RE: Chart of accounts when multiple subsidiaries are involved globally
We have a company with around 200 subsidiaries. Is it true that COA can not be designed on netsuite, having the same structure across all 200 subsidiaries?
Right now the way accounts have been created are 10000 for cash and bank
1100 is the parent entity code.
3710 is subsidiary in US
3720 is subsidiary in UK
3730 is subsidary in Germany
The way COA is created is 10-3710-10000 (the account for US subsidiary cash and bank)
10-3720-10000 (the account for UK subsidiary cash and bank)
10-3730-10000 (the account for Germany subsidiary cash and bank)
Is it not possible to just have account number as 10000 across all subsidiaries with an option for them to create sub accounts like Eg: 10000-1, 10000-2 and so on?
Is there a possibility not to have such Elongated account number across subsidiaries as this looks too long and tedious. And because we have 200 subsidiaries… each subsidary’s COA has long accounts like 10-3710-10000, 10-3710-11000, 10-3710-12000 and so on.
That’s correct. There’s one list of accounts in NetSuite.
The idea is that with Subsidiary, Department, Class, and Custom Segments that you can put it all in the same account and these extra pieces of data allow you to analyse.