- When you close an accounting period, this indicates that posting transactions for the period have been completed. When you close accounting period changes its status from Open to Closed.
- To close an accounting period, Navigate to Setup > Accounting > Manage G/L > Manage Accounting Periods.(Administrator Role)
- In order to close the close the accounting period, user needs to complete the tasks listed in the period close. Period Close checklist column will be available in the Manage Accounting Periods page.
- To close the period >> Click the icon with the magnifying glass to begin >> Complete the tasks in sequence. Periods must be closed in sequential order from oldest to newest.
Note: If user wants to close the current period, user must close all the open periods before the current period.
Following are the step by step procedure to close a period.
- The first step in closing the period is to click on the checklist icon. In Checklist the tasks are listed.
2. To complete each task, click on the “Go To Task” icon against each task.
3. Users can close the A/R by subsidiary wise. Check the boxes and hit “Submit” to save your work. This locks A/R for the selected subsidiaries of the period that you want to close.
4. A/R will now be marked as locked.
5. To prevent A/P transactions in the period, click for Lock A/P, then click Submit.
6. To prevent A/R, A/P transactions in the period, click for Lock All, then click Submit.
7. “Resolve Date/Period Mismatches” allows you to correct transactions that are dated wrong. For instance, if an invoice is posted to the wrong month. Clicking this will cause NetSuite to look for mismatches in the transactions for the period. You can then click the Edit links and resolve.
Note: when you create transactions, those transactions will not automatically post to the proper period if that period is not set up in a fiscal calendar. This means that if you are trying to post in 2018 but have not created any 2018 periods in NetSuite, then the transactions will post in the wrong period.
9. “Review Negative Inventory” allows When closing a period, you must identify any negative inventory values that can be corrected by a positive adjustment. Reviewing negative inventory items is a required task for the period closing checklist.
10 “Review Inventory Cost Accounting’ allows To run inventory costing calculations, there must be no items on the Review Inventory Cost Accounting page in the list of outstanding items to be corrected. If any items show on the list, you must wait until they are resolved. If an item on the list cannot be resolved, you are prompted to contact customer support.
11. “Review Inventory Activity” allows If you use NetSuite OneWorld, this task opens a customizable version of the Inventory Activity Detail report. This report provides a view of specific inventory values. The report details are based on the item level total inventory value in a specific subsidiary context.
12. The final step is to click “Close” at the end.
13. After click this to close the Accounting Period.
14. The period is now closed.
15. If you go back to the main list, you will see the closure reflected there, as well.
If a period is closed that indicates lock icon against respective period.