Preparing for Year-End Closing
Be aware of the following as you prepare for year-end closing:

Before year-end close, you should close all of the periods included in the year.

A checklist of required tasks is provided to guide you through the closing process for each period. See Using the Period Close Checklist.

If you use multiple currencies, you should revalue open currency balances for each period before you close it. See Generating Revaluations.

It is important to understand the difference between closing a period and locking transactions for a period.

Closing a period prevents postings for any dates included in the period, by anyone, and should be the final step after a process of accounts review and reconciliation.

Locking transactions for a period prevents users without override permission from posting to the period, and is a preliminary task before closing occurs.

For more information, see Closing Accounting Periods.

If you use NetSuite for payroll processing, you must complete additional payroll tasks before year-end close. See Performing Quarterly or Yearly Payroll Tasks.