customer may need to be chosen before an account will show in the Account dropdown).
Transactions > Sales > Create Invoices
NOTE: if the customer has a credit on file, enter via customer credit memo |
Transactions > Customers > Issue Credit Memos
Code to the appropriate Receivables account and Open Balance on the Item tab
Reference Document Required: Credit card statements from June and July (prior and current month)
Enter each individual charge in NetSuite, starting on the day after the June cutoff date. Charges should go to Unrestricted Net Assets, not expense.
Transactions > Bank > Use Credit Card
Reference Document Required: closing period Bank Statements; legacy system Balance Sheet (the Trial Balance may also be useful… double-check your report date!!); closing period and opening period credit card statements
Bank Balances
On your Journal Entry, Credit the balances from your bank statements on the final date of closing period and Debit Unrestricted Net Assets.
If Assets or Liability balances in an account are negative, do not enter negative numbers. For negative Asset values, enter the positive number in the Credit field. For negative Liability values, enter the positive number in the Debit field.
Reference Document Required: End-of-period Income Statement for the last fiscal year
If Income or Expense balances in an account are negative, do not enter negative numbers. If Income values are negative, enter the positive number in the Debit field. If Expense values are negative, enter the positive number in the Credit field.
In Session 1, we described how to add Employees as Users.