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.
Tags: NetSuite, Reporting, NetSuite How To's, Accounting, NetSuite Tips, Accounting Periods, Saved Search, Transactions, Date Mismatch
Have you ever noticed that your Balanced Sheet and Income Statement have different month end balances?
Tags: NetSuite, Accounting, Accounting Periods, Saved Search, Transactions, Date Mismatch