Need for Multi book:
Multi-Book accounting feature provides the ability to maintain multiple sets of financial records in parallel to support various accounting and reporting standards.
Due to complex organization structures and complex legal and regulatory compliances, many finance professionals are potentially left having to spend countless hours using excel spreadsheets to adjust NetSuite Reporting to conform to a secondary Accounting Standard including Tax Adjustments, IFRS reporting, ASC 606 Retrospective Reporting, or Industry specific reporting.
Available only to NetSuite users, it allows multiple financial records created out of a single set of financial transaction. Leveraging NetSuite Multi-Book’s feature of “Book Specific” Journal entries, the finance department is able to readily run financial statements based on industry, country, state, or currency requirements out of the same environment with just a simple selection of a different accounting book.