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Period Management

Complete guide to setting up and managing accounting periods in NetSuite.


Overview​

ACCOUNTING PERIOD LIFECYCLE
═══════════════════════════════════════════════════════════════════

FUTURE PERIODS CURRENT PERIOD CLOSED PERIODS
────────────── ────────────── ──────────────
│
Apr 2026 (Future) │ Dec 2025 (Closed)
Mar 2026 (Future) │ Nov 2025 (Closed)
Feb 2026 (Future) ───► Jan 2026 (Open) ───► Oct 2025 (Closed)
│
│
OPEN for
transactions

Fiscal Calendar Setup​

Creating Fiscal Calendar​

Navigate to: Setup > Accounting > Manage GL > Manage Accounting Periods

FISCAL YEAR SETUP
───────────────────────────────────────────────────────────

Fiscal Year Options:
┌────────────────────────────────────────────────────────┐
│ Fiscal Year Start: January │
│ Year Type: ○ Calendar (Jan-Dec) │
│ ● Fiscal (Custom) │
│ Year End Month: March │
│ │
│ Period Type: ○ Year │
│ ● Quarter │
│ ● Month │
│ ○ Week │
└────────────────────────────────────────────────────────┘

Standard vs. Non-Standard Fiscal Years​

Fiscal Year TypePeriod PatternExample
Calendar YearJan 1 - Dec 31Most common
Fiscal YearCustom start/endApr 1 - Mar 31
4-4-5 CalendarWeeks-basedRetail industry
4-5-4 CalendarWeeks-basedRetail industry

Accounting Periods​

Period Structure​

FISCAL YEAR STRUCTURE
───────────────────────────────────────────────────────────

FY 2026 (Jan 2026 - Dec 2026)
├── Q1 2026
│ ├── Jan 2026 (Period)
│ ├── Feb 2026 (Period)
│ └── Mar 2026 (Period)
├── Q2 2026
│ ├── Apr 2026 (Period)
│ ├── May 2026 (Period)
│ └── Jun 2026 (Period)
├── Q3 2026
│ ├── Jul 2026 (Period)
│ ├── Aug 2026 (Period)
│ └── Sep 2026 (Period)
├── Q4 2026
│ ├── Oct 2026 (Period)
│ ├── Nov 2026 (Period)
│ └── Dec 2026 (Period)
└── Adjustment Period (Optional)
└── ADJ Dec 2026

Period Fields​

FieldDescriptionExample
Period NameDisplay nameJan 2026
Start DateFirst day of period01/01/2026
End DateLast day of period01/31/2026
Fiscal YearParent fiscal yearFY 2026
QuarterParent quarterQ1 2026
Is AdjustmentYear-end adjustment periodNo
Is InactiveHidden from selectionNo

Period Status​

Status Types​

PERIOD STATUS PROGRESSION
───────────────────────────────────────────────────────────

OPEN AR CLOSED AP CLOSED ALL CLOSED
│ │ │ │
▼ ▼ ▼ ▼
┌───────────┐ ┌───────────┐ ┌───────────┐ ┌───────────┐
│ All trans │ │ AR locked │ │ AR locked │ │ All trans │
│ allowed │───►│ AP open │───►│ AP locked │───►│ locked │
│ │ │ GL open │ │ GL open │ │ │
└───────────┘ └───────────┘ └───────────┘ └───────────┘

Status Comparison​

StatusARAPPayrollGLUse Case
Open✓✓✓✓Active period
AR Locked✗✓✓✓AR complete
AP Locked✗✗✓✓AP complete
Payroll Locked✗✗✗✓Payroll complete
All Locked✗✗✗✗Period closed

Managing Periods​

Viewing Periods​

Navigate to: Setup > Accounting > Manage GL > Manage Accounting Periods

MANAGE ACCOUNTING PERIODS PAGE
───────────────────────────────────────────────────────────

Period Start End Status Checklist
────── ───── ─── ────── ─────────
Jan 2026 01/01/26 01/31/26 Open [📋]
Dec 2025 12/01/25 12/31/25 All Closed [✓]
Nov 2025 11/01/25 11/30/25 All Closed [✓]
Oct 2025 10/01/25 10/31/25 All Closed [✓]

Actions: [Setup Periods] [Close All Periods] [Reopen Period]

