Journal entries help you:
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Track the total amount deposited by Amazon for a given settlement summary report.
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Automate the last step of the reconciliation process, which is to post the amounts in NetSuite G/L accounts.
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Reconcile the Amazon deposits against NetSuite transactions and settles the bank accounts at the end of a settlement period.
For a given settlement report, you can create journal entries in NetSuite. Amazon generates reconciliation reports once in 15 days that include the Amazon deposit calculation. Also, any differences that are found between the Amazon reconciliation report and the information in NetSuite, are identified as a variance. When you run the NetSuite Settlement Summary Record to NetSuite Journal Entry flow, the flow fetches the settlement summary record from NetSuite and creates a journal entry record in NetSuite. This is a scheduled flow.
Tip
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This flow can also create a journal entry record for the historical settlement summary records.
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You can track different Amazon fees through dedicated NetSuite G/L accounts.
For more information about a journal entry record, refer to understand a journal entry record in NetSuite.
If you're using any custom role in NetSuite other than the native Celigo eTail SmartConnectors role, you'll need to add the Make Journal Entry permission before you can run the flow.
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Go to Settings > Settlement > Journal Entry.
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From the NetSuite saved search to get Amazon settlement summary records setting, select Celigo AmazonIO Settlement Journal Entry Transaction saved search to retrieve the Amazon settlement summary records.
Note
The journal entries are created only for the retrieved settlements.
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Select a bank account to track the final Amazon settlement amount In the Amazon Payment account setting.
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Select a G/L account to track the variance amount between the Amazon deposited amount and the reconciled amount in the Variance account setting.
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In the Map transaction fees to G/L account setting,
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Select a value in the Amazon Amount Description and the NetSuite Account setting to map the “Order” and “Refund” transaction types to the NetSuite G/L account. (OR)
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If you do not want to map any fee type to a specific G/L account, select the Use Custom Default Value option in the Action to take if unique match not found setting. You can then select a default account to track the remaining fee types from the options available in the Default Lookup Value setting.
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Click Refresh (icon) to update the options available for selection.
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In the Map non-transaction amounts to G/L account setting,
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Select a value in the Amazon Amount Description and the NetSuite Account setting to map the transaction types other than “Order” and “Refund” to the NetSuite G/L account. (OR)
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If you do not want to map any fee type to a specific G/L account, select the Use Custom Default Value option in the Action to take if unique match not found setting. You can then select a default account to track the remaining fee types from the options available in the Default Lookup Value setting.
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To ensure the NetSuite Settlement Summary Record to NetSuite Journal Entry flow runs successfully without errors when you have the transaction types such as “LightningDealFee“, "RefundRetrocharge" or "OrderRetrocharge" in your settlement reports,
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Ensure the Amazon – NetSuite bundle is updated to the latest version. If the bundle is not updated to the latest version, contact Celigo Support to update the bundle to the latest version.
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Add the details of such transactions in the Non Transaction Amount Description field on the settlement transaction record in NetSuite.
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Select the transaction type as “LightningDealFee“, "RefundRetrocharge" or "OrderRetrocharge" in the Amazon Amount Description setting under the Map non-transaction amounts to G/L account setting.
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When you run the NetSuite Settlement Summary Record to NetSuite Journal Entry flow, the journal entry should
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Click Save.
RECOMMENDED: Before you run the NetSuite Settlement Summary Record to NetSuite Journal Entry flow, it is recommended that all the transaction lines in the settlement summary report are in the “Applied” status. This helps in reducing variances.
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Access the Amazon – NetSuite integration app.
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Go to Flows > Settlements.
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Enable the NetSuite Settlement Summary Record to NetSuite Journal Entry flow if it is not yet enabled or was disabled previously.
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Click Edit Mappings next to the flow to update the field mappings.
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Enter Subsidiary (InternalId) in the Destination record field (NetSuite) section.
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Click Settings (icon) next to the newly added mapping.
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Select the Hard-Coded option in the Field mapping type setting of the Settings pane.
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Select the appropriate subsidiary in the Value setting.
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Click Save to save the changes made to the field mapping.
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Enter Currency (InternalId) in the Destination record field (NetSuite) section.
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Click Settings (icon) next to the newly added mapping.
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Select the Hard-Coded option in the Field mapping type setting of the Settings pane.
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Select the appropriate currency in the Value setting.
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Click Save to save the changes made to the field mapping.
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Note
The Subsidiary (InternalId) and Currency (InternalId) field mappings will appear as follows after saving the changes made in the Settings pane:
|
Source record field (NetSuite) |
Destination record field (NetSuite) |
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<Subsidiary number> |
Subsidiary (InternalId) |
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<Currency value> |
Currency (InternalId) |
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Click Save & close to update the changes made to the field mappings.
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Run the NetSuite Settlement Summary Record to NetSuite Journal Entry flow.
After the NetSuite Settlement Summary Record to NetSuite Journal Entry flow runs successfully, the settlement summary record is attached to the journal entry record in NetSuite.
You can find the Amazon Account and the Amazon Settlement ID in the Amazon subtab of the eTail tab.