Up until NetSuite’s release of 2016.2, the process of closing the books for a specific period required going through a step-by-step procedure to indicate if each checklist item had been completed. ¬†This process is reasonable as NetSuite is considering the factors that typically come up when Accountants wish to close their books.
However, while NetSuite made it easy to reopen your books for a prior period, the step-by-step process to close the books back up was tedious. If you wanted to open up 12 previous periods, which could be done with a single click, you had to subsequently close the 12 newly opened periods by going through multiple steps. ¬†There may be five or more steps to each period and each step required multiple clicks. ¬†In our 12 period example, ¬†you could easily end up with 180 clicks (5 steps x 3 clicks x 12 periods) which may take considerable time to complete.
Introduction Quick Accounting Period Close
With NetSuite 2016.2, you can now activate a quick way to close previous periods in a single sweep. ¬†Enable the feature by going to Setup, Accounting, Accounting Preferences, General and turn on, “Allow Quick Close of Accounting Periods”. ¬†Once the feature is activated, you are presented with a new option in the Manage Accounting Periods screen. ¬†A button now called “Close Multiple Periods” is offered that presents a drop down of periods to close. ¬†See related image.
One matter to note is that NetSuite will be automatically be marking the step-by-step function as complete on your behalf. ¬†Hence, only perform this function if you indeed want to close without performing important closing tasks.
Get Expert Help
While this article highlights a basic new feature, it illustrates that NetSuite is listening to the user community and making the product better. ¬†You too can make your NetSuite experience more enjoyable and produce better information by asking for NetSuite Expert help. ¬†Should you have complex questions that involve accounting and the platform, let’s have a conversation.