To automate the posting of journal entries to a NetSuite environment, navigate to the “Accounting” page and connect to your corporate NetSuite account.
Connect to NetSuite
Step 1: First, you’ll need to follow this guide to create your token-based authentication, if you haven’t already done so: Getting Started with Token Based Authentication
Step 2: Select "Oracle NetSuite", enter your account ID, then select “Submit” at the bottom. Now, you can navigate back to the Accounting page for the account mapping setup.
Step 3: Enter the items created during Step 1 into the window below, then select “Next”.
Step 4: Once you have entered your credentials and authorized the NetSuite connection, the next step is to enter your Account ID as well as select your Subsidiary within the following fields on the Accounting page.
Account ID
- This is the code after the https:// and before the .app.netsuite.com for your login URL to NetSuite. This is necessary for the journal URLs to work.
Subsidiary
- This is the subsidiary that journal entries will be posted to.
Add/Edit Default Mappings
Default mappings are mappings created to sync entries to the default chart of accounts based on what is selected. A detailed mapping can be set up for each category/transaction type expected.
For example, Company A expects to receive royalty Income to an ETH wallet. Company A can create a detailed mapping to automate a journal entry for this specific transaction type to align with their existing chart of accounts. If Company A already has a “Royalty Income” account for their bookkeeping, that account will appear in the set up of the detailed mapping, which in this specific scenario could be a detailed mapping for the particular ETH wallet the royalty income goes to. At a high level, the user is prompted to map an existing account with all Inbound, Outbound, Fee, and G/L activity.
Creating Default Mappings
Step 1: From the Accounting Tab, select “View Mappings” on the top right.
Step 2: Within the “Chart of Accounts” tab, select “Edit” on the top right, then you’ll be able to map your Inbound Activity, Outbound Activity, Fee Account, and Gain/Loss Account. If you scroll down, you can also choose to map all token activity to a default token account, or choose specific token accounts for a specific token to be mapped to.
Creating Detailed Mappings
Step 1: From the Accounting Tab, select “View Mappings” on the top right.
Step 2: (1) Select “Detailed Mappings”, (2) then select “Add detailed mappings” from the top right.
Step 3: In the next window, you can choose to map a specific wallet, or category, then populate each of the fields for the account types with the chart of accounts you are mapping to. Once complete, select “Finish Mapping”.
Journal Entry Syncing
Once you’ve connected your ERP, and default/detailed chart of accounts, transactions can be synced to your ERP at the individual transaction level, or transactions can be synced as a consolidated entry.
For example, I want to post a monthly journal entry. Select the most recent month, “select all filtered transactions”, and bulk sync those transactions to represent the “monthly” journal entry. Once the journal entry is posted to NetSuite, the sync status will be updated so that the end user knows the transaction has already been synced.
For more information on syncing transactions as well as the sync status’, please refer to this guide: Transaction Sync Status
Is Cost Basis in NetSuite?
We sync over the current cost basis and any realized gains and losses into NetSuite for a given transaction.