NetSuite | Net change journal entry import case study - Oncorus

Importing historical financial data is a critical component of the NetSuite implementation process. Generally, there are two approaches:

1. Net change journal entry - import a journal entry to record the period balance. Prepare the journal entry with the appropriate segments (GL account, department, class, and vendor/customer).

2. Full transaction - import historical financial transactions into NetSuite from the legacy system.

Implementation partners recommend approach # 1. This approach avoids the complexity of legacy ERP data and is more accessible for finance teams to prepare. In my experience (as both an accounting manager and implementation consultant), a net change journal entry approach is sufficient for the needs of a biotech organization. This statement is especially true for companies coming off of QuickBooks because maintaining access to a QuickBooks license is cheap.

"intheBlk made everything super simple. They worked directly with Sikich, which helped reduce delays. I don’t think I would have been able to do it without them." - Jill Curiale, Senior Accounting Manager

intheBlk recently completed the net change journal entry approach for a NetSuite implementation with Oncorus, a company driving innovation to deliver next-generation viral immunotherapies to transform outcomes for cancer patients.

Here is the profile of Oncorus' NetSuite implementation:

• ERP system: QuickBooks Online (QBO)

• Transaction volume:  Approximately 75,000 lines of transaction data, or four years of transactions

• NetSuite implementation partner: Sikich (Life Sciences SuiteSuccess)

• Implementation timeline: 10 weeks

• Accounting team size: 1 (part-time)

For Oncorus, intheBlk created the monthly net change journal entry file, which included the GL account, department, class, and vendor segments. This approach preserves key details, without the complexity of dealing with individual transactions in the legacy ERP.

One benefit of partnering with intheBlk is the timing of turning around the deliverables. During the Oncorus implementation, intheBlk got involved because the client contact (who was the only accounting team member) was juggling multiple responsibilities. With the mapping files provided by Oncorus, intheBlk was able to get the net journal entry files to Sikich within a week. The ability to complete the task quickly ensured that the client was able to stay on track and not delay the go-live date.

If your company is considering NetSuite as their ERP, or you've started a NetSuite implementation but need help converting your historical financial data, contact intheBlk or check out our data conversion service options. We have helped many organizations implement NetSuite and can assist your team with the necessary data conversions.