Previously to create automatic account grouping for reporting, the parent/child relationship between accounts was used. There is an inherent issue doing this in that the parent accounts can have transactions posted to them, which causes them to have their own balance and not just a parent/summary of the child’s account balances.

The new Summary Accounts feature solves this problem. By marking the account as a summary account it will automatically tick the inactive box and prevents it from being selected on transactions.

On transactions, the children accounts will appear as: child account number, summary account name and the child account name. See example below. Note note the parent is not available for selection.

1

On the standard reports it will automatically group the accounts under the Summary Account. NetSuite Financial Reports will respect this grouping when accounts are added.

4

You can create summary account the same way that accounts are created. Make sure that the ‘Summary’ is checked and it will automatically check the inactive box.

2

When creating the child account, select the related summary account in the ‘Subaccount Of’ field.

3

You can now update the current parent’s accounts to ease the reporting and prevent users posting to this summary account.