NetSuite Implementation: Should You Include Historical Transactions?

OpenTeQ Admin | Updated: Jun 7,2024
NetSuite Implementation: Should You Include Historical Transactions?

What to do with historical data is a decision that needs to be made for each new NetSuite setup. Is it better to import all individual transactions or just the month-end trial balances? Bringing in monthly trial balances is the most straightforward and popular option. It's a big lift to properly import the transactions into NetSuite, but it's not impossible. 

Are you considering adding past transactions? Here are some important things to think about:   

What amount of data are you importing?  

The first thing you need to think about is the volume per month and per subsidiary. More time is required for larger data sets.

What level of complexity is there in your transactions?  

1) The upload process runs more smoothly if your transactions are not very varied. It would be simple to upload and apply payments, for example, if you were loading invoices and the only form of payment accepted was a credit card on the same day. It will take more time and effort to match and apply payment records with the relevant invoice if you are loading invoices with different terms and payments.  

2) You will need to spend more time managing more upload processes as there are more transaction kinds.  

Note: Talk to your NetSuite expert if you're thinking about introducing subscriptions  and revenue recognition. Replicating these transactions is far more difficult and calls for extensive planning as well as testing.

Time for verification

The answers to the above points will determine how much time is required.  

It takes more than merely importing the transactions into a CSV file to upload past transactions. Transactions must be completed throughout their lifecycle. For example, a sales order must be fulfilled, invoiced, and paid for with a credit memo or refund. The timing of these lifecycle stages may span several accounting periods, which complicates reconciliation. Every month, inventory and GL implications must be reconciled.

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Why is the historical data necessary?  

When weighing the hazards with the work of loading the data, think about why you need it.  

Can you download transactions from your legacy system along with the supporting documents? To ensure that your strategy will pass audits, discuss the year-end audits with your accountant and auditors. Does this fit into your budget?  

Note: As long as your open transactions and balances are accurate, you can upload past transactions when the system is live.

Simplify Your NetSuite Configuration Now by Contacting OpenTeQ  

It takes time to replicate past transactions at any size. Seeking advice from a NetSuite specialist is advisable prior to making this decision. At OpenTeQ, we provide free consultations to assist you in determining the level of effort and complexity associated with your circumstance. We can help you choose the best course of action for your NetSuite requirements.

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By offering knowledgeable NetSuite ERP Implementation and deployment solutions, we hope to assist companies of all sizes in getting the most out of their investment in the platform. Our NetSuite Implementation Team and consultants have years of expertise as NetSuite Implementation Partner , making them well-suited to assist companies of all sizes with their NetSuite consulting requirements.  

OpenTeQ can assist you if you require continuous NetSuite Project Implementation or are searching for a NetSuite Implementation Company to assist with your NetSuite deployment.

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