# NetSuite Month End Close Checklist > Source: https://netray.co/tools/netsuite-month-end-close-checklist > Publisher: Netray (netray.co), AI and integration engineering for ERP and manufacturing systems. > Section: Free Tools ## Short answer A practical NetSuite period close checklist covering subledgers, inventory and manufacturing, accruals, reconciliations and period lock. ## Category netsuite ## Erp NetSuite ## Audience - Controller - NetSuite administrator - Accounting manager ## Tool **Kind:** checklist **Groups:** #### Before the close starts **Items:** **Text:** Close calendar is published with owners and due dates for each task **Critical:** true Next accounting period exists and is open for posting **Text:** Users know the cut-off date for invoices, receipts and expense reports **Critical:** true Open approval queues for bills, journals and expense reports are cleared Scheduled scripts and imports for the period have finished **Text:** Currency exchange rates for the period are loaded and reviewed **Critical:** true #### Subledgers **Items:** **Text:** All vendor bills for the period are entered or accrued **Critical:** true **Text:** Bill payments and customer payments are posted and applied **Critical:** true Unapplied payments and credits are reviewed **Text:** AR aging and AP aging tie to the control accounts on the balance sheet **Critical:** true Expense reports and credit card feeds for the period are processed Intercompany transactions are matched and eliminated where used **Text:** Bank accounts are reconciled to statements **Critical:** true #### Inventory and manufacturing **Items:** **Text:** Item receipts for the period are posted and matched to bills **Critical:** true Item fulfillments are posted and invoiced or accrued for revenue **Text:** Open purchase orders and unbilled receipts are reviewed for accrual **Critical:** true Work orders and assembly builds are completed or reviewed **Text:** Built work orders are closed so WIP variances post **Critical:** true Work in process balance is reviewed and explained Inventory adjustments are approved and use the right accounts **Text:** Inventory valuation report ties to the GL inventory accounts **Critical:** true Standard cost variances are reviewed and revaluation is posted if planned Negative inventory is cleared or explained Landed cost allocations for the period are complete #### Accruals and adjustments **Items:** Recurring journals are posted, including depreciation Revenue recognition schedules and deferred revenue are reviewed Payroll and benefits accruals are recorded Prepaid and amortization schedules are posted **Text:** Foreign currency revaluation is run for the period **Critical:** true Tax accounts such as sales tax or VAT are reconciled to returns Manual journal entries are reviewed and supported #### Review and lock **Items:** **Text:** Trial balance is reviewed for unusual balances and unmapped accounts **Critical:** true **Text:** Balance sheet account reconciliations are signed off **Critical:** true Income statement is reviewed against budget and prior period Open items from the close calendar are resolved or documented **Text:** Period is locked for AP, AR and all transactions as policy requires **Critical:** true Reports and a dated copy of the checklist are filed for audit Lessons from this close are noted for the next calendar **Scoring Note:** Do not lock the period while any critical item is open. Record an owner and a reason for anything marked not applicable. ## Content **Intro:** A NetSuite month end close is a sequence of dependencies: transactions in, subledgers reconciled, inventory and WIP valued, accruals booked, then the period locked. This checklist puts those steps in order for manufacturing companies, with the inventory and work order tasks that generic checklists leave out. **Sections:** #### How to use the checklist **Body:** Copy the checklist at the start of each close and assign an owner to every group. Tick items as they finish and add notes to the export. Treat critical items as gates: do not lock the period with any of them open. After the close, file the dated PDF with your reconciliations, since auditors often ask for evidence that the close process ran the same way each month. #### The manufacturing section **Body:** Inventory and WIP are where manufacturers differ from other NetSuite users. Receipts, fulfillments, builds and adjustments all move value, and the inventory valuation report must tie to the GL. Built work orders that were never closed leave variances unposted. Review WIP, close completed orders, check negative inventory and confirm standard cost revaluation before the books are final. #### Locking the period **Body:** NetSuite lets you lock periods for specific areas such as accounts payable, accounts receivable and all transactions. Locking AP and AR first lets accounting finish adjustments while preventing late subledger entries. Restrict who can reopen a period, and record every reopening with a reason. Posting into a locked period by workaround is a common audit finding. #### Common mistakes **Body:** Closing too early, before item receipts are matched to bills, skipping inventory valuation tie-out, running foreign currency revaluation after reports are issued, and leaving the period open for weeks. Shorten the close gradually by moving tasks earlier, such as accruals review and bank reconciliation, rather than compressing everything into the last day. **Cta:** If your close spends days on reconciliation queries, Netray can add a read-only question layer over NetSuite so controllers can ask for unreconciled items directly. **Faq:** #### What are the steps to close a period in NetSuite? **Answer:** Post and review transactions, reconcile subledgers and banks, value inventory and WIP, book accruals and revaluation, review the trial balance, then lock the period for AP, AR and all transactions. Close tasks can be tracked in the Financial Close area where it is available. #### How do I lock a period in NetSuite? **Answer:** Use the accounting period setup under Setup, Accounting, Manage Accounting Periods. You can mark tasks complete and lock AP, AR or all transactions. Permissions to reopen should be limited to a small group. #### Why does inventory not tie to the GL at month end? **Answer:** Typical causes are backdated transactions, unposted variances, negative inventory, manual journals to inventory accounts and costing changes. Compare the valuation report with the GL by account and period, then trace the largest differences. #### How long should a month end close take? **Answer:** It varies by size and complexity. Many mid-sized manufacturers take several working days. The usual way to reduce it is to move tasks earlier in the month, automate recurring work and fix recurring data issues. ## Search terms netsuite month end close checklist, netsuite period close checklist, netsuite close period steps, netsuite manufacturing month end, netsuite accounting period close tasks, netsuite financial close manager --- Talk to an engineer: https://netray.co/contact?intent=erp_ai | Machine catalog: https://netray.co/agent/catalog.json