Record to Report (RTR)

ERP Basics

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Objectives
In this lesson, you will learn to:
• Describe the Record to Cash process
• View COA & Create a GL Account
• View Segmentation & Create a Department
• Create a Journal
• Approval a Journal
• Create a Budget
• Understand Period Clouse Management
• Run a Financial Report

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What is Record to Report?
• A Finance and Accounting management process
• Involves the collection, processing, and delivery of information
• Relevant, timely, and accurate information
• Providing strategic, financial, and operational feedback
• To understand how a business is performing

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Record to Report Overview

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Why Automate the Record to Report process
with a Modern ERP system?

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Chart of Accounts
• Chart of Accounts (COA)
• A list of financial accounts set up for an organization
• Used by the bookkeeper for recording transactions in the general
ledger

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Segmentation/ Classification
• Additional way to measure, track and report transactions
• Example:
• Department
• Class
• Location

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Accounts and Subaccounts in General Ledger

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Use Segmentation with Accounts
See expenses by account or across a classification (location):
• Reduces account redundancy
• Simplifies your chart of accounts
• Preserves detailed account information when you need it

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Record to Report Process
Walkthroughs 1-2
Demonstration of part of the Overview and General Ledger
section of Record to Report process:
• Walkthrough 1 – View COA & create GL Account
• Walkthrough 2 – View Segmentation/ Classification & Create a
Department

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Create a GL Account

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Create a Department

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Journal Entries
• Use to adjust the balances in general ledger accounts
• Each journal entry includes:
• At least one debit amount
• At least one credit amount
• Manually entered or imported
• Transactions are not posted until they are approved
at least one credit amount

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Record to Report Process
Walkthroughs 3 - 4
Demonstration of the journal entry and approval process:
• Walkthrough 3 – Create a Journal
• Walkthrough 4 – Approve a Journal

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Create a Journal

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Approve a Journal

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Budgets
• Enter and save estimates of income and expenses
• Each budget covers a year
• Information for reports
• Do not control actual income and expenses

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Record to Report Process
Walkthrough 5
Demonstration of the budget entry process:
• Walkthrough 5 – Create a Budget

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Create a Budget

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Period Close Management
A modern ERP system provides an orderly process, with controls
and audit functionality, to manage and close accounting periods:
• Prevent non-Accounting users from posting to the GL while
Accountants finalize and make adjustments
• Ensure critical processes (intercompany, revaluation) are
performed or signed-off prior to closing
• Prevent GL changes to closed periods
• Audit who closes/reopens periods, and when that
happens

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Record to Report Process
Walkthrough 6
Demonstration of the period close management process:
• Walkthrough 6 – Period Close Management

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Period Close Checklist

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Financial Reporting
Standard Financial reports include:
• Income Statements
• Balance Sheets
• Cash Statements

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Record to Report process
Walkthrough 7
Demonstration of a Financial Report:
• Walkthrough 7 – Run Income Report

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Run Income Statement Report

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Record to Report Process Exercises
Complete the following exercises:
• Exercise 1 – View COA & Create a GL Account
• Exercise 2 – View a Segmentation/Classification & Create a
Department
• Exercise 3 – Create a Journal
• Exercise 4 – Approve a Journal
• Exercise 5 – Create a Budget

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Summary
In this lesson, you should have learned how to:
• Describe the Record to Cash process
• View COA & Create a GL Account
• View Segmentation & Create a Department
• Create a Journal
• Approval a Journal
• Create a Budget
• Understand Period Clouse Management
• Run a Financial Report

NetSuite – ERP Basics Copyright © 2023, Oracle and/or its affiliates. Oracle®, Java, and MySQL are registered trademarks of Oracle and/or its affiliates.
Record to Report 29
Other names may be trademarks of their respective owners.