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You’ll find out that there is usually MORE to the close than what NetSuite allows you to do.

Now that you’ve reviewed all the necessary processes on the checklist, the final step is to close the accounting period. In order to turn on this feature, go to Setup > Company > Setup Tasks > Enable Features.

This is the only process in the month end close that cannot be performed out of sequence.That being said, you can preliminarily close all the prior steps to run this process and then reopen the prior tasks to perform them, if need be.Almost there!

given the importance of period closing activities, specialized platforms have now been developed to help accountants and controllers perform these tasks with a greater degree of confidence.

Typically, there are instances when one subsidiary will buy and sell to another subsidiary. If you are a company that has multiple operating subsidiaries, and one subsidiary is delayed in closing, you could encounter issues if entries are posted after reports have been issued to management. In fairness, that assumption wouldn’t be too far off the truth. Well, this is a very good example of that, where some companies may not actually lock their G/L until late in the close process, as they may want to reconcile some sensitive accounts such as cash (bank reconciliation) and intercompany accounts, prior to closing.Unfortunately, you can’t progress through the checklist until you actually “Lock All” Let’s visualize this with an example. Any required adjustments will need to be done via a journal entry.While Netsuite will calculate these rates, many companies prefer to calculate these rates themselves, since the Average and Historical rates in Netsuite are calculated using actual transactions posted in the system.

This will prevent any other transactions from being posted to this period. Below I’ll take you through each of the steps in this checklist, and add some color to what those steps really mean in NetSuite! Typically, any material invoices received after A/P is locked, related to the period being closed, will be accrued by journal entry and reversed in the following period.

In a , the median number of days required for month-end close was 6.4.

Transactions > Financial > Create Intercompany AdjustmentsCalculate Consolidated Exchange Rates Revalue Open Foreign Currency Balances Transactions > Financial > Revalue Open Currency BalancesAll (G/L) must be locked from the Period Close ChecklistIf this has been completed prior “Mark as Task Complete” Option, when locking the period Period must be closed from the Period Close ChecklistIf this functionality is needed, the checkbox can be found on the “Close Period” screen.Setup > Accounting > Manage G/L > Manage Accounting Periods > Close > Allow Non-G/L Changesugh a month end close – on time, AND satisfy audit requirements!

Our accounting team is expecting that the Intercompany COGS gets … , which will indicate to the rest of the accounting team that this activity has been completed, and allows you to then move on to the next item in the list. When he’s not at the office, you can find him playing soccer and basketball, as well as exploring new cuisines.

Therefore, when closing, the revenue and cost accounts would be eliminated when consolidating at each period end. You can now investigate this issue, and find out if you really do have 1,000 units on hand. If this is the case, there should be a credit memo offsetting the original July 2016 invoice, posted in September 2016.

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