NetSuite Tutorial | How To Close an Accounting Period in NetSuite?

NetSuite Training Summary

The video features Ron from Kolleno demonstrating how to close an accounting period in NetSuite. He starts by navigating to the “Manage Accounting Periods” section to select an accounting period for closure.

Ron highlights the importance of ensuring the previous period is closed, using a demo account to show the process. He explains locking transactions, selecting subsidiaries, and resolving mismatches and negative inventory issues.

Emphasizing accuracy and compliance, Ron advises reviewing data carefully before completing tasks. The tutorial is a concise guide for correctly closing accounting periods in NetSuite.

How to find NetSuite internal ID field names

– Access the “Setup” menu in NetSuite.

– Navigate to “Accounting” and select “Manage Accounting Periods.”

– Choose the desired accounting period, e.g., 2010.

– Click on the icon for the chosen accounting period.

– Review the checklist for the selected period.

– If necessary, select the appropriate actions such as locking A/R transactions or re-locking all transactions.

– Click the green icon to proceed.

– Select the subsidiaries you want to include and click “Submit.”

– Address any date or period mismatches by clicking on the relevant task and marking it as complete.

– Review negative inventory if prompted, ensuring all transactions are correctly dated and recorded.

– Click “Mark Task Complete” once you’ve resolved any issues.

– Proceed with other tasks if needed and ensure data accuracy before closing the period.

– Avoid closing accounting periods prematurely to maintain accurate financial records and comply with accounting principles.