Your First Month-End Close in NetSuite

Here's a step-by-step guide and checklist for closing your first month-end in NetSuite for a multi-currency, multi-entity company post-implementation. This methodical approach supports an efficient first close in NetSuite.

Step-by-Step Guide for First Month-End Close in NetSuite

1. Prepare for Close

   • Review and update consolidated exchange rates

   • Ensure all transactions are entered and approved

   • Reconcile bank and credit card accounts

2. Review and Adjust

   • Analyze and post journal entries

   • Reconcile intercompany transactions

   • Review and adjust accruals and prepayments

3. Execute Close Process

   • Run multi-currency revaluation

   • Process consolidation (for multi-entity structures)

   • Generate financial statements

4. Validate and Report

   • Review financial statements for accuracy

   • Generate management reports

   • Lock periods to prevent further changes

Period Close Checklist

To optimize your month-end close process, implement this comprehensive checklist:

• Verify all sales orders are billed

• Ensure all vendor bills are entered

• Reconcile accounts receivable and accounts payable

• Review and approve expense reports

• Reconcile inventory counts

• Post-depreciation and amortization entries

• Review and adjust revenue recognition schedules

• Reconcile intercompany accounts

• Execute currency revaluation

• Review tax accruals

• Perform bank reconciliations

• Review and adjust prepaid expenses

• Analyze and adjust accrued liabilities

• Review project profitability (if applicable)

• Generate and review financial statements

• Consolidate entities (for multi-entity structures)

• Lock periods in NetSuite

By following this structured approach, organizations can achieve a streamlined, accurate, and compliant month-end close process. Our clients have reported significant improvements in their financial operations after implementing this methodology.

Remember, the key to a successful month-end close lies in preparation, attention to detail, and leveraging NetSuite's robust features. As you become more familiar with the process, you'll be able to further optimize and automate various steps, leading to even greater efficiency and accuracy in your financial reporting.

Need help? Reach out to one of our experts today!