Due-To-Due-From | Built For NetSuite

Due-To-Due-From | Built For NetSuite by SuiteDynamics

A Due-To/Due-From NetSuite Bundle is used to manage intercompany transactions between subsidiaries or entities within a company that operates under a shared NetSuite environment. It helps track and reconcile intercompany balances by automating the creation of due-to and due-from journal entries between these entities.

Here’s a breakdown of the key elements:

1. Due-To Accounts: These represent amounts that a company (or subsidiary) owes to another entity within the organization.
2. Due-From Accounts: These represent amounts that are owed to the company by another internal entity.

Purpose of the Bundle:

• Automate intercompany transactions such as expenses, revenues, loans, and other transactions between subsidiaries.
• Eliminate manual journal entries by automatically creating and posting corresponding due-to/due-from journal entries for each intercompany transaction.
• Help in reconciling balances between entities at the end of financial periods to ensure that intercompany transactions balance correctly.

Key Features:

• Automatic Journal Entries: Automatically generates both sides of intercompany transactions between subsidiaries.
• Real-Time Synchronization: Keeps due-to and due-from balances updated in real-time.
• Consolidation Support: Facilitates consolidated financial reporting by ensuring intercompany transactions are properly recorded and accounted for.
• Customizable: Can be configured to match the specific chart of accounts and reporting needs of the organization.

This bundle can be useful in reducing manual work and avoiding errors in intercompany reconciliations, making financial close processes smoother and more efficient.