The client had multiple entities (One holding company with 4-5 subsidiaries). The client was already using NetSuite. However, instead of using a multi-subsidiary module, Client was using locations to decide upon the Subsidiary to which the transaction belongs.
Using locations to post transactions is not the correct way of accounting in the first place. There were no intercompany accounts created. The locations too were not marked correctly in transactions. The balance sheet was balanced in totality but was not balanced location-wise. There were huge debit and credit balances in the individual locations while the overall balance for the GL was very low or even NIL in certain cases.
The client wanted to migrate data to a new instance of NetSuite with the multi-subsidiary module but was unable to do so because the client did not have the correct GL balances of subsidiaries with them.
To begin with, we separated the Balance Sheet. Reconciliation of the Balance sheet GLs was created to identify which transactions make the closing balance. Moving further, we identified the correct locations for those transactions. (E.g. the closing balance for prepaid rent is made of so and so transactions then identify to which subsidiary those transactions belong.)
In the case of the income statement, we undertook one to one exercise to find out which transactions belong to which subsidiary and sorted them accordingly. The moment we were able to correctly separate the Balance sheet and income statement transactions in the correct subsidiaries, we drafted a revised balance sheet for each subsidiary and concluded that the difference in the Balance sheet for each subsidiary was intercompany balance.