Happy Halloween! Could someone help me understand the accounting impact of a Item Receipt compared to a vendor bill when it comes to COGs. We have a Vendor bill created from a PO that is partially received dated as of 9/1 since that is the date of the bill. The bill isn't approved until October but it won't let us approve the bill because the transaction date is in a closed period even though we allow for date/period mismatch. Some articles I read said it's due to COGS calculation but we thought the Item receipt is responsible for the COGS as our bill goes to an unpaid inventory account so wanting more insight or any articles will be helpful

When a vendor bill is pending approval it is non posting. When approved it becomes a posting transaction. If the period is locked then it cannot change the GL impact so essentially the bill can’t go from non posting to posting There is a setting in accounting settings that will move your bill to the next open period when approved Or alternatively leave the status as approved but set payment hold = T until approval is complete then release payment hold (which is a non gl impacting change)

@MGBC I do understand the accounting period being closed would be an issue, but again the period is open. The date of the transaction itself is 9/1/2024 but the period is october since that is when the bill is approved. We allow for date/period mismatch. But NetSuite would not let us save the bill because the transaction date itself was in a closed period due to a COGS issue.