Performing and managing Period Closes

A Period Close in NetSuite is a flexible thing, and many companies find it is a little too loose out of the box. However, this depends on the business and what they are used to from their legacy ERP system. Some companies need to keep transactions editable from one period to the next in case edits are needed as working conditions change over time. These companies will do well to use the Period Close feature’s minimal settings. However, many other businesses would be horrified at that thought, so they need to have the system locked down each period as they close it to keep their reporting accurate over time. These NetSuite clients will need to understand how the Period Close feature can be used to lock their transactions and reports in place. They almost always already have a process in place and policies for this, so now they just need to understand how to implement those policies with NetSuite’s various features. The Period Close...