how to void a payment when period is closed

AI generated answer (using internal Slack threads):

In NetSuite, if you want to void a payment in a closed period, you cannot directly void it because the period is closed. However, you can handle this situation by creating a Journal Entry (JE) in the current open period to reverse the transaction. Here are the steps you can follow: 1. Create a Journal Entry in the current open period. 2. Debit the account that was originally credited when the payment was made. 3. Credit the account that was originally debited when the payment was made. 4. Make sure to reference the original payment in the memo or reference field for audit trail purposes. This method is generally accepted as the industry standard or best practice in such cases. It allows you to effectively "void" the payment without having to reopen the closed period. Please note that this method should be used with caution and it's recommended to consult with your accounting team before proceeding, as it can have implications on your financial reports. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******