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

Written by: Thiem '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`.

- 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.

- 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.

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

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

- Click Submit.

- 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.

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