NetClose Release Notes 6/25/25

NetClose VERSION 2025.2.X KEY UPDATES  

Amortization Updates 

Amortization custom journal entry types 

  • Amortizations now provides users the option to use custom NetClose Amortization (Amort) transaction types when creating journal entries for easier reporting and organization. This can be enabled from the NetClose System Setup Page. 

Amortization custom transaction type approvals 

  • Added NetClose Amortization approvals for users utilizing the custom NetClose Amortization transaction types. This approval process follows a separate approval flow from native NetSuite journal entries and can be set up in the NetClose settings.  

Summarized Journals 

  • Users can now run summarized journal entries from the Process Journals page rather than running individual journal entries for each NetClose Amortization.  

Vendor sourcing 

  • Users will now have to create sourcing to source the Vendor on an Amortization to the Amortization Journal Entries. As of the new release, the vendor will not be sourced automatically.  

Time machine 

  • Users can now rewind amortizations to previous periods to undo actions taken on an amortization using the time machine option.   

Close Control Updates 

Locking with custom segments 

  • Users can now lock transactions from posting to the general ledger based on custom segments by creating a NetClose Sourcing record.  

Tiered Locking 

  • A new Close Control method called Tiered Locking has been introduced, which allows for more specific and situational transaction locking using Close Control. This can be enabled in the NetClose System Setup under System Features.  

Locking NetClose Modules

  • Users will have the ability to lock the NetClose Flux Analysis, NetClose Reconciliations, and NetClose Tasks modules for given periods when they have finished their close. This will lock the module for the selected period, effectively making that module view only for the selected period. 

Flux Updates 

Balance changed 

  • When a flux analysis is refreshed and the GL balance has changed, if that flux analysis was in Submitted for Review or Completed status, the Assignee and Approvers on the flux will receive an email notification, and there will be a visual icon in the UI indicating that the balance has changed. 

Reconciliations Updates 

Document management upgrade 

  • The Document Management connection to Microsoft SharePoint has been upgraded for stability. Current Document Management users do not have to do anything, this will only impact new customers.  

Document management with Google Drive 

  • Users can now connect Google Drive to NetClose to sync reconciling items from spreadsheet files stored in Google Drive.  

Automatically generate reconciliations 

  • The ability to schedule reconciliations to automatically generate has been added to NetClose.  

Reconciliation Submission Thresholds 

  • Users can now set Submission Thresholds on each NetClose Account Grouping that prevent users from submitting reconciliations for review or marking them as complete when the unexplained balance is above a certain amount or percentage threshold.  

Balance changed 

  • When a reconciliation is refreshed and the GL balance has changed, if that reconciliation was in Submitted for Review, Completed, or Auto-completed status, the Assignee and Approvers on the reconciliation will receive an email notification, and there will be a visual icon in the UI indicating that the balance has changed.  

Limited Reconciliation Activity 

  • A new setting added to the NetClose System Features allows users to be given a limited activity permission to reconciliations. With this permission, users will only be able to add reconciling items, refresh and sync balances, and change the status of a reconciliation, but have no ability to edit any other information about the reconciliation.  

Report Updates 

Amortization Roll Forward and Waterfall reports 

  • The Amortization Roll Forward and Waterfall reports have been updated with the ability to customize the report by adding any columns on the amortization record to give more information and detail about each amortization. 

  • The Amortization Waterfall report has also been updated so that it can be viewed by month or by fiscal year. 

System Setup Updates 

Enforce Assignee 

  • A new setting has been added to the Additional Controls section of the System Features Subtab in the NetClose settings called Enforce Assignee. When Enforce Assignee is enabled, only the assignee will be able to change the status of a reconciliation, flux analysis, or task record.  

Overdue Reason

  • A new setting has been added that will enable NetClose to be configured so that for any overdue Task, Reconciliation, or Flux to be submitted or completed when it is overdue a user must provide an explanation. 

Tasks Updates  

Automatically generate tasks 

  • The ability to schedule tasks to automatically generate has been added to NetClose. 

Script Deployment 

Record Applicability 

  • NetClose Transaction UE script was updated from Applies To: All Records to Applies To: Specific Records. This will result in NetClose only impacting transaction types that are relevant to NetClose. To prevent NetClose from applying to a specific transaction type, please undeploy the specific deployment rather than deleting it. A deleted deployment will be recreated next time the NetClose account is updated. 

 

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