Understanding how to reconcile NetSuite aging reports to the balance sheet

Some users may run into an issue with NetSuite reports when the accounts receivable (AR) Aging Report does not tie to their AR balance on their Balance Sheet. For example, when running the Balance Sheet for the period of June 2019 and the Aging Report as of 6/30/19, they should match. As you can see in the images below, they do not.

There could be a few reasons why they do not tie, but the most common cause is period mismatches. In NetSuite, financial reports are run by fiscal periods while other reports are run by dates. Balance Sheets, Trial Balances, and Income Statements fall under the category of financial reports, but Aging Reports do not. In the example above, the Balance Sheet is for the period ending June 2019. It captures data based on the posting periods. The Aging Report runs as of 6/30/19, and it captures data based on the transaction dates. This can be fixed with a setting under Personal Preferences>Analytics where you are able to change how the reports are run.

By changing the Report by Period setting to All Reports, the Aging Report now matches the Balance Sheet.

Then you can see which customer balance changed. In this case, one of the customer balances went from $96,788 to $78,280. Now you can investigate the invoices and see which ones have the period mismatch and make the corrections.

The same holds true for the AP Aging and the AP accounts on the Balance Sheet.

This setting is in each user’s personal preferences. So, when you make the change, it will only take effect on your computer – not system wide. It can also be changed back at any time.

How Citrin Cooperman can help

Citrin Cooperman Digital Services Practice is comprised of professionals with a deep knowledge of ERP platforms like NetSuite. To learn how our team can help you with troubleshooting and ensure you are getting the most out of your systems, reach out to your Citrin Cooperman advisor or sales@citrincooperman.com.