accounting

In NetSuite, transactions are posted in real time. If you choose to use accounting periods, you can enter a transaction and select its posting period from a dropdown list on the transaction page. The posting period can be future or past, depending on an administrator's choice for locking these periods.

This guide shows you how to setup or Generate Tax Reporting Periods for Full Year.

To setup a full year you need to establish the following variables;

First Fiscal Month: July (default)

Accounting Related Features - Vsn 2008

The following upgraded features in Version 2008, may be of potential interest to staff who have administrative/accounting User Roles e.g. ME Bookkeeper, ME Accountant

1. Tax Calculation Rounding Settings
2. extra controls for editing Transactions in Closed Periods
3. Customer deposit enhancements, showing the balance of open deposits and refunding deposits
4. Inter company allocation schedules (journal transfers at month end)
5. 6 new reports in Revenue Recognition reporting

An attachment on upgraded features is attached. (PDF)