Kolleno Solutions
Kolleno Payments
🚨 How to Set Up Adjustment Periods in NetSuite 🚨
In this tutorial, I’ll walk you through how to set up adjustment periods in NetSuite. There are two ways to do this.
Step-by-Step Guide 📋
- Method 1: Using ‘Manage Accounting Periods’
- Navigate to Manage Accounting Periods.📅
- Click on Setup Full Year.✅
- Make sure to check the box labeled One-Day Year-End Adjustment Period.
- Method 2: Manually Create an Adjustment Period
- Use the Create Single Period button.🔘
- Ensure that the Period is Adjustment checkbox is checked.✔️
- Manually created adjustment periods can be more than one day, which is a key difference from the first method.⏳
- Important Notes 📝
- Adjustment periods must overlap existing base periods with the Multiple Calendar feature enabled.🔄
- Only journal entries can be posted to adjustment periods.📜
- To modify an accounting period date range, navigate to Setup > Accounting > Manage G/L > Manage Accounting Periods, select the appropriate period, and adjust the end date.✏️
Congratulations! 🎊 You’ve successfully set up adjustment periods in NetSuite!🌟🎉
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