Enabling the Accounting Book Period Close Feature
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.
The Extended Accounting Period Close Process feature permits you to process and modify the accounting result of one book without impacting other books. 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.
When the period close status differs across accounting books, the Extended Accounting Period Close Process 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. See SuiteScript Impact of Extended Accounting Period Close Process Feature.
To enable Extended Accounting Period Close Process:
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Go to Setup > Company > Setup Tasks > Enable Features.
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Click the Accounting subtab and locate the Multi-Book Accounting section.
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Check the Extended Accounting Period Close Process box.
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Click Save.
Prerequisites for Using the Period Close Checklist
Be aware of the following permissions requirements for accounting periods:
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Edit or Full level of the Manage Accounting Periods permission is required to set up, edit, lock transactions for period close, or reopen accounting periods.
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The Override Period Restrictions permission is required to access certain tasks on the period close checklist.
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Users must have both of the above permissions in addition to task-specific permissions to complete period close checklist tasks such as automated intercompany adjustments, open currency balance revaluations, and calculation of consolidated exchange rates.
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If the Allow Non-G/L Changes option is enabled for a period, users with the Allow Non G/L Changes permission can make non-general ledger changes to posting transactions after the period has been locked to transactions, and after the period has been closed.
SuiteScript Impact of Extended Accounting Period Close Process Feature
The Extended Accounting Period Close Process feature causes a change in SuiteScript behavior for scripts on accounting periods. If you enable this feature, you need to be aware of its impact on these scripts and decide whether to change them.
Without this feature, the period close status is shared among all accounting books in the system. It is possible to create a script that checks the period status, and based on this status, the script can perform actions such as creating additional transactions. The following code snippet provides an example:
function doStuffWithPeriod(periodId)
{
var periodRecord = nlapiLoadReacord("accountingperiod", periodId);
if (period.getFieldValue("closed") == "F") // returns "T" if the period is closed in all books, "F" otherwise
{
var journalRecord = nlapiCreateRecord("journalEntry");
.
.
journalRecord.setFieldValue("postingperiod", periodId);
.
.
.
nlapiSubmitRecord(journalRecord); // fails if period is partially closed
}
}
If the Extended Accounting Period Close Process feature is enabled, each accounting book has its own close status flag. However, the status accessible through SuiteScript remains shared, so that it only returns a value of T when the specified period is closed in all active books. If the period is partially closed, meaning closed in some but not all books, and that period ID is passed to a script like the above example, the script fails to execute successfully. This failure occurs because the script attempts to post a book-generic transaction to all books, but the period is already closed in some of the books.
For more information about accounting periods, see Accounting Period Management.
For details about how edits to transactions affect closed or locked accounting books, see Transaction Edits in Closed, Locked Accounting Periods.