With the new year beginning and accounting teams working busily to close the prior year financials one of the biggest errors we see is offsetting journal entries stuck on your A/P Aging report. If you are posting offsetting journals that post to your Accounts Payable transaction without first adding an “A/P Clearing Vendor” you might be asking how to clean up your reporting. Below we will walk you step by step on how to clear up your A/P Aging and remove these transactions entirely.
Tags: NetSuite, ERP, Reporting, NetSuite How To's, Accounting, Financial, General Ledger, GL, Accounting Periods, Transactions, Journal Entry, Transaction Lines, Financial Report, Accounts Payable, AP Aging
There are many reasons why a company may want to have dates and periods not match-up. One common reason may be related to the month-end close process. A company may want to enter the actual date (which is in a prior period) of a vendor bill, but since the previous period has already been closed, they will post to the current period for financial purposes. NetSuite can allowtransaction dates outside of the posting periods through the company’s Accounting Preferences. This can increase the risk of unwanted date/period mismatches as well as cause headaches for reconciliations between AR/AP Aging reports to the Balance Sheet. One way to monitor this is through a Saved Search.