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 Type | Period Pattern | Example |
|---|---|---|
| Calendar Year | Jan 1 - Dec 31 | Most common |
| Fiscal Year | Custom start/end | Apr 1 - Mar 31 |
| 4-4-5 Calendar | Weeks-based | Retail industry |
| 4-5-4 Calendar | Weeks-based | Retail 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
| Field | Description | Example |
|---|---|---|
| Period Name | Display name | Jan 2026 |
| Start Date | First day of period | 01/01/2026 |
| End Date | Last day of period | 01/31/2026 |
| Fiscal Year | Parent fiscal year | FY 2026 |
| Quarter | Parent quarter | Q1 2026 |
| Is Adjustment | Year-end adjustment period | No |
| Is Inactive | Hidden from selection | No |
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
| Status | AR | AP | Payroll | GL | Use 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:
- Navigate to Manage Accounting Periods
- Click Setup Periods
- Define the new fiscal year
- 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
- Close all child subsidiaries first
- Process intercompany eliminations
- Close parent company
- Run consolidation
Best Practices
Period Management
| Practice | Recommendation |
|---|---|
| Naming convention | MMM YYYY format (Jan 2026) |
| Future periods | Create 12-18 months ahead |
| Close timing | Consistent schedule each month |
| Adjustment periods | Create for year-end only |
| Reopen policy | Require CFO approval |
Common Issues
| Issue | Cause | Resolution |
|---|---|---|
| Can't post transaction | Period closed | Reopen or change date |
| Period not visible | Not created | Setup new periods |
| Wrong period selected | UI display | Filter to correct year |
| Subsidiary period mismatch | Different close times | Align close schedules |
Related Topics
- Module Locking - Lock sequence
- Month-End Close - Close procedures
- Period Close Checklist - Checklist tasks