How to Quickly Find Transactions that Post Outside of an Accounting Period in NetSuite With or Without Code

Accountants want to keep tight controls on their posting transactions, which is why most close and lock their accounting periods on a monthly basis. But even with controls in place, sometimes accounting periods are unlocked for various reasons.

Find out how to lock and unlock accounting periods in NetSuite.

When an accounting period is unlocked, users can make changes in the accounting system that impact a period after the period has technically closed. When this happens, it’s important that the accounting department be able to easily identify any transactions in NetSuite that impacted a period after it was closed for many reasons. Here are a few possible scenarios:

Data Accuracy

Posting periods in NetSuite are used to control the timing of financial transactions and ensure accurate financial reporting. Transactions created or modified outside of a posting period may result in inaccuracies in financial statements, such as incorrect balances or revenue recognition. Accountants may need to identify such transactions to correct any errors and maintain data integrity.

Audit and Compliance

Many organizations are subject to regulatory requirements or undergo periodic audits. In these cases, it is essential to ensure that all financial transactions are recorded correctly and in compliance with relevant standards or regulations. Finding transactions outside of a posting period helps accountants review and validate the accuracy and compliance of the financial data.

Fraud Detection

Unauthorized or fraudulent activities may occur when transactions are created or modified outside of approved posting periods. Accountants may need to investigate such transactions to identify any potential irregularities or fraudulent activities within the system. This analysis can help prevent financial losses, protect company assets, and maintain the integrity of financial records.

Process Adherence

Organizations often have internal controls and procedures in place to ensure that financial transactions follow specific timelines and approval processes. Accountants may need to identify transactions outside of the designated posting periods to assess whether proper procedures were followed. This examination ensures adherence to internal policies and facilitates corrective actions if necessary.

By identifying transactions created or modified outside of a posting period, accountants can maintain accurate financial records, comply with regulations, detect and prevent fraud, and ensure adherence to internal controls. NetSuite provides tools and reports that enable accountants to search for such transactions and take appropriate actions to rectify any issues.

Here, you’ll learn the two best ways to identify any transactions that were created or modified outside of a posting period in NetSuite.

The Fast Way to Find Transactions Created or Modified Outside of a Posting Period

If you’re running on NetSuite, the fastest and easiest way to find transactions that were created or modified outside of the posting period, while accounting for the 15 day “close window,” is to add a formula to a NetSuite Saved Search. The benefit of this is that you will be able to find any transactions that impacted a period both 15 days before AND after the period’s close date.

To add the formula to your NetSuite Saved Search, follow these steps:

01.
Create a transaction saved search with the criteria as shown in the screenshot above.

02.
In the Formula (Numeric) field, enter the following formula:

CASE WHEN {datecreated} > ({accountingperiod.enddate} + 15) THEN 1 WHEN {systemnotes.type} = ‘Change’ AND {systemnotes.field} = ‘Impact’ AND {systemnotes.date} > ({accountingperiod.enddate} + 15) THEN 1 ELSE 0 END

03.
Add results columns as desired

04.
Save & Run the search

Example Output of Modified Saved Search

The No-Code Way to Identify Transactions Posting Outside of Accounting Period

Using the no-code method to find transactions in NetSuite that impacted an accounting period outside of the close date requires a few more steps. And in this case, only allows you to find the transactions impacting a closed accounting period AFTER period close date.

To find transactions that were created or modified after a posting period in NetSuite while accounting for the 15-day close window WITHOUT using code, you can follow these steps:

01.
Go to Transactions > Financial > Transactions

02.
In the Transactions search page, select the transaction type you want to search for (e.g., Sales Orders, Purchase Orders, Journal Entries, etc.).

03.
Click on the Customize button to open the search criteria page

04.
In the search criteria page, under the Criteria tab, add the Posting Period field to the search

05.
In the Posting Period field, select the posting period(s) you want to search within

06.
Under the same Criteria tab, click on the Edit button next to the Date field

07.
In the Edit Date field, select “On or before” and enter the end date of the posting period you want to search within. This will ensure that only transactions created or modified before the end date of the posting period will be included in the search

08.
Under the Criteria tab, add the Last Modified Date field to the search criteria

09.
In the Last Modified Date field, select “After” and enter the end date of the posting period you want to search within, plus 15 days. This will account for the 15-day close window in NetSuite

10.
Click on the Results tab to see the search results

This search will return transactions that were created or modified AFTER the posting period, while accounting for the 15-day close window in NetSuite.

Keeping Your Accounting Clean and Tight

Armed with this new NetSuite accounting tip, you can quickly and easily identify any issues that may come up with transactions posting to the General Ledger outside of a closed period. At Limebox, we’re always finding solutions for issues our clients run into using NetSuite. If you have a NetSuite challenge you’re trying to overcome, let us know! We’d be happy to help.