The standard NetSuite application has Period End Journal Entries Feature; with this new feature, the Period End Journal Entries, automates posting period end journals to record consolidation and income statement closing journals to the general ledger.
The Period Close Checklist includes a Create Period End Journals task when this feature is enabled.
With this new feature, you can:
• Enable the feature on per-subsidiary basis. If you use the Multi-Book Accounting feature, you can enable the feature on a per-subsidiary, per-accounting book basis.
• Generate income statement closing journals at subsidiaries fiscal year end to close out their net
income into retained earnings.
• Generate income summary journals to post net income to a selected account before income
Statement closing journals post to retained earnings.
• Generate consolidation journals at each period end. Consolidation journals record the change in a child subsidiary since the beginning of the period, consolidated into the parent using the cumulative translation adjustment account.
• Generate balance sheet closing journals for the year end and opening journals for the New Year.
• The opening balance journal is a requirement for the France tax audit file (FEC file).
• Generate period end journals by each distinct general ledger segment (class, department, location, or any custom segment that has the GL Impact box checked).
• Search period end journals using the standard search functionality.
• Run period end financial reports:
→ Post Closing Trial Balance (new report)
→ General Ledger (enhanced to run in period end mode)
→ Account Register (enhanced to run in period end mode)
These enhancements are provided without any changes to existing financial reports to minimize the impact to your existing reporting workflows.