We can lock future accounting periods with the accounting preferences “Enable accounting period window”. In this preference, we will provide the number of open periods (maximum period window size) which count from the current period. (For example: If the current period is October, then provide number 2 to make open only the October and November future periods).
To lock future accounting periods, Go to,
Set up > Account > Accounting preferences > Check the box “Enable accounting period window”. Then provide the maximum period window size.
Checks after the period close
NetSuite checks daily to verify that at least the provided number of current and future accounting periods are unlocked. It automatically unlocks the next future period as needed.
Override permission
Once future periods are locked, only admins and the roles who have “override period restrictions” permission can post to future periods. The role which does not have this permission can post only to the unlocked periods.
Already existing transactions
Once we have locked future periods, already existing future period journals will not be editable for other roles. It is editable for the admin roles and also for the roles which have “Override period restriction” permission.
Reversal journals
Admins and the roles which have “Override period restriction” permission can post reversal entries to the locked period. For other roles, Netsuite will not allow us to create a journal with a reversal date in a locked period. It will show the error like in the below image.
