What are some chart of accounts best practices and recommendations?

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. ****** Here are some best practices and recommendations for managing the chart of accounts in NetSuite: 1. Consolidation and Reporting: When dealing with multiple subsidiaries or different countries, consider your consolidation and reporting requirements. You can use the accounting context functionality in NetSuite to have multiple charts of accounts in one instance. However, this can create complications for consolidation as you may want to eliminate some transactions between sister companies. 2. Accounting Context: Accounting context can solve the problem of different chart of accounts in different countries. However, it's important to note that accounting context changes how you do searches. So, understand the impact before implementing it in production. 3. Multi-Book Accounting: Multi-book accounting allows for book-specific chart of accounts. However, it's not a light undertaking and should be explored carefully. It's not meant for statutory requirements. If that's the end goal, accounting context is usually leveraged for this requirement. 4. Importing Open Accounts and Trial Balance Data: When importing open accounts (bills) and trial balance data, avoid double postings by posting GL journals month by month to support trial balances in the home currency of the subsidiary. Then, journal the full balance to a P&L account in the closing period. Raise your opening bills with original dates and exchange rates, 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 and move any residual balance from the open AP suspense to unrealised gain/loss. 5. Exchange Rates: Ensure that the exchange rates in the new system and old system are the same on the closing date. If that's not the case in NetSuite, you should manually edit the exchange rates for that month. Remember, these are general recommendations and the best approach may vary depending on your specific business needs and NetSuite setup.