Performing revenue reconciliations as a senior accountant in a multi-site retail environment using both Excel and NetSuite can help ensure accurate financial reporting and tracking revenue across various locations. Here's a step-by-step guide to assist you with this process:
Gather Data:
Collect all the relevant data from various sources, including sales records, invoices, receipts, and any other supporting documentation. Make sure you have access to the necessary data for each retail site.
Excel Worksheet:
Create an Excel worksheet to organize the data. You can use different sheets for each retail location or have separate columns to differentiate between sites. Include relevant details such as date, transaction ID, customer name, item details, and revenue amounts.
NetSuite Revenue Records:
Access NetSuite and review the revenue records for each site. Ensure that all transactions have been accurately recorded in the system.
Compare Data:
Compare the revenue data in Excel with the revenue records in NetSuite. Verify that the information matches and there are no discrepancies between the two sets of data.
Investigate Discrepancies:
If you encounter any discrepancies between Excel and NetSuite, investigate the reasons behind the differences. It might involve checking for missed entries, incorrect data entry, or any system-related issues.
Adjust Entries:
If you identify any errors or discrepancies, make the necessary adjustments in both Excel and NetSuite. Correct any inaccuracies to ensure the records are aligned.
Reconcile Revenue:
Work through the revenue data for each retail site in Excel and compare it to the corresponding records in NetSuite. Ensure that the total revenue matches for each site between the two sources.
Document Reconciliation:
Keep a detailed record of the reconciliation process, including any adjustments made, explanations for discrepancies, and the final results.
Review and Approval:
Review your reconciliation with a supervisor or relevant stakeholders to ensure accuracy and obtain their approval.
Update General Ledger:
After completing the reconciliation process, update the general ledger in NetSuite to reflect the accurate revenue figures for each retail location.
Periodic Reconciliation:
Perform revenue reconciliations on a regular basis (e.g., monthly or quarterly) to ensure ongoing accuracy in financial reporting.
By following these steps, you can effectively reconcile revenue data between Excel and NetSuite for each retail site and maintain accurate financial records.
For immediate consideration and to apply for this position, email your resume in Microsoft Word format to James Hofbauer at Robert Half. Please reference "James Hofbauer - Staff Accountant" in the subject line of your email.