Creating NetSuite Statistical Journal Entries: A How-to Guide

In NetSuite, manually creating statistical journal entries is similar to creating general financial journals, but without including financial-specific data. Instead, you use the pre-established units of measure to allocate costs, such as monthly rent per department or shipping costs by items sold. Additionally, when creating statistical journals manually, you can set absolute balances for multiple statistical accounts simultaneously.

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This method is beneficial for updating data that isn't tracked regularly, as it allows you to overwrite a value during journal creation. In this blog , we will explore the process of manually creating a statistical journal to establish an absolute balance in our statistical account.

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How to Create a Statistical Journal:

1. Go to Transactions > Financial > Make Statistical Journal Entries. 

2. In the Primary Information section:

1. In the Entry No. field, either accept the default number or enter a different one.
2. In the Date field, either accept today's date or enter a new date for the statistical journal entry.
3. If you use fiscal accounting periods, select the appropriate period for this transaction.
4. Leave the Reversal Date field blank unless you want to create a reversing entry simultaneously.
5. In the Memo field, enter information to help identify this intercompany journal entry among others.

       3.     In the Statistical Information section:

1.  Select the Unit of Measure Type (note: this cannot be changed after saving).
2. Check the Absolute Update box to update multiple statistical account balances simultaneously (values in the Amount field will overwrite previous ones, and you'll be prompted to confirm this action upon saving 

4. In the Classification section:

1. For NetSuite One World, select the Subsidiary for this statistical journal.
2. If Departments or Classes are enabled, choose the appropriate classification for this journal entry.

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5.  On the Lines subtab:

1. Enter the detailed information for each statistical journal li
2. In the Account field, select the statistical account to be affected.
3. In the Amount field, enter the value using the default Unit of Measure.
4. Optionally, add a memo for easier identification in the Statistical Register.
5. Optionally, associate a person, vendor, or company with this entry.
6. If line-level classifications are enabled, select the appropriate department, class, and location.
7. The Units field will default to the unit type linked to the statistical account.
8. Click Add & Repeat these steps for each line item.

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6. Click  on Save Button 

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For more information about Statical Journal Entries  set up a consultation with us today. Our team of NetSuite experts is here to assist you.

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