The NetSuite Extended Accounting Period Close Process

Do you need to use the NetSuite Extended Accounting Period Close Process? This NetSuite accounting feature provides you with closing checklists for each of your accounting books. Let’s take a quick look at how you would set up and use this feature.

First, how does this feature work? When this feature is enabled, you can close each of your accounting books individually. Having a close checklist for each of your accounting books means that you can also edit your accounting books individually without impacting your other books. But even though this feature gives you the option to extend the close process by closing every book, you aren’t required to close your accounting books individually. Even with this feature enabled, you can still close accounting books in bulk.

Let’s look at the prerequisites and setup that this feature requires.

In order to use the Extended Accounting Period Close Process feature, you will need to have access to NetSuite’s Multi-Book Accounting features. Only accounts that use NetSuite OneWorld can have access to these features. For help with setting up your account with Multi-Book Accounting, reach out to either NetSuite Professional Services or a third-party partner.

Once you have access to NetSuite’s Multi-Book Accounting features, you’ll be able to turn on the Extended Accounting Period Close Process feature. You’ll find this feature under the Multi-Book Accounting section of the Accounting tab in Enable Features.

Once this feature has been enabled, how would you use it? Let’s take a look.

The benefit of the Extended Accounting Period Close Process feature is that you can close periods individually. To do that, you’ll navigate to the Manage Accounting Periods page (Setup > Accounting > Manage Accounting Periods). On this page open the Filters section and select the specific accounting book you want to close using the Accounting Book dropdown list.

Once you’ve selected your desired accounting book, you’ll go through the regular closing process using the Accounting Periods Close Checklist. 

Once this feature has been enabled, some things need to be in place before you can turn it off. For one thing, the period close status for your accounting periods needs to be the same across all accounting periods. In addition, all period closing tasks across all accounting books need to have the same status.

The NetSuite Extended Accounting Period Close Process provides you with greater control over your accounting books and your close process. If you enjoyed this blog, be sure to subscribe below to our newsletter to keep learning more about key NetSuite features like this one.