Discussions
Be sure you're subscribed to NetSuite communication to stay in the know about monthly happenings, updates and announcements. Subscribe
Year End Close Question - Two Companies - 1 Non Profit/1 For Profit
We are ready to close the FY 2007-08 on Netsuite for the first time. Before we execute this step, we want to make sure the two accounts (fund balance & retained earnings) are recorded correctly.
Currently, our two entities (a Non-Profit and For-Profit entities) are separated out as departments on Netsuite as NetSuite suggested when we set it up originally. These two companies mirror each other in goods and services and trade under the same name.
As we close the fiscal year, the non-profits income and expense accounts are zeroed out and the resulting net income or loss are recorded into the the Fund Balance Account. Likewise, the For-profit income and expense accounts are zeroed out and the resulting net income or loss are recorded into -Prior years Retained Earnings. Is Netsuite set-up to do these separately? If not, do we need to mark the For Profit (FP) and Non Profit (NP) income and expense accounts?