Data Migration Process

What is involved in migrating data to NetSuite and how does intheBlk consulting help
Netsuite-Data-Migration-Timeline

Master Records

Master records consist of segment and relational data. A new ERP implementation is an opportune time to review this data. Once finalized, these records are loaded into NetSuite via a CSV file.
 
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Map Segments

The segment map file will link legacy segment values to the NetSuite segment values. If there were no or limited changes in the master records, this is an easy exercise. The final segment map file is used to create the journal entry record for the historical financial statements.
 
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Closed Period Financials

Loading the financial data for closed periods (i.e., likely the year of your last completed audit) in a first batch is ideal for several reasons:
  1. Learn the process for preparing, loading, and validating the journal entry data.
  2. Reduce the volume of work to be completed when you have stopped entering transactions in the legacy system
  3. Improves training experience, especially for report building, because you have a sample of real company data in NetSuite
Financial data should be loaded as a journal entry if you are not working with a data migration expert. Leverage the segment map file to generate a journal entry from either a trial balance or transaction list. An expert, like intheBlk consulting, can advise you on the feasibility of loading your financial data in a format other than monthly journal entries.
 
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"intheBlk came highly recommended and they did not disappoint.  Within hours of signing the contract, work began and the whole project was completed within days.  Our blackout period for the financial systems was a single day, which was much faster than we expected. Their work was professional, accurate and fast. It was exactly what we needed."

-Amy Elazzouzi, VP, Finance, Aura Biosciences, Inc.

 

Open Period Financials

After you have locked your legacy financial system, load the remaining financial data into NetSuite. Traditionally, this consists of two parts:
  1. Financials (discussed above)
  2. Open transactions
Open transactions typically include the accounts receivable and payable subledger balances, outstanding checks and deposits, and open sales and purchase orders. All of these transactions should be applied to a suspense expense account. This is critical because the general ledger impact was posted in the financial journal entry. Therefore, the GL impact of the open transactions should be reversed with a journal, netting the suspense account to zero and the balance sheet account to the original balance.
 
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Validation

The final step is to validate and document that the migrated data is correct. Validation should compare trial balance and subledger balances at the go-live data at a minimum. Discuss requirements with the financial statement auditors to ensure any necessary documentation is obtained.
 
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Trust intheBlk consulting with your data migration to NetSuite, and keep your financial history, get your time back, and secure your peace of mind. Contact us today!

(617) 645-6100
info@intheblksoftware.com
Austin, TX 78745
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