NetAsset - Full Multi-Book Combinations and Implications
Overview
Multi-book generates journal entries based on the value specified in the Accounting Book fields on the asset record. This article outlines various scenarios and provides examples of the corresponding journal entries that are created in each case.
Prerequisites
In order to run a journal entry to multiple accounting books, you have to first ensure that you have correctly configured your multi-books and generated alternate depreciation schedules.
General Ledger Impact of Multi-Book Combinations
No Accounting Book Specified
This scenario applies when the Accounting Book field is not populated in the Primary Information section or the Alternate Schedule section.
In this case, when you run your journal entries, the system will generate a NetAsset Capitalization Entry on the main schedule that is booked to every accounting book that has been configured in NetSuite. The Alternate Schedule will not generate a journal entry.
Accounting Book Specified
This scenario applies when the Accounting Book field in both the Primary Information section and in the desired Alternate Schedule section is populated.
In this case, when you run your journal entries, the system will generate a Book Specific Journal Entry for each specified accounting book; one on the Main Schedule and one on the Alternate Schedule.
Accounting Book Specified in Alternate Schedule Only
This scenario applies when the Accounting Book field in the Primary Information section is left blank but is populated in the Alternate Schedule section.
In this case, when you run your journal entries, the system will generate a NetAsset Capitalization Entry that will be booked to every accounting book and also a Book Specific Entry for the Accounting Book listed in the Alternate Schedule field.
Because the Secondary Book is hit in both journal entries, the system automatically generates a reversal entry to avoid double booking in the Secondary Book. You can view this entry on the Related Records subtab.
Otherwise you can also view this entry by navigating to the Depreciation Schedule on the asset record, then selecting Edit on the schedule line your journal is tagged to.
From here, scroll down until you see the task bar with the option “Multi Book” listed. This will preview the journal entry number of the reversal entry.
Next, type in the journal entry number into the global search bar. From here, you will be able to view the reversal journal entry that NetAsset ran.
Note: You can also navigate to the reversal journal entry by editing the "Depreciation Schedule" sublist to show the reversal column on the schedule.