What is the benefit of having a primary and secondary accounting book?

AI generated answer (using internal Slack threads):

The benefit of having a primary and secondary accounting book in NetSuite is primarily for businesses that operate in multiple countries and need to comply with different accounting standards or currencies. The primary book is typically set up to follow the accounting standards of the country where the business is headquartered, such as GAAP (Generally Accepted Accounting Principles) in the U.S. or IFRS (International Financial Reporting Standards) in many other countries. The secondary book(s) can be set up to follow the accounting standards of other countries where the business operates. For example, a U.S. company with a subsidiary in India might have a primary book set up for GAAP and a secondary book set up for India's accounting standards. This allows the company to accurately report its financials in both countries. Another reason for having a secondary book is when the functional currency of the subsidiary is different from the base currency of the primary book. For instance, if the primary book is in USD and the subsidiary operates in EUR, a secondary book would allow for accounting and reporting in the local currency. However, it's important to note that implementing multiple books effectively means running accounting processes multiple times, creating mirrored book-specific transactions, and running multiple accounting period closes. This can increase the complexity of your accounting processes and requires careful consideration and planning. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******