How do I do year end adjusting entries for prior years?

AI generated answer (using internal Slack threads):

****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ****** To do year-end adjusting entries for prior years, you would need to reopen the prior period and post a journal entry. However, you should be aware that if you closed your periods with costing still running, reopening the period might trigger the system to post Cost of Goods Sold (COGS) adjustments. To avoid this, ensure that all costing calculations are completed before you lock the periods. If you need to import historical trial balance data into NetSuite for an entity that has a different year-end date than the existing parent company, you might run into issues with retained earnings not closing out correctly. In this case, you can use the Multiple Calendars feature in NetSuite. This feature allows you to assign different year-ends to subsidiaries, which should fix your retained earnings roll problem. For more detailed information, you can refer to the following SuiteAnswers articles: - [Understanding Costing and COGS in NetSuite](https://suiteanswers.custhelp.com/app/answers/detail/a_id/28147/loc/en_US) - [How to Run Comparative Income Statement](https://suiteanswers.custhelp.com/app/answers/detail/a_id/79077/loc/en_US) - [Using Multiple Calendars Feature](https://suiteanswers.custhelp.com/app/answers/detail/a_id/32242/loc/en_US) Please note that these steps should be taken with caution and it's recommended to consult with your accounting team or a NetSuite professional before making these changes.