NetSuite ERP Consultant 2025 – 400 Free Practice Questions to Pass the Exam

After selecting to import Journal Entries for each month over the last two years, entering opening balances dated to two years ago is a crucial step. Opening balances represent the initial financial position of your accounts in your accounting system and are necessary to ensure that your financial reporting is accurate and reflects historical data correctly.

This step is particularly important because when importing historical journal entries, you'll want to establish a baseline for your accounts. Entering these balances allows you to have a complete financial picture from the beginning of the period, ensuring that any subsequent journal entries align correctly with the overall financial statements. Having accurate opening balances means that financial reporting, reconciliations, and future transactions will be more reliable and will adhere to accounting best practices.

The other options provided do not align directly with the necessary steps following the import of journal entries. Importing invoices, for instance, relates to accounts receivable and is typically done separately when setting up or migrating any business's financial system data. Similarly, creating custom records for transactions pertains to more specialized needs or requirements outside just importing journal entries and handling opening balances. Running reports to compare current sales, while valuable for analysis, does not directly address the need to establish correct opening balances after an import. Thus, entering opening balances is the most relevant