NetSuite Month End Close Checklist (Free, PDF/Excel)

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15 critical items still open - these are the highest-risk gaps.

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Before the close starts

Close calendar is published with owners and due dates for each taskCRITICALNext accounting period exists and is open for postingUsers know the cut-off date for invoices, receipts and expense reportsCRITICALOpen approval queues for bills, journals and expense reports are clearedScheduled scripts and imports for the period have finishedCurrency exchange rates for the period are loaded and reviewedCRITICAL

Subledgers

All vendor bills for the period are entered or accruedCRITICALBill payments and customer payments are posted and appliedCRITICALUnapplied payments and credits are reviewedAR aging and AP aging tie to the control accounts on the balance sheetCRITICALExpense reports and credit card feeds for the period are processedIntercompany transactions are matched and eliminated where usedBank accounts are reconciled to statementsCRITICAL

Accruals and adjustments

Recurring journals are posted, including depreciationRevenue recognition schedules and deferred revenue are reviewedPayroll and benefits accruals are recordedPrepaid and amortization schedules are postedForeign currency revaluation is run for the periodCRITICALTax accounts such as sales tax or VAT are reconciled to returnsManual journal entries are reviewed and supported

Review and lock

Trial balance is reviewed for unusual balances and unmapped accountsCRITICALBalance sheet account reconciliations are signed offCRITICALIncome statement is reviewed against budget and prior periodOpen items from the close calendar are resolved or documentedPeriod is locked for AP, AR and all transactions as policy requiresCRITICALReports and a dated copy of the checklist are filed for auditLessons from this close are noted for the next calendar

Do not lock the period while any critical item is open. Record an owner and a reason for anything marked not applicable.

Shorten your NetSuite close

Optional: talk through which close queries and reconciliations could be answered automatically from your NetSuite data.

Optional. The tool and every export work without this. No spam.

How to use the checklist

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

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

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

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.

Frequently Asked Questions

What are the steps to close a period in NetSuite?

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?

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?

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?

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.

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.

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