Discussions
Stay up-to-date with the latest news from NetSuite. You’ll be in the know about how to connect with peers and take your business to new heights at our virtual, in-person, on demand events, and much more.
Now is the time to ask your NetSuite-savvy friends and colleagues to join the NetSuite Support Community! Refer now! Click here to watch and learn more!
New AI Community Guidelines. Please review and follow them to ensure AI use stays safe, accurate, and compliant.
Stay in the Know
Be sure you're subscribed to NetSuite communication to stay in the know about monthly happenings, updates and announcements. Subscribe
Be sure you're subscribed to NetSuite communication to stay in the know about monthly happenings, updates and announcements. Subscribe
Adjustment periods - eek
Today is the last day of my financial year (31st March) and when we set up our accounting periods we set up an adjustment period (This is like having an extra day of say 32nd March).
The problem I have is every transaction we have done today has been posted into the adjustment period. I have three questions.
1. Will this affect our VAT return?
2. How can I avoid this from happening?
3. Do I have to move every transaction back to "March 2010", there are hundreds of them?
The adjustment period is supposed to be reserved for the accountant to make year end adjustments to the accounts, it should be used for general transactions.
0