As the holiday season approaches, it’s crucial to ensure your NetSuite account is primed for success. This busy time of year brings unique challenges, from managing increased sales volumes to preparing for year-end reporting.
Lead your company forward with our top 10 tips for optimizing your NetSuite account. From performing timely reconciliations to utilizing powerful reporting tools, these strategies will keep your business running efficiently and reign in 2025 with confidence.
Seasonal Spikes And Maintaining NetSuite, Year-End Activities:
- Help your financial team by squaring up on inventory management
- Create project/resource time entry notifications
- NetSuite pivot tables
- Payment link
- Electronic Invoicing
Have You Considered:
- New licensing for areas like Bill capture and AP Automation
Top 10 Tips to Prepare Your NetSuite Account This Holiday Season
1. Perform Credit Card and Bank Reconciliation:
Daily or weekly reconciliation will allow the review of each transaction as it occurs while still fresh on the employee's mind. Particularly when and who incurs the expense.
2. Use the Period Close Checklist:
This checklist serves as a guide through the period's closure process. Users can complete the required task in sequence and then close the period.
Common Period Close Tasks in NetSuite (varies depending on licensing):
• Resolve Date/Period Mismatch: Align transaction dates with posting periods to avoid reporting discrepancies; consider disallowing mismatches.
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Inventory Cost Accounting: Ensure all costing calculations are completed; run calculations if needed
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Eliminate Intercompany Transactions: Generate elimination journal entries for flagged transactions.
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GL Audit Numbering: Apply gapless numbering to all general ledger postings.
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Close: Finalize the process to prevent any G/L impacting entries or edits.
3. Use the Automatic Close Method:
NetSuite automatically closes the year-end after all of the periods included in the year are closed, so users are not required to specifically perform a formal year-end closing. Balances will reflect as retained earnings on the balance sheet.
4. Use Saved Search during the Period Close Process:
Saved Search is a powerful reporting tool that can help you search and filter information/records that may impact Period Close – Avoid searching manually through records.
EXAMPLE: Saved Search to filter out customers missing address and billing information
5. Revalue Open Currency Balances (for businesses that operate in multiple currencies):
If you use multiple currencies, revalue open currency balances for each period before closing it.
6. Lock A/R, A/P, and All - Understand the difference between closing and locking:
Closing a period prevents anyone from posting to any dates in the period, while locking transactions prevents users without override permission from posting to the period.
7. Update Customer and Vendor Records:
Ensure customer and vendor records are accurate and up to date.
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If you’re using the Electronic Bank Payment module, verify that your Vendor and Customer Bank Payment Details are up to date
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Inactivate unused records
8. Review Negative Inventory:
Create negative inventory reporting and notification procedures. Negative inventory is a suitable subject for review and helps you verify that all inventory is investigated and has been completed as a period-end and year-end closing practice.
9. Use Cost Allocation:
Allocate manufacturing expenses to the appropriate products to understand costs and set sales prices.
10. Create New Fiscal Calendar (Only for NetSuite OneWorld):
Fiscal calendars apply to accounting periods and tax periods. To use fiscal calendars, the Multiple Calendars feature must be enabled. The Multiple Calendars feature also determines the rollup structure for tax periods.
Trending NetSuite Enhancement Resources
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Looking for NetSuite support options
for your business? Learn how Protelo
can assist your business this year.
Tis the Season for Success: Your NetSuite Experts Are Here to Help!
The holiday season is a time for celebration—but it's also when your business needs to run at peak efficiency. Our team of certified NetSuite experts at Protelo is here to ensure you stay ahead of the holiday rush. Whether it’s optimizing your inventory, preparing for year-end close, or automating workflows to handle the seasonal spike, we’re ready to step in with hassle-free, expert support. Let us help you make this holiday season your most efficient yet—contact us today!
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