NetLessor - NetSuite Accounting Preferences
CLOSED PERIODS & POSTING DATE ALIGNMENT
When NetLessor generates transaction journals, the default approach is that the transaction date on the lease schedule entry is used (unless another preferred posting day of the month is selected). In either scenario, the system dates the transaction within the amortization month, which corresponds to the period that date resides in.
If the accounting period is closed, unless the accounting settings are configured appropriately, the transactions will error and lease journals will not be created. For these scenarios, there are two required settings to allow the transactions to post:
- Allow Transaction Date Outside of Posting Period
- Must be set to Warn or Allow
- Default Posting Period when Transaction Date in Closed Period
- Either setting (First Open Period or Current Period) will not prevent the journals from recording
STEP BY STEP PROCESS
- Navigate to Setup > Accounting > Accounting Preferences
- The page opens to the General tab
- Review and/or update the selections within the General Ledger section for the two key settings:
- Allow Transaction Date Outside of Posting Period > This is required if recording historical transactions from closed periods
- Default Posting Period when Transaction Date in Closed Period > Either selection will allow journals, but our preference is the First Open Period, since you will often run NetLessor journals during close
- If settings have been updated, click Save