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Bella Tran

Closing Multiple Accounting Periods in NetSuite: A Step-by-Step Guide

Updated: Jul 25

Written by: Bella Tran


Closing accounting periods in NetSuite is a fundamental task to ensure your financial records are accurate and up-to-date. However, sometimes, the accounting department may encounter issues where they can't close a particular period because previous ones haven't been closed yet.


This guide will walk you through closing multiple periods in NetSuite, from start to finish, ensuring a smooth and efficient period close as one of the NetSuite best practices.


Step-by-Step Process to Close Multiple Periods


1. Granting Permission to Close Periods


Before you start the closing process, ensure that you have the necessary permissions. The Period Closing


Management permission must be added to your role if you are not an administrator.


  • Accessing Permissions:- Go to `Setup > Users/Roles > Manage Users`- Select the user who needs permission.- In the user record’s Access subtab, click the Global Permissions subtab.- In the Permission field, select `Period Closing Management` and click `Add`.


NetSuite Sample 1

- Click `Save`.


2. Enabling the Quick Close Preference


For users with the appropriate permissions, enabling the Quick Close preference can save time by allowing you to close multiple periods with a single click.


  • Enabling Quick Close:- Go to `Setup > Accounting > Accounting Preferences`.- On the General subtab under the General Ledger section, click the `Allow Quick Close of Accounting Periods` box.


Closing Multiple Accounting Periods in NetSuite

- Click `Save


3. Closing Multiple Periods with Quick Close


With the Quick Close preference enabled, you can proceed to close multiple periods at once.


  • Steps to Close Multiple Periods:- Go to `Setup > Accounting > Manage GL > Manage Accounting Periods`.- From the `Periods to Close` list, select the accounting period you want to close. If closing multiple periods, select the latest period in the series of open periods.


NetSuite Closing Sample 3

For example, if you need to close January 2023 to January 2024, select Jan 2024.


NetSuite Sample 4

If using Multi-Book Accounting, select the accounting book associated with the periods you are closing.


- Click `Submit`.


NetSuite Sample 5

- At the prompt, click `OK`.


Conclusion


By following these steps, you can efficiently close multiple accounting periods in NetSuite, ensuring that your financial records remain accurate and up-to-date. Whether you use the Quick Close feature or the Period Close Checklist, having the correct permissions and following the outlined procedures will help streamline your period closing process.


For more detailed information on the period closing process and additional tasks, refer to NetSuite's documentation on the Period Close Checklist and Quick Close preferences.


For further NetSuite expertise and a successful journey, remember that the E+R team is always here to support you as your trusted NetSuite Success Team.


Etter+Ramli as the Trusted, Independent Managed Services Provider for NetSuite


Using NetSuite Managed Services could be your growing company's best strategic move. NetSuite Managed Services offers a comprehensive solution, granting companies access to a team of experienced NetSuite administrators and consultants to manage their NetSuite ERP. Typically, this service is more affordable than hiring in-house staff. When you use managed services, your systems are always up-to-date. In the world of IT, systems are consistently upgraded and patched and come with a slew of security protocols. It is a lot to handle, but your teams can handle this when implementing managed services.

The goal is to run your NetSuite system better than you run it yourselves.

For over 20 years, Etter+Ramli has helped several companies optimize their NetSuite software solution. With a 95% customer satisfaction rate, Etter+Ramli can provide your company with world-class support, Certified NetSuite experts, and a value-based pricing structure.


Etter+Ramli As Your Extended NetSuite Team


Etter+Ramli is an Independent Managed Success Provider for NetSuite clients. We are NOT partnered with Oracle NetSuite and do not take commissions. We bring our knowledge, expertise, and passion for success to our clients. We help clients Buy, Deploy, Grow, and Abandon NetSuite. We engage as a client-side managed service to ensure our priorities align with our clients.


To explore the benefits of retaining Etter+Ramli as your Managed Success Provider, contact Todd Kimpton or visit the website for a free consultation today. Subscribe to our Newsletter: SuiteWords of Etter+Ramli to stay up-to-date with the latest trends on NetSuite, tips n’ tricks, productivity solutions, and events.

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