I am currently working on importing trial balances for a company (numbers have been changed) Any help on how to fix this or where the errors are would be great! They are all imported via CSV
04/14/2022, 5:04 PM
When you reference the Trial Balance total, is that the total Debits and Credits?
If the balances have changed in QB, I'd probably recommend recreating the TB journal entry. If the client loaded one JE per month, it shouldn't be too tough. Otherwise, it can be nearly impossible to figure out what changed
04/14/2022, 5:13 PM
@Paul Giese When you reference the Trial Balance total, is that the total Debits and Credits? Yes
We have recreated the entry a few different times. There is only one journal entry per month
04/14/2022, 5:21 PM
Yeah that stinks. I'd either recreate the entry again and lock QuickBooks or you can try and identify what changed and post another true up entry on top of it
FYI this is what I do full-time. I have a script to quickly convert a QuickBooks TB to the NetSuite journal entry. If you or your client are interested, send me a DM. Here is my website with more info: https://www.intheblksoftware.com/
KevinJ of Kansas
04/14/2022, 5:52 PM
Total Debits and Total Credits as a comparison point for a TB history import is flawed.
Should be looking at specific accounts. Importing a full TB and reversing it out each month works for all months except January
(or the first month of the fiscal year if not on a calendar year)
So there are a couple approaches
1) Load a full TB for the first period only - followed by monthly net changes. (note monthly net changes is kind of awkward to apply in January)
2) load full TBs and reverse on start of next month - except no reversal in december, and wait to do the TB upload for January until after you run a balance sheet in Netsuite for january- and then perform a reversing entry for the values on the balance sheet.
to calculate monthly net changes after december - your balance sheet accounts are monthly net changes, and in January they are just the activity in the P&L accounts - and don't post to retained earnings (typically - there are some exceptions)
All other months follow a monthly net change approach.
04/14/2022, 7:41 PM
@Paul Giese thank you! I'll definitely bookmark that!
@KevinJ of Kansas We are only loading in TB month by month. No issue until January of 2022. Thank you so much! This has lead us in the right direction!
04/18/2022, 5:14 PM
Note that if you have any foreign currency subs, doing the reversal way messes up your Historical Consolidated Exchange Rate and therefore your consolidated Equity.
Often not enough change in those accounts or scrutiny on them to cause an issue, but it can be a headache when it does come up.