What's best practise here, please. Company wants to import open accounts (bills) but also wants to get TB data in (journal entries) they don't want an overlap though with double postings by importing both. I'd normally suggest JE's up until the opening date then worry about bills later. Any thoughts?

Here's what has worked for me: • Post GL journals month by month to support trial balances in home currency of the subsidiary. • Then journal the full balance to a P&L account (I use one called open AP suspense) in the closing period. • Raise your opening bills with original dates and exchange rates (but all hitting the closing period), with a single item or expense coded to the open AP suspense account and an outside scope tax code. • Run Revaluation. Your open AP should be equal to what your journals were • Move any residual balance from the open AP suspense to unrealised gain/loss (this is where the other side goes) • Now when you pay your bills you will get the right realised gain/loss impact, and if someone tries to credit an opening balance transaction directly, it will go to the P&L so can more easily be monitored than if it goes to an equity or balance sheet suspense account

Thanks a lot

worth mentioning this relies on exchange rates in new system and old system being the same on the closing date. If that's not the case in Netsuite, you should probably manually edit the exchange rates for this month only

Agree with @Jon Kears answer above. If your client is coming off QuickBooks, I have a service to move detailed transactions into NetSuite (or take a higher level approach as described above on behalf of the client). DM if you want to learn more.