By standard, it is not possible to edit nor delete a transaction that has GL impact in NetSuite once its corresponding accounting period is closed. If we require to change the Item rate in the Item Receipt transaction itself in the relevant accounting period, the accounting period will need to be reopened.
At the time of period close, a series of tasks are performed to close an accounting period. The tasks associated with the period close depend on the features enabled in the NetSuite account. For instance, the closing task ‘Revalue Open Foreign Currency Balances’ will only be available if the ‘multiple currencies’ feature is enabled in the NetSuite account.
When a period is closed, it is considered complete and no one can add or make general ledger-impacting changes to posting transactions for the period. If a period that has been closed requires later changes, we must reopen the period before these changes can be completed.
Note: We require the ‘Override Period Restrictions’ permission to reopen a period.
To reopen a closed period:
- Go to Setup > Accounting > Manage G/L > Manage Accounting Periods.
- Click the Checklist icon for the period.
- On the Period Close Checklist page, click the arrow icon for the Close task.
- On the Close Accounting Period page, click Reopen Period.
- Enter text in the Justification field to explain why we are reopening the period, click Reopen Period again, and review the warning text to make sure we understand the following:
If we reopen the period, we may need to redo checklist tasks to close the period.
Also, any later closed periods are automatically reopened and we may need to redo
checklist tasks for those periods as well before we can close them.
We can also use the ‘Quick Close’ feature to close the periods in a sinlge click. - If we want to continue, click OK in the warning dialog. The justification text is saved in a user note.
After reopening the period, we can update the Item rate in the Item Receipts. Once completed, we will be required to close the period and any subsequent periods that were reopened. We may also use the ‘Quick Close’ feature to close the reopened periods in a single click.
Using Quick Close to Close Periods
The Quick Close preference enables us to close one or more accounting periods with a single click. This time-saving preference is useful when we have reopened one or more closed accounting periods to make a change. With Quick Close, NetSuite marks complete all tasks in all reopened accounting periods, eliminating the requirement to close them one-by-one.
For example, we want to make a change in the January 2020 accounting period. Reopen the period, which reopens all the subsequent closed periods. Make our change. With Quick Close, we can close the January 2020 period and all subsequent periods at the same time.
Note: The Period Close Checklist helps us with our financial closing workflow. Quick Close does not run period closing tasks. It only marks the tasks as completed. Use Quick Close only when we are certain that there is no requirement to run period closing tasks. It’s important to note that adjusting transactions in a closed period can have significant implications for financial reporting and should be done with caution and after consulting
with relevant stakeholders. Additionally, some companies may have specific policies or procedures for making adjustments in closed periods, so be sure to follow the company’s guidelines.