Adjustment Periods in NetSuite

Ron Danenberg0 mins

🚨 How to Set Up Adjustment Periods in NetSuite 🚨

In this tutorial, I’ll walk you through how to set up adjustment periods in NetSuite. There are two ways to do this.

Step-by-Step Guide 📋

  1. Method 1: Using ‘Manage Accounting Periods’
    • Navigate to Manage Accounting Periods.📅
    • Click on Setup Full Year.✅
    • Make sure to check the box labeled One-Day Year-End Adjustment Period.
  2. Method 2: Manually Create an Adjustment Period
    • Use the Create Single Period button.🔘
    • Ensure that the Period is Adjustment checkbox is checked.✔️
    • Manually created adjustment periods can be more than one day, which is a key difference from the first method.⏳
  3. Important Notes 📝
    • Adjustment periods must overlap existing base periods with the Multiple Calendar feature enabled.🔄
    • Only journal entries can be posted to adjustment periods.📜
    • To modify an accounting period date range, navigate to Setup > Accounting > Manage G/L > Manage Accounting Periods, select the appropriate period, and adjust the end date.✏️

Congratulations! 🎊 You’ve successfully set up adjustment periods in NetSuite!🌟🎉

If you found this tutorial helpful, please subscribe to this channel for more tips and tutorials. Visit www.KOLLENO.com for more tools to enhance your accounting processes! 🎥

Take a tour of Kolleno AR platform now