Accounting Book Period Close Management
Please contact your sales or account representative to find out how to get the Full Multi-Book Accounting feature. The assistance of NetSuite Professional Services or a Multi-Book authorized partner is required to implement this feature. You should consider contacting NetSuite Professional Services or a Multi-Book authorized partner for assistance in setting up the Adjustment-Only Books feature, even though it is not required.
Multi-Book Accounting, including the Adjustment-Only Books feature, is available only in NetSuite OneWorld.
If NetSuite Professional Services has implemented Full Multi-Book Accounting in your account, you can individually close and reopen accounting periods associated with any accounting book, without impacting your other accounting books. When you enable the Extended Accounting Period Close Process feature, unique period close checklists become available for each of your accounting books including newly activated secondary accounting books.
You choose the accounting book for which you want to close a period through the Filters section at the top of the Manage Accounting Periods page. The accounting books available for selection depend on your user role and associated permissions.
Only active accounting books are available in the period close checklist. Pending accounting books are considered open for all accounting periods.
When you select an accounting book, the list of displayed accounting periods provides the closing status and a link to the respective period close checklist. If you select a secondary accounting book, only accounting periods after the book effective date display in the list.
Whichever book you select, NetSuite displays that accounting book the next time you access the Manage Accounting Periods page.
If you enable the Extended Accounting Period Close Process feature, you are not required to individually close accounting books. You can continue to close all of your books at the same time.
You can clear the Extended Accounting Period Close Process box on the Enable Features page if both of the following conditions exist. 1) All accounting periods have the same period close status. 2) All period closing tasks in the primary and secondary accounting books (All Accounting Books) have the same closing status. This condition does not apply to Primary Book Only.
For more information about accounting periods, see Accounting Period Management.
For details about tasks specific to various accounting books as well as task and period dependencies, see Closing Tasks and Their Dependencies.
For steps to enable this feature, see Enabling the Accounting Book Period Close Feature.
When the period close status differs across accounting books, this feature may prevent third-party applications and scripts, which use period closing status, from properly running. You may want to change these scripts to respect per book closing status.
If you edit existing transactions, the Extended Accounting Period Close Process feature respects the closing and locking status of each period in each accounting book. For details about how edits to transactions affect closed or locked accounting books, see Transaction Edits in Closed, Locked Accounting Periods.
Related Topics:
- Planning for Multi-Book Accounting
- Enabling Multi-Book Accounting Features
- Adding Accounting Books
- Adding a New Subsidiary to an Active Book
- Roles and Data Access for Multi-Book Accounting
- Chart of Accounts Mapping
- Foreign Currency Management
- Revenue and Expense Management
- Reports, KPIs, and Saved Searches in Multi-Book Accounting
- Book-Generic and Book-Specific Records
- Using Multi-Book Accounting