Does our NetSuite integration support OneWorld?
What is NetSuite OneWorld?
NetSuite OneWorld supports global, multi-subsidiary organizations. Audit Sight handles the synchronization of OneWorld licenses in the same manner as any other integration.
- NetSuite OneWorld supports global, multi-subsidiary organizations.
- OneWorld organizes both domestic and international subsidiaries into a single hierarchical structure.
- Each subsidiary is treated as a unique legal entity for taxation and regulation purposes.
- Each subsidiary has a specific nexus (tax jurisdiction) and a specific base currency. This base currency is the currency in which the subsidiary manages its financials. Subsidiary-specific data is available for reporting. Currently Audit Sight only supports entities where the base currency is USD.
How are subsidiaries handled in Audit Sight?
Audit Sight maintains a one to many relationship between an entity/subsidiary and Client. This will allow for multiple subsidiaries and accounting connections to be linked to a single client.
In order for you to get the full picture of a company that owns multiple legal entities, your client will need to go through a separate linking process for each legal entity that exists in the accounting package.
Elimination subsidiaries in Netsuite are used to record only journal entries and transactions between subsidiaries for consolidation purposes. This information is available on the non-elimination subsidiaries, so Audit Sight won’t fetch elimination subsidiaries.