How do you handle outstanding checks in NetSuite during a financial migration?

AI generated answer (using internal Slack threads):

Handling outstanding checks in NetSuite during a financial migration can be a bit tricky, but it's definitely manageable. Here's a step-by-step guide on how to do it: 1. Create a Holding Account: The first step is to create a holding account in NetSuite. This account will be used to temporarily hold the outstanding checks during the migration process. 2. Import Checks to the Holding Account: The next step is to import all the outstanding checks into the holding account. This can be done using NetSuite's import functionality. 3. Reverse the Checks with a Journal Entry: Once all the checks have been imported into the holding account, you can then reverse them with a journal entry in the holding account. This will effectively clear the checks from the holding account. 4. Reconcile the Checks: After the checks have been reversed, you can then reconcile them in NetSuite. This can be done using NetSuite's bank reconciliation feature or the electronic bank payment module if you have it installed. Please note that this process is a workaround due to a known issue with NetSuite's handling of journal entries and account reconciliations. It's important to be aware that NetSuite may treat a journal entry as fully cleared in the first period, which can cause discrepancies in your accounting records. Therefore, it's recommended to adjust your process and follow the steps outlined above. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******