INTRODUCTION
When it is time to close a period in NetSuite, navigate to the path shown below. Find the period row that needs to be closed and click the icon on the Checklist column. NetSuite provides a guided approach to closing out periods. By working from top to bottom of the checklist, a user can easily and accurately close periods. Each task in the checklist will record what user modified and/or completed the task.
PROCESS
Path:
Checklist Icon:
The checklist provided by NetSuite is pre-configured. This creates a standard inflexible approach to closing periods. If there are many requirements unique to the business needing to close an accounting period, this tool may not be effective. There are various other frameworks that help with the closing of periods, but they are usually geared toward large accounting departments.
Open Period Checklist:
Previously Closed Periods:
Recently, a client wanted to create a commission application. Doing so would require manual workflows to accurately close each period. Netsuite serialized inventory was completed by tracking any exceptions and pulling in the commissions.
The initial iteration of the solution focused on improving documentation and enhancing the training provided to the accounting department. It became apparent that more automation was desired, so the accounting department did not need to rely on external resources.
A more robust solution was created to leverage the functionality provided by NetSuite’s custom records and to integrate various cloud-based tools when necessary. The solution would allow the user to close periods in a manner that mimicked NetSuite’s standard approach but included extra functionality to handle commissions. The Netsuite audit trail would provide a list of tasks ordered for the user to work through.
CONCLUSION
This post talked about both a standard approach to closing books provided to all NetSuite users and a custom approach to fit the unique needs of a client. The goal of both approaches remains the same: to quickly and accurately close periods, even if the tool varies slightly.
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