This article addresses how to change the Accounting Basis reporting in your NetSuite bookkeeping software.

According to NetSuite, this software, by default, provides financial reporting in an Accrual Basis method “to meet Generally Accepted Accounting Standards”.

However, as is common in the business world, you may want to review financial events from a Cash-Basis perspective for various, but very important, reasons.

NetSuite does provide a way to globally change your reporting accounting preference setting to Cash; but be sure you understand specifically which reports will be affected when you change this setting. You also have to be sure you remember that you changed this setting as this new reporting method can seriously alter what your financial reports will display to you (and this can be very dangerous).

So, to change this setting globally from Accrual to Cash:

1. Login to your NetSuite
2. Go to Setup (top menu)
3. Then, Accounting>Accounting Preferences
4. Check-mark Cash Basis Reporting
5. Click Save

Note: AccuraBooks is a bookkeeping firm only, so please consult with your C.P.A. for verification and clarification about the contents of this article.