In today’s Suite Guide, we will focus on how to close accounting period per book in NetSuite.
Extended Accounting Period Close Process (a.k.a. “per-book closing”) permits individually closing and reopening accounting periods associated with any accounting book, without impacting your other accounting books. When this feature is enabled, unique period close checklists become available for each of the accounting books including newly activated secondary accounting books.
Steps to Close Periods Per Book in NetSuite
1. Navigate to Setup > Accounting > Manage Accounting Periods..
2. On the Manage Accounting Periods page, expand the Filters folder > select the appropriate Accounting Book. (e.g. Local GAAP for illustration purposes)
Note: You can continue to close all your books at the same time by selecting All in the Accounting Book filter field on the Manage Accounting Periods page.
3. Click the Period Close Checklist icon next to the earliest open period or the period you are trying to process or close.
4. On the Period Close Checklist: Period Name page, proceed through the period close checklist. Click the green arrows under the Go To Task column and complete each task the usual way all the way to the Eliminate Intercompany Transactions task or Create Period End Journals task.
5. Expand the Filters folder and ensure the specific Accounting Book you need to close/reopen is properly selected (e.g. Local GAAP in our illustration) then click Go To Task beside Close task.
6. NetSuite will redirect you to the Task: Close Accounting Period page, notice Accounting Book field is set to Local GAAP > hit Close Period button.
Repeat steps 5 and 6 above to close the other accounting books.
- All tasks are completed from the Period Close Checklist page.
- Tasks available depend on what features are enabled in the account.
- If previous periods are still open, you can complete tasks to lock transactions for a period.
However, you cannot complete any other checklist tasks, including closing the period, until all previous periods have been closed.
- Tasks are listed in the order in which they should be completed as there are some dependencies here that are intentional to ensure that financial reports will have correct numbers at the time of closing.
- Status icons indicate whether each task is completed, partially done, or not started.
- When a period is closed, it is considered complete, and no one can add or make general ledger impacting changes to posting transactions for the period.
- List of Period Checklist Tasks which can be processed separately per accounting book with the Extended Accounting Period Process feature enabled are as follows:
- Revalue Open Foreign Currency Balances
- Calculate Consolidated Exchange Rates
- Eliminate Intercompany Transactions
- Create Period End Journals
- Close Period
As a highly accredited NetSuite Solution Provider, ScaleNorth is well positioned to help you with the full scope of your NetSuite customization needs. If you require more NetSuite assistance, contact ScaleNorth today.
About the Author
Jackielyn Dee is a seasoned professional in NetSuite Consulting, she brings a wealth of experience as a Functional Consultant at NetSuite. Jackielyn is a strong accounting professional who graduated from the University of Luzon.
She is a CPA and holds the SuiteAnalytics, SuiteFoundation, Financial, ERP Consultant, NetSuite Administrator, ARM/Revenue, and Multi-Book credentials.