NetClose - Month End Playbook

Use Case 

It is easy to miss steps when going through your month end processes. We have provided the checklist below as a baseline of what to check and do while using NetClose for your Month End Process.

Month End Playbook

Optional Step: Confirm your bundle is up-to-date.
This article will be broken down into the available NetClose Modules.

Tasks

1.  Verify your task configuration is current. 
   1. We recommend reviewing this by navigating to NetClose > Setup. There are multiple aspects of the Setup that concern Tasks:  System Setup, Work Calendars, Non-working Days, Email Automations, Task Classifications.
2. Verify your task template list is updated. 
   1. We recommend reviewing this by navigating to NetClose > Lists >Tasks. Change the view to the "Close Task Templates Only". You can then review your task templates and decide if there needs to be changes or additions to the templates. View full size
   2. If any tasks information need to be changed prospectively, you can edit the existing record. Or if you need to create a new task please see the following article: Create Tasks.
3. Generate your Close Tasks. Navigate to NetClose > Close Management> Generate Close Tasks.
   1. See the following article to Generate your monthly Tasks: Generate Close Checklist. View full size
4.  Perform your Close Tasks. Navigate to NetClose > Tasks > Open Task Board.
   1. We recommend reviewing the following articles: Prepare and Start Close Tasks, Completed Tasks, Review and Approve Close Tasks, Reports Overview - Tasks.

Reconciliations

1.  Verify your Reconciliation configuration is current. 
   1. We recommend reviewing this by navigating to NetClose > Setup. There are multiple aspects of the Setup that concern Reconciliations:  System Setup.
2. Verify your Reconciliation Account Groupings are updated. 
   1. We recommend reviewing this by navigating to NetClose > Setup > Account Grouping. Please review the following article to update your Account Grouping Rules: Account Groupings
   2. There are some more advanced account grouping settings, review the following articles as needed: Account Grouping Subsidiary Configuration,Auto-Reconciliation Saved Search Setup
3. Generate your Close Tasks. Navigate to NetClose > Close Management> Generate Reconciliations.
   1. See the following article to Generate your monthly Tasks: Generate Reconciliations. View full size
4.  Perform your Close Reconciliations. Navigate to NetClose > Reconciliations > Prepare Reconciliations.
   1. We recommend reviewing the following articles: Prepare and Review Reconciliations.

Amortizations

1.  Verify your Amortization list is accurate. 
   1. We recommend reviewing this by navigating to NetClose > Setup. There are multiple aspects of the Setup that concern Tasks:  System Setup.
   2. Navigate to Amortization Types and verify your types are correct and accurate.
2. Verify your Amortization Listing is complete and accurate. 
   1. We recommend reviewing this by navigating to NetClose > Amortizations > Amortizations. 
   2. If you need create a new amortization please review these articles: Creating an Amortization, Creating an Amortization from Transaction
   3. If you have created a new amortization you then must generate an amortization schedule: Generating Amortization Schedules
3.  Perform your monthly Amortization repertoire:
   1. Commence any new amortization: Commencing Amortizations
   2.  Run any modifications as needed: Modifying an Amortization
   3.  Run your monthly amortization journal entries: Monthly Journals

Accruals

1.  Verify your Accruals configuration is current. 
   1. We recommend reviewing this by navigating to NetClose > Setup. There are multiple aspects of the Setup that concern Accruals:  System Setup.
2. Verify your Accrual Settings are up to date. 
   1. We recommend reviewing this by navigating to NetClose > Setup >Accrual Types. 
      1. Please review the following article to update your Accrual Types: Creating Accrual Types
3.  Perform your monthly Accrual repertoire . 
   1. Match or adjust your accruals from the month previous: Modify Accruals, Match Accruals, Adjusting Accruals
   2. Create any new accruals needed for the month: Create New Accruals.
   3. Approve your monthly accruals: Approve Accruals

Flux Analysis

1.  Verify your Flux Analysis configuration is current. 
   1. We recommend reviewing this by navigating to NetClose > Setup. There are multiple aspects of the Setup that concern Flux Analysis:  System Setup.
2. Verify your Flux Analysis are updated. 
   1. We recommend reviewing this by navigating to NetClose > Setup > Enable Flux Analysis Accounts. 
   2. Please review the following article to update your Flux Analysis Accounts: Setup Flux Accounts
   3. Verify that your Flux Scenarios are updated: Saved Flux Scenario Templates
   4. Add any extra information to You AI Generated Flux Scenarios: AI Generated Flux Analysis
   5. Deactivate any unneeded flux analyses: Inactivating Flux Scenarios
3. Generate your Flux Analyses. Navigate to NetClose > Flux Analysis> Generate Flux.
   1. See the following article to Generate your monthly Flux Analysis: Generate Flux.
4.  Perform your Flux Analyses as needed. Navigate to NetClose > Flux  Analysis> Review Flux Analysis.
   1. We recommend reviewing the following articles: Review the Flux Analysis.
   2.  Refresh your flux analyses as needed: Refresh Flux Balances

Close Management

1. Locking down different aspects of your NetSuite instance can be utilized throughout your close process 
   1. Please review the following article: Lock Transactions & Account Segments.