Unpacking NetSuite 2026.1 Enhancements to Intercompany Elimination
Discover how NetSuite 2026.1 boosts intercompany elimination with enhanced transparency and data analytics through SuiteAnalytics.
The Intercompany Elimination feature in NetSuite 2026.1 has received significant upgrades, further optimizing financial consolidation processes and enhancing management insights. These enhancements streamline how businesses handle elimination journal entries, providing better transparency and deep analytics capabilities.
Key Enhancements
Viewing Source Transactions for Elimination Journal Entries
One notable improvement in this release is the ability to view source transactions for all balance sheet elimination journal entries. This is a substantial advancement for accounting teams, as it connects elimination journal entries back to their original transactions across various account types, including Accounts Payable, Accounts Receivable, and other asset and liability accounts. Understanding the origination of these transactions is crucial for auditing and reconciling intercompany eliminations.
Tip: To leverage this feature to its fullest, ensure that the 'Journal Entry Summarization on Intercompany Elimination' accounting preference is configured according to your organizational needs. This impacts how journal entries are grouped and presented.
New Dataset in SuiteAnalytics Workbook
Another critical enhancement is the introduction of a new Intercompany Elimination dataset within the SuiteAnalytics Workbook. This offers detailed visibility into all intercompany elimination journal entries. Importantly, the dataset facilitates:
- Filtering by Period: Easily narrow down data to specific accounting periods, which is essential for period-end reconciliations.
- Source Transaction Details: Obtain insights into transaction amounts, currencies, and consolidated exchange rates for better financial clarity.
Important Note: The accuracy of these details depends on data consistency. If source transactions are modified after an elimination run, consider re-running the elimination process to ensure the dataset reflects the most up-to-date information.
Best Practices and Configuration
For optimized use of these features:
- Ensure permissions for both elimination and source subsidiaries are properly assigned to users accessing the Intercompany Elimination dataset.
- Regularly review and potentially re-run intercompany eliminations after transactional changes to maintain dataset accuracy.
- Utilize the new enhancements to drill down and troubleshoot accounting discrepancies more efficiently across subsidiaries.
Key Takeaways
- Enhancements Improve Transparency: New features link elimination entries back to source transactions, enhancing traceability.
- Enhanced Analytics with SuiteAnalytics: The new dataset offers in-depth filtering and transaction detail capabilities.
- Configure Preferences Wisely: Adjust the Journal Entry Summarization preference for optimal data grouping and insights.
- Maintain Data Accuracy: Ensure data consistency by re-running eliminations post source transaction adjustments.
These enhancements in NetSuite 2026.1 collectively elevate the intercompany elimination process, aligning with best practices in financial management and compliance, ultimately providing corporate finance teams with more robust tools for accuracy and visibility.