The following details explained the closing tax periods in NetSuite.
To prevent posting to tax periods that have already been filed, we should close the tax periods for which we intend to generate a tax report. Closing a tax period closes all prior tax periods. Opening a tax period also opens all the subsequent tax periods that have been set up.
To close a tax reporting period if we do not have a OneWorld account: Go to Setup > Accounting > Taxes > Manage Tax Periods. Click the Status icon of the posting period that we want to close. Click Close Period. Closing Tax Periods Per SubsidiaryIf we are using OneWorld (either with or without the Multiple Calendars feature enabled), we can close tax periods for some subsidiaries, and leave them open for other subsidiaries. The Note subtab on the Close Tax Period page shows a history of when the period was closed or reopened, and for which subsidiaries. Closing a tax period for a subsidiary closes prior tax periods for that subsidiary. To reopen a subsidiary’s closed tax period, clear the Close box of the subsidiary. Opening a tax period for a subsidiary opens subsequent tax periods that have been set up for that subsidiary. The Manage Tax Periods page displays the following icons to indicate the status of the tax period: Open – The tax period is open for all subsidiaries. In progress – The tax period is closed for one or more subsidiaries. Position your mouse pointer over the icon to see the number of subsidiaries that have closed this tax period. Closed – The tax period is closed for all subsidiaries.
To close tax periods per subsidiary: Go to Setup > Accounting > Taxes > Manage Tax Periods. Click the Status icon of the posting period that you want to close. On the Close Tax Period page, select the subsidiaries to which this closed tax period applies. Click Submit. To prevent posting to tax periods that have already been filed, you should close the tax periods for which you intend to generate a tax report. Closing a tax period closes all prior tax periods. Opening a tax period also opens all the subsequent tax periods that have been set up. To close a tax reporting period if we do not have a OneWorld account: Go to Setup > Accounting > Taxes > Manage Tax Periods. Click the Status icon of the posting period that you want to close. Click Close Period. Closing Tax Periods Per SubsidiaryIf we are using OneWorld (either with or without the Multiple Calendars feature enabled), we can close tax periods for some subsidiaries, and leave them open for other subsidiaries. The Note subtab on the Close Tax Period page shows a history of when the period was closed or reopened, and for which subsidiaries. Closing a tax period for a subsidiary closes prior tax periods for that subsidiary. To reopen a subsidiary’s closed tax period, clear the Close box of the subsidiary. Opening a tax period for a subsidiary opens subsequent tax periods that have been set up for that subsidiary.
The Manage Tax Periods page displays the following icons to indicate the status of the tax period: Open – The tax period is open for all subsidiaries. In progress – The tax period is closed for one or more subsidiaries. Position your mouse pointer over the icon to see the number of subsidiaries that have closed this tax period. Closed – The tax period is closed for all subsidiaries. To close tax periods per subsidiary: Go to Setup > Accounting > Taxes > Manage Tax Periods. Click the Status icon of the posting period that you want to close. On the Close Tax Period page, select the subsidiaries to which this closed tax period applies. Click Submit.