Chart of accounts when multiple subsidiaries are involved globally

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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.

Rookie Asked on January 23, 2023 in Accounting.
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3 Answer(s)
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Hi,

In NetSuite, you would typically not have an account per subsidiary, although some companies do retain this format from legacy systems.

You can use 10000 for all subsidiaries since each transaction will already be linked the the relevant subsidiary.

I hope that makes sense.

Thanks,

Chris

Intermediate Answered on January 24, 2023.
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Thank you so much.

In our case, what we wanted was that all subsidiaries must use standard 5 digit account numbers, with an option to add extra 3 digits in the end, to create their own accounts.

For instance : 15000 for Buildings (fixed assets)

subsidiary A can create an account 15000-001 and call it Building in montreal

subsidiary B can create 15000-001 and call it building in beijing

Looks like Netsuite does not allow the above proposal as accounts can not overlap. Is that right?

Rookie Answered on January 24, 2023.
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Hi,

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.

Thanks,

Chris

Intermediate Answered on January 25, 2023.
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