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Fast Track Your Year-End Close in NetSuite | Questions and Answers
in NSC Webinars
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?
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Micah Patricia Timbol | Basic and Advanced Accounting, OTC Guru
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