Discussions

Check out Oracle NetSuite upcoming events and conferences here
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!
Update your Profile with your Support type to get your Support Type badge.
Expand your NetSuite knowledge by joining our Ask A Guru Live sessions. RSVP on this event now.
Community Poll: What sort of content would you like to see more of?

Fast Track Your Year-End Close in NetSuite | Questions and Answers

Here is the list of the questions sent out during the webinar and the answers that were provided.

What would be the reason for reclassification?

There are numerous reasons for reclassification to take place. The main point of reclassification is to bring the Deferred Revenue Amount to its correct balance. First is when the billed amount is less than the revenue recognized. An Unbilled Receivable Adjusment is needed. Second is when an element's Revenue Amount is not equal to its Discounted Sales Amount. Third is when there's a need for Foreign Currency Adjustment.

Is it possible to use manual close this year then utilize automatic close the succeeding year?

Micah Patricia Timbol | Basic and Advanced Accounting, OTC Guru

Tagged:

Howdy, Stranger!

Log In

To view full details, sign in.

Register

Don't have an account? Click here to get started!

Leaderboard

Community Whiz

Quarter 2 (Apr-Jun 2024)

This Week's Leaders

This Month's Leaders

All Time Leaders