Hi folks - Can I have a different chart of accounts for each subsidiary?

You can if you have one-to-one relationships between your main( parent) COA and your sub’s COA. If this is not the case then multibook is the answer, then you can

of course but it is good to use summary accounts in order to link your accounts from various subsidiaries in order to know what this corresponds to however there is also the accounting context Bur this requires having a group account = an accounting context account

Thanks @Karina @Marc To clarify what I want to do - here’s a screenshot of the structure i want to put into NetSuite hierarchy. (* means no transactions at that level or taxes) PARENT is just a namesake - no rollups or individual transactions at this level. The next level -Salon, Childcare, and Parking Garage represents GROUPS of business - again no individual transactions at this level. The 3rd level is where each subsidiary (Location 1,2,3 Center 1,2.3 etc.) is a taxable entity with transactions at this level. What I want is Each GROUP (Childcare, Salon, Parking Garage) to have separate COA’s. (Summary accounts will be the same). All salons have the same COA. All Childcare subs have the same COA (which is different than Salons and Garage). just confirming I can set this up when importing COA’s and assigning COA’s to GROUP subsidiary (& all children in that sub)? Thanks in advance!

Before anything let me just say that this is not how NS works. The whole purpose of having one COA is to make NS system driven, and you are trying to break it. You would be better off having it all in one sub, having classes and locations with the associated P&Ls and BSs. NS is designed to simplify your accounting, not complicate it. Just an opinion. COA has a bit different meaning in NS, not like in any other system where COA is everything. Instead of summary accounts, for example, I teach my clients to use segments (class, department, custom segment, etc.) and custom P&Ls and BSs. You may want to rethink your approach because implementing it will be difficult and maintaining it even more so as you inevitably run with Accounting Context. But technically - yes, since there are no statutory restrictions per se you can create multiple COAs using accounting context; you will have to always maintain one-to-one relations between parent COA accounts and the remaining COAs accounts.

🤔 Interesting points! From a Tax and Ownership perspective, each Salon is an individual business. Also Salon 1 has 2 partners Jim & Joe. Salon 2 has Joe and Sally as partners (but no Jim). etc.. so the businesses are parallel.. some with common owners, but no 1 owner has ownership in all locations. Hence we were trying to keep them separate subs using common COA within a Business Group (ie Salon) which would allow us to sell an individual location in the future without any entanglement. (same applies to each group of businesses above).

I am not sure about “entanglement”. You record your transactions and then your reports separate activities based on attributes

might look into custom segmentation to make it granular - just a thought

Thanks all!