Creating New Periods​

CREATE ACCOUNTING PERIODS
───────────────────────────────────────────────────────────

1. Click "Setup Periods"

2. Define year structure:
┌────────────────────────────────────────────────────┐
│ Year: 2027 │
│ Start Month: January │
│ End Month: December │
│ │
│ ☑ Create Quarterly Periods │
│ ☑ Create Monthly Periods │
│ ☐ Create Weekly Periods │
│ ☐ Create Adjustment Period │
└────────────────────────────────────────────────────┘

3. Click "Create Periods"

Result: All periods for 2027 created automatically

Opening and Closing Periods​

Opening a Period​

Periods are typically opened automatically. For new years:

  1. Navigate to Manage Accounting Periods
  2. Click Setup Periods
  3. Define the new fiscal year
  4. System creates periods in "Open" status

Closing a Period​

CLOSE PERIOD PROCESS
───────────────────────────────────────────────────────────

1. Complete all close tasks:
□ Lock A/R
□ Lock A/P
□ Lock Payroll (if applicable)
□ Lock All
□ Complete Period Close Checklist

2. Navigate to Manage Accounting Periods

3. Click "Checklist" icon for the period

4. Verify all checklist items complete

5. Click "Close Period"

Result: Period status changes to "Closed"
No further transactions allowed

Reopening a Period​

REOPEN PERIOD PROCESS
───────────────────────────────────────────────────────────

When: Prior period adjustments needed

Steps:
1. Navigate to Manage Accounting Periods

2. Click on the closed period

3. Click "Reopen Period"

4. Select what to unlock:
┌────────────────────────────────────────────────────┐
│ ○ Reopen All │
│ ○ Reopen for Adjusting Entries Only │
│ ○ Unlock A/R Only │
│ ○ Unlock A/P Only │
└────────────────────────────────────────────────────┘

5. Make necessary adjustments

6. Re-close the period

⚠️ WARNING: Reopening affects financial reports
Audit trail records all changes

Adjustment Periods​

Purpose​

Adjustment periods allow year-end audit adjustments without affecting monthly reports.

ADJUSTMENT PERIOD USAGE
───────────────────────────────────────────────────────────

Regular Period: Dec 2025 (12/01/25 - 12/31/25)
Adjustment Period: ADJ Dec 2025 (12/31/25 - 12/31/25)

Uses:
- Audit adjustments
- Year-end corrections
- Retained earnings entries
- Tax adjustments

Benefits:
- Keeps monthly reports clean
- Separate from operational entries
- Clear audit trail

Creating Adjustment Periods​

ADJUSTMENT PERIOD SETUP
───────────────────────────────────────────────────────────

1. Navigate to Manage Accounting Periods

2. Click "New"

3. Configure:
┌────────────────────────────────────────────────────┐
│ Period Name: ADJ Dec 2025 │
│ Start Date: 12/31/2025 │
│ End Date: 12/31/2025 │
│ Fiscal Year: FY 2025 │
│ Quarter: Q4 2025 │
│ ☑ Is Adjustment Period │
└────────────────────────────────────────────────────┘

4. Save

Note: Adjustment period entries won't appear in
standard monthly reports by default

Multi-Subsidiary Periods (OneWorld)​

Subsidiary-Specific Close​

SUBSIDIARY PERIOD STATUS
───────────────────────────────────────────────────────────

Period: Jan 2026

Subsidiary AR AP All Status
────────── ── ── ─── ──────
Parent Company ✗ ✗ ✗ Open
├── US Operations ✓ ✓ ✓ Closed
├── UK Operations ✓ ✓ ✗ All Open
└── Asia Pacific ✓ ✗ ✗ AP Open

Consolidation can only occur after all subs are closed

Close Sequence for Multi-Subsidiary​

  1. Close all child subsidiaries first
  2. Process intercompany eliminations
  3. Close parent company
  4. Run consolidation

Best Practices​

Period Management​

PracticeRecommendation
Naming conventionMMM YYYY format (Jan 2026)
Future periodsCreate 12-18 months ahead
Close timingConsistent schedule each month
Adjustment periodsCreate for year-end only
Reopen policyRequire CFO approval

Common Issues​

IssueCauseResolution
Can't post transactionPeriod closedReopen or change date
Period not visibleNot createdSetup new periods
Wrong period selectedUI displayFilter to correct year
Subsidiary period mismatchDifferent close timesAlign close schedules