Balance sheet formatting in NetSuite

By - January 22, 2015

The out-of-the-box balance sheet report tends to raise a frequently asked question by financial reporting managers of NetSuite customers: How can I get the balance sheet to show beginning balance and ending balance columns? This format became available in 2014, but requires customizing the existing report. Fortunately, instructions for customizing are provided through NetSuite’s outstanding help documentation provided online for any general access user.

The instructions below are those step-by-step customizations to apply.

To create a multi-column balance sheet report:

  1. Go to Reports > Financial > Balance Sheet, and wait for the standard report to load.
  2. Click Customize to open the Financial Report Builder.
  3. In the Name field, enter a new name for the report, such as Multi-Column Balance Sheet.
  4. Click Edit Columns. The Report Preview displays the single Amount column from the standard report. This column is automatically selected.
  5. Change the Column Label from Amount to Closing Balance.
  6. Add a column for the opening balance as follows:
  7. In the Add Fields area, open the Financial folder and select Amount. This adds a new Amount column to the right of the Closing Balance column.
  8. Move the new column to the left, and change the Column Label from Amount to Opening Balance.
  9. In the Alternate Period Range Type list, select Relative to report date. Additional options appear below the list.
  10. Check the Cumulative Value box.
  11. In the Alternate Period Range list, select Last Period.
  12. Add a column for the total debits as follows:
  13. In the Add Fields area, open the Financial folder and select Amount (Debit). This adds a new column to the right of the Closing Balance column.
  14. Move the new column to the left, and change the Column Label if desired.
  15. In the Alternate Period Range Type list, select Relative to report date. Additional options appear below the list.
  16. Clear the Cumulative Value box.
  17. In the Alternate Period Range list, select This Period.
  18. Add a column for the total credits as follows:
  19. In the Add Fields area, open the Financial folder and select Amount (Credit). This adds a new column to the right of the Closing Balance column.
  20. Move the new column to the left, and change the Column Label if desired.
  21. In the Alternate Period Range Type list, select Relative to report date. Additional options appear below the list.
  22. Clear the Cumulative Value box.
  23. In the Alternate Period Range list, select This Period.
  24. Click Save.

To learn more about this feature or others related to your NetSuite ERP solution, Contact RSM at erp@rsmus.com or by phone at 855.437.7202. RSM is a nationally recognized NetSuite Solution Provider with more than 30 years of ERP implementation experience.

By: Tom Bardwill – Illinois NetSuite Solution Provider

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