Creating and Reopening Accounting Periods in NetSuite

NetSuite allows you to manage accounting periods effectively, which is crucial for the synchronization of transactions to specific fiscal timelines. When an order date does not fall within an open accounting period, it will not sync with NetSuite. This article covers how to create, edit, or reopen accounting periods as needed.

How to Create Accounting Periods

To set up a new accounting period, you will need to have at least Edit level permission for the Manage Accounting Periods role. This enables you to establish fiscal periods either individually or for an entire fiscal year. For a detailed guide on how to set up accounting periods, refer to the related documentation.

How to Edit Accounting Periods

Once accounting periods are created, you can perform edits as necessary. Notably, you cannot delete an accounting period that has been closed or that has transactions recorded. Here’s a quick guide on how you can edit an existing accounting period:

1. Navigate to Setup > Accounting > Manage G/L > Manage Accounting Periods.
2. Find and click on the link for the accounting period you wish to edit.
3. In the Actions menu, you can select Delete if applicable; remember, closed periods and periods with sub-periods cannot be deleted directly.
4. On the Accounting Period page, you can modify fields such as:
   • Period Name
   • Start Date
   • End Date
   • Allow Non-G/L Changes (editable only when a period is locked or closed)
   • Sub-period of
   • Period is Adjustment
5. If you manage multiple calendars, you can adjust the Fiscal Calendar field as needed.
6. Click Save once all changes are made.

How to Reopen Closed Accounting Periods

Reopening an accounting period allows you to manage data that was initially considered final. The process involves navigating back to the Manage Accounting Periods section and selecting the closed period you wish to reopen. It’s important to ensure that this action aligns with your accounting practices and reporting needs.

Important Considerations

• Each day must belong to an accounting period to guarantee accurate reporting.
• You cannot disable the Accounting Periods feature in NetSuite OneWorld if any periods exist; all periods must be deleted first.
• Ensure you possess the Posting Period on Transactions permission when using custom roles to manage these accounting periods.

Related Topics

For additional information, you may want to look into:

• Setting Up Accounting Periods for a Year
• Working with Tax Periods
• Managing Fiscal Calendars

Key Takeaways:

• Accounting periods link financial transactions to specific time frames.
• Editing is possible, but deletion of periods is restricted based on their status.
• Reopening periods should be executed cautiously to maintain reporting integrity.