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Tvarana Vendor Statement

Infinet Cloud Journal Generator

Status: Unverified

Infinet Cloud Journal Generator streamlines and significantly reduces the time and effort required to do your end-of-period accounting adjustments. Automate the creation of Journal Entries – do Provisions, Revenue Recognition, Inter/Intra Company Allocations, Time/Percentage based Cost Allocations, and other Month-end or Period-end Accruals. Multiple annual licensing options available. Built and supported by the people behind Infinet Cloud Payroll – one of the highest and most often rated SuiteApps.

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Description

Automate Your Journal Creation

With Infinet Cloud Journal Generator, create Journals automatically based on any NetSuite data. Configurable set-up allows you to create multiple GL impacts across your account and subsidiaries with one click.

Reduce costs and the time required to do month-end or period-end accounting processes. Get your accounts in-order and get compliant, sooner. It takes just three straightforward steps to configure and start creating Journal Entries automatically. Be it FRSSE, ASPE, GAAP, IAS or IFRS – the flexible nature of Journal Generator means your financials will be ready, sooner.

Each organization is unique, what isn’t unique to each organization though are the numerous (and repetitive) manual adjustments required to the GL. Discover how Journal Generator can help you and your organization automate these adjustments and more.

Key Benefits

Inter & intra company allocations

Define cost allocations using fixed or variable debit and credit impacts. Each allocation percentage uses the same top level value removing the need to create cascading schedules.

Month-end or any period accruals

Simplify accruals including reversing journals based on payroll and transactional data, eliminating manual time consuming spreadsheets and imports.

Time/Percentage based cost allocations

Capture and reallocate employee or other expenses using timesheet based variations or fixed percentage allocation schedules.

Provision Journals for any liabilities

Streamline month end processing by automating journals based on any data in your NetSuite account.

Basic revenue recognition

Recognize revenue and expenses when they’re realized. As long as the data is in NetSuite then it can be used to generate a Journal Entries.

Customer Quote

Infinet Cloud’s Journal Generator has improved processing of monthly journals by at least a day each month by automating a very manual process, decreasing the amount of processing time and reducing errors. Once the source transactions were mapped to the destination during implementation, the rest is an easy automated process run each month from one screen. Previously data was exported to excel, manually manipulated to the right destination for each transaction type, linked to the right journal formats and uploaded into NetSuite.

– Sharon Butler | optimation

It Just Works

Because of the tight integration with NetSuite, Infinet Cloud Journal Generator will work with any customization or feature installed in your account. In-fact, with most organizations, there’s no need for cumbersome configuration changes – you can do the install, setup and be generating journals yourself the same day.

FEATURES

Reusable Mapping Definitions

Setting up Infinet Cloud Journal Generator is a very simple process and requires only basic accounting and NetSuite knowledge. The crux is setting-up a Journal Mapping Definition - this defines the translation of (any) NetSuite data to a Journal Entry. The beauty of Infinet Cloud Journal Generator for NetSuite is that you only need to do this once and it's as simple as pointing-and-clicking. Running Journal Generator then comes down to selecting the correct mapping and you're off!

Scheduling and Workflow

Are you doing manual accruals each month? Do you start doing liability provisions once all time entries are entered/approved? Not only does Journal Generator make these processes easier, they can also be completely automated. Schedule Journal generation using built-in scheduling capabilities, or automatically execute the Journal Generator as a part of a workflow using SuiteFlow.

Data Integrity and Security

Infinet Cloud Journal Generator ensures the integrity of your financial data through tight NetSuite integration. Nothing is processed externally - all data is sourced from, processed in, and saved directly in NetSuite. Coupled with full logging/auditing capabilities, means your financial data is always secure and the risks of a leak, or erroneous figures being introduced are significantly reduced.

Upgrades Included

With over 500 joint NetSuite customers, Infinet Cloud is committed to you. That's why we only offer Journal Generator as a managed bundle. This means you'll receive free product updates and upgrades for the life of your subscription. Like a true SaaS product, you'll always be up-to-date with no additional effort required.