Impact of unchecking this Accounting Preference - Create and edit inventory transactions dated in closed periods In order to support a project implementing arms length transactions and cost plus pricing we plan to update our incoterms on ICTOs from BODY to RETAIL to EXW in place of DAP. Initial testing on our side indicates to make this cutover we’ll need to update an accounting preference in our account called “*Create and Edit Inventory Transactions Dated in Closed Periods*”. Collectively the the team would like to turn this off and thinks it’s safe to do so but we wanted to run this by you as a confidence check given this appears to be a one way street. Can you let us know if you feel there is serious or unintended consequences you have seen with flipping this setting to ‘False’? As a principle we wouldn’t want to touch things in prior periods that are locked so that change works for us on the surface, but we need to make sure we don’t inadvertently blow something up here that we don’t know about.

AI generated answer (using internal Slack threads):

Based on the conversations, the setting "*Create and Edit Inventory Transactions Dated in Closed Periods*" is a crucial one in NetSuite. If you uncheck this setting, it will prevent you from creating or editing inventory transactions that are dated in closed periods. This is important to maintain the integrity of your financial data, especially for closed accounting periods. However, there are a few things to consider before making this change: 1. Impact on Inventory Transactions: If you have any pending inventory transactions that are dated in a closed period, you will not be able to edit or post them once this setting is unchecked. This includes transactions like Assembly Builds, Inventory Adjustments, etc. 2. Impact on Financial Reporting: Any changes to inventory transactions can have a significant impact on your financial reports. If you have already reported financial results for a closed period, any changes to inventory transactions in that period could potentially alter those results. 3. Impact on Tax Reporting: Similar to financial reporting, changes to inventory transactions can also affect your tax reporting. If you have already filed taxes based on the original transaction data, any changes could potentially result in discrepancies. 4. Impact on Average Cost Calculation: If you are using the average cost method for your inventory, changes to inventory transactions can affect the calculation of your average cost. This could potentially impact your cost of goods sold and gross margin calculations. In conclusion, while unchecking this setting can help maintain the integrity of your financial data, it is important to carefully consider the potential impacts before making this change. It is recommended to thoroughly test this change in a sandbox environment before implementing it in your live account. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******