Hello, how does the migration of projects work? A client is starting on NetSuite, and we need to import their project history into NetSuite

AI generated answer (using internal Slack threads):

****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ****** Migrating projects into NetSuite can be a complex process, depending on the level of detail you want to maintain from the old system. Here are some general steps you can follow: 1. Data Preparation: Prepare your data for import. This might involve cleaning up the data, standardizing formats, and ensuring that all necessary fields are included. 2. CSV Import: NetSuite provides a CSV import tool that you can use to import your project data. You can find a user guide for this in the NetSuite Help Center or SuiteAnswers. 3. Handling Historical Data: If you want to import historical project data (like revenue, expenses, etc.), you might need to create journal entries to reflect this. One approach discussed in the threads is to create a journal entry with a credit to a new account called 'Legacy revenue' for all historical projects, and an offsetting debit to the same account. Then, associate the project with just the credit side of the entry. This way, the project would have a revenue amount but there is a net zero GL impact. However, this approach should be tested in a sandbox environment first to ensure it works as expected. 4. Consultation: If you're new to NetSuite or if the migration process is complex, it might be beneficial to consult with someone who has experience with NetSuite migrations. They can provide guidance and help avoid common pitfalls. Remember, the migration process can vary greatly depending on the specifics of your situation, so it's important to plan carefully and test thoroughly.