Lock A/R

To prevent A/R transactions in the period, you would need to click on the checklist of the Period and ‘go to the task’ Lock Accounting Period (A/R).

There you would need to select all subsidiaries.

And press’ submit’.

The status now would change to:

Lock A/P

To prevent A/P transactions in the period, you would need to click on the checklist of the Period and ‘go to the task’ Lock Accounting Period (A/P).

There you would need to select all subsidiaries.

And press’ submit’.

The status now would change to:

Lock All

To prevent A/R, A/P, (if applicable also Payroll) transactions in the period, click for Lock All, then click Submit similarly as above:

Resolve date/period Mismatches:

• Press the Resolve Date/Period Mismatches button – select the period needed and observe the transactions. The results would be for those transactions that are raised within the period needed but by mistake another posting period is being selected (e.g. Purchasing orders raised with a transaction date of 26/02/2021 must be falling under the posting period of ‘Feb 2021’ and not ‘Dec 2020’). All transactions must be edited but if they are closed, then they will remain unresolved.
• Mark task complete once this task is finished and no changes to be done with this in the future

Review Negative Inventory:

• Review negative inventory – this will bring all negative stock to overview and in the first few months, we would potentially have quite a few and need to accept it once we reconcile and agree on the stock.

For future reference: if in the Setup → Accounting → Accounting Preferences → Order management → Fulfillment → Fulfil based on commitment is checked ‘allow uncommitted’ then this would have a significant amount of  negative inventory so in future to limit it to ‘limited to committed’ (review all of it, including Sales commitments, etc)

• Mark task complete once this task is finished and no changes to be done with this in the future

Review Inventory Cost Accounting:

• Review negative inventory – this will calculate the cost of the reviewed negative inventory from the previous checklist. This will calculate for a significant amount of time, maybe up to an hour or so. Report under the Report -> Inventory -> Inventory Valuation summary and click on the Options ‘Display title’. It will show you if any cost calculations are still in progress.

Setup → Accounting → Inventory costing preference → Use cost estimate for negative inventory checked the ‘last purchase price’ and could be changed to ‘average cost’ if we would use average, but we use FIFO. (This could be checked in the _Inventory costing preferences and Inventory costing recalculation examples Help article)

• Press the ‘Review Inventory Cost Accounting’ _button and then ‘Run inventory costing’ -> check the ‘process status’ (at first it would be ‘Not running, next ‘In progress’ first once the report is running and then ‘Complete’). It also shows the items left for cost calculations and once it’s 0, then it’s completed and could be pressed ‘back to period close’.
• Mark task complete once this task is finished and no changes to be done with this in the future

Review Custom GL Plug-In Execution

• Press the Review Custom GL Plug-In Executions button (in our case it should be always 0 incomplete and 0 failed when ‘Status’=’Complete’ as we do not have anything abnormal in our account  (check Customization → Plug-Ins→ Manage Plug-Ins in Admin console)
• Mark task complete once this task is finished and no changes to be done with this in the future

Revalue Open Foreign Currency Balances  

• Press_ the Currency Revaluations _button and then ‘Currency revaluation’, review all ‘marked’ (unmark some if necessary), and press the ‘Save’ button.

To review completed revaluations, go to Transactions → Financial → Revalue Open currency balances → List (on Admin role, OR Financial → Other → Revalue Open currency balances → List on the Accountant role) or from period checklist uses the ‘Results subtab on the ‘Task: Revalue Open Currency balance page’ – edit or see GL impact. Running revaluations can impact the revaluation calculations in subsequent periods. If you reopen a period, post changes, and re-run its revaluation after later periods have been closed you must rerun revaluation for the later periods.

If necessary, check the Currency Revaluations and Currency Exchange Rates (for Audit purposes).

• Mark task complete once this task is finished and no changes to be done with this in the future

Revalue Consolidated Exchange Rates   

• Press the ‘Calculate Consolidated exchange rates’ button and then ‘Calculate’, review all rates, and press the ‘Back to Period close’ button once done with this.

In NetSuite it is possible to calculate the rates on the holding subsidiary level using a calculation symbol for a specific period of time or press ‘Edit’ and rewrite ‘Average exchange rate’, ‘current exchange rate’ and ‘historic exchange rate’, however, it’s not a best practice as NetSuite does it for you. Under the consolidated exchange rates, it pulls the information from the accounts level as this is defined on each account level (‘Generate rate type’ and ‘Cash flow rate type’ fields to be either current+average or historical-historical depending on the type of account (for example ‘Share capital’ is Press ‘Currency Revaluations’ button and then ‘Currency revaluation’, review all marked (unmark some if necessary), and press ‘Save’ button.

• Mark task complete once this task is finished and no changes to be done with this in the future

Eliminate Intercompany Transactions

• Press the ‘Run Intercompany Eliminations’ button and then ‘Save’. If no results on the main page of a task, then check the ‘Status’ subtab and keep pressing ‘refresh’. It might take a long time until the 100% completion if there is a significant amount of transactions. Review all.

If the Intercompany journals raised during a month using valid information including the intercompany accounts which are marked to be eliminated at the end of the month and on the column ‘Eliminate’ on the line has ‘Yes’ opposite of those accounts, then they are all must be automatically eliminated during month-end checklist task completion and would create Elimination journals on each line of the result (check the right column). If not, go back to the journals, review, edit if necessary and save.  Re-run the intercompany elimination task. 

• Mark task complete once this task is finished and no changes to be done with this in the future

CLOSE

CLOSE THE PERIOD

All of the above Month-end checklist tasks could be still ‘Completed’ even if the actions are not performed.

Note:

ALLOW NON-G/L CHANGES

In every base period, you can check the ‘Allow non-G/L changes’ which is available in the ATV instance as it’s been enabled in the settings of organization by default.

When a period that has been locked has the Allow Non-G/L Changes box checked, users can make changes to posting transactions if the changes do not affect the general ledger. Users must have the Setup permission Allow Non G/L Changes to make such changes. Users with the Override Period Restrictions permission can make changes to posting transactions, whether the changes impact the general ledger or not, in a period that has been locked to transactions.