Setting up an adjustment period for an accounting cycle is a crucial step in ensuring accurate financial reporting and adherence to accounting standards. This feature allows businesses to make necessary adjustments to their financial records even after the standard accounting period has closed. By utilizing the adjustment period functionality, companies can maintain the integrity of their financial data and rectify any errors or discrepancies identified post-closure.
Creating Adjustment Periods for the quarter Q4 in 2022 Jan – Dec Fiscal Calendar year in NetSuite:
- Navigate to Setup > Accounting > Manage Accounting Periods
- Click Base Period
- Set a Period Name
- Set the Start and End Date to Dec 31, 2022
- Set the Sub-period of to Q4 2022
- Mark the Period is Adjustment check box
- Click Save