Year-end closing in NetSuite is a critical process that ensures financial records are accurate and ready for reporting. The first step is to reconcile accounts, especially bank and credit card accounts, to ensure all transactions are accurately recorded. Start by reviewing open transactions, such as unbilled sales orders or unreceived purchase orders, and either close them or ensure they are properly accounted for. You should also perform inventory adjustments if necessary, making sure that stock levels are accurate and all inventory transactions are recorded before closing the period.
Once the transactions are reconciled, it’s time to run the year-end close process. In NetSuite, you can initiate the close through Setup > Accounting > Manage G/L > Close Accounting Periods. Be sure to review the trial balance for discrepancies, address any unposted journal entries, and check for unapproved or pending transactions. After closing the period, generate your financial statements, such as the balance sheet and income statement, using Saved Searches or SuiteAnalytics to customize reports. These tools allow you to filter data by period, department, and location, ensuring that reports are tailored to your needs. Finally, consider automating recurring journal entries or monthly reports for the new fiscal year to improve efficiency in future closes.