Case Study: Recreating income statements
The Problem:
After leaving the familiarity of Great Plains and FRx Jeff Gullang went to FiveCubits, who was using Netsuite. The report sent to management and to the auditors was not something I would have given. It was a 20+ column, formula driven, and color-coded monstrosity of a report for the year end total. A group of columns were locations. Another group was departments. As I would be working with the auditors for the following years I was not going to have my name associated with the report. As they were using the system for 4 years prior to me starting, I thought they might have found a better way.
My Solution:
As mentioned in the problem paragraph I have never used Netsuite but from my experience with SAP and Great Plains I figured there has to be a better way. The first thing I did was look at the help documentation on building reports. Netsuite has 3 different ways to generate reports; searches, reports, and financial reports. Now the first place I would check is You Tube, but the first place I checked was their internal documents. I need to update the location & department names clean up the account structure in the general ledger but I created a few demo and worked with the CFO to give the income statement we were looking for.
The Results:
The end result was an income statement that was used for 4 plus years leading into the sales process and the report could easily be updated for account/department/location changes. The result required me digging into the documentation and getting comfortable with the software. I cannot say how long this transformation took but I know when I sent following years statement to the auditors early the following year, the only columns I add were the month transactions. There was no color-coding.
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