Netsuite Upload Journal Entry Not in Balance Error

All-time Exercise: How to Upload a NetSuite Trial Balance

This article is relevant if you are working to upload a trial balance into NetSuite.

Background

During a NetSuite implementation, many times we are asked to constitute the historical balances to allow for comparative previous yr performance.  I find information technology rare these days for clients to desire transactional history in their new implementation.   While it is completely possible to do and so, the effort usually outweighs the benefits.

I wrote an article, Sequencing Data Imports to Go Live on NetSuite,  which  tin help  you organize the work required to get NetSuite ready for ongoing use. Getting the Trial Balance in typically can happen late in the projection.  But the most important step is to go the Chart of Accounts stable.

General Preparation Concerns to Upload the Trial Balance

Much of the piece of work required is to manipulate fiscal information to fit the new Chart of Accounts model.  This may be simple or complex depending on the nature of the original information and target chart structure.  Most of our clients want to restructure the Chart of Accounts to optimize financial reporting as role of their implementation.  The near pregnant claiming is to have information that is summarized in the source but is at present to exist separate into ii or more accounts in the new target chart model.  Yet, the opposite is usually like shooting fish in a barrel to handle: multiple source accounts to be summarized into a single new target business relationship.  In that location is no simple answer to information transformation requirements – except to say that it is a good idea to produce a way to trust your data manipulation work; the most common technique is to compare new balances to sometime.

I highly recommend that preparation piece of work be washed in a spreadsheet to organize the data prior to import.  Here are key concepts to consider:

1. Utilize CSV Journal Entry Import: A journal entry is needed for each trial balance menstruum.  Utilize a CSV "Transactions" blazon with a "Periodical Entry" tape type.  A single file approach with all our data is generally easier than a multi-file linked approach.
2. Import Balance "Debit":  Target a single cavalcade of balance data.  If the balance is positive, it will be a debit; if the balance is negative, it will exist a credit.
3. Avoid Retained Earnings Business relationship: NetSuite automatically produces the retained earnings account every bit a derivative of income statement accounts in previous periods.  To minimize trying to explicate retained earnings balances, I recommend any bodily periodical entries to Retained Earnings be to a separate account, such as "Retained Earning – Adjusted".
4. Avert Control Accounts: To help explain account balances that are generally derived from subledgers, such every bit Accounts Payable or Accounts Receivable, I recommend avoiding posting directly to the these accounts.  Only similar Retained Earnings, apply "Accounts Payable – Historical" or other to illustrate that this information came from your Trial Residuum import piece of work.
5. Use Business relationship Internal IDs:  In full general, it is easier to import related data using internal IDs versus names for cantankerous reference information.  While it is more work to setup, information technology saves fourth dimension during the import process– the CSV File import tools needs pointers to the related lists and tabular array information and the internal ID is precise; otherwise, you lot may find that NetSuite throws errors when it can't quite lookup on proper name / text values.
6. Import Multiple Journal Entries: In general, it is easier to perform one import versus 12 imports to constitute a year of balances.  The fundamental to brand this happen is to organize your data to accept a different entry number for each menses.   Name each entry menstruum distinctively.  Run across example import file.
7. Utilise a Saved CSV Import Map: Using NetSuite's CSV import tool tin exist a trial and error attempt.  Save your CSV import definition to make information technology easier in subsequent attempts to import.  Encounter image for a map used in this instance.
8. Confirm Import Data Foots to Zero: All trial balances structured into a single column of data representing both debits and credits, including data import files containing multiple journal entries, must human foot to nil.
9. Close Periods once Satisfied: Once your information is imported without error, run financial statements (Balance Canvas and Income Statements) to ostend expectations.  If skillful, close the periods to prevent changes.

Don't Go it Alone – Get Expert Help

A NetSuite implementation can be direct forrard if you are well organized and take the time to learn the tools.  Sometimes having an expert nearby to answer questions tin smooth out whatsoever challenges.  If you are looking for assistance with your NetSuite implementation, allow'southward accept a chat.

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Source: https://blog.prolecto.com/2015/06/14/how-to-upload-a-netsuite-trial-balance/

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