Businesses running legacy on-premise ERP software have some tough choices ahead.
One of the things that limits the Netsuite functionality is when an accounting period is already closed and you want to change some information in it.
For example if the customer wanted to change the address in an Invoices which is posted to a closed period.
No one can make an address change to any transaction in a closed or locked accounting period. Address changes may alter the tax rate of the transaction, which may have an indirect impact on the G/L.
The Address change is only possible if the Accounting Period is reopened.
When a period is closed, it is considered complete and no one can add or make general ledger impacting changes to posting transactions for the period. If a period that has been closed requires later changes, you must reopen the period before these changes can be completed.
You must have the Override Period Restrictions permission to reopen a period.
If NetSuite Professional Services has implemented Multi-Book Accounting in your account, you can individually close and reopen accounting periods associated with any accounting book, without impacting your other accounting books. You choose the accounting book for which you want to close a period through the Filters section at the top of the Manage Accounting Periods page. The accounting books available for selection depend upon your user role and associated permissions.
To Re-opened a closed Accounting Period:
1. Go to Setup > Accounting > Manage G/L > Manage Accounting Periods.
2. Click the Checklist icon for the period.
3. On the Period Close Checklist page, click the arrow icon for the Close task.
4. On the Close Accounting Period page, click Reopen Period.
5. Enter text in the Justification field to explain why you are reopening the period, click Reopen Period again, and review the warning text to make sure you understand the following:
If you reopen the period, you may need to redo checklist tasks to close the period. Also, any later closed periods are automatically reopened and you may need to redo checklist tasks for those periods as well before you can close them.
6. If you want to continue, click OK in the warning dialog.
The justification text is saved in a user note.
If the Allow Non-G/L Changes option is enabled for a period, users who have the Allow Non G/L Changes permission can make non-G/L changes to posting transactions in the period after it has been closed.
To change the Billing Address on the Invoice:
1. Re-open the closed period.
2. Edit the Invoice and change the address.
3. Save the Invoice.
4. Close the Accounting Period.
This tip will hopefully help NetSuite customer’s resolve some issues that arise when some issues need to be fixed after a period is closed.