Effect of Date/Period Mismatches on Reconciling A/R and A/P Reports to Balance Sheet

NetSuite allows transactions to be entered on dates outside of the transactions posting period. This preference becomes useful when revenues or expenses are incurred during a certain period but not entered in a timely manner. However, this preference has caused confusion during month-end reconciliations to the Balance Sheet. Since A/R and A/P reports are not considered Financial Reports, these reports default to a date range and not a period range used by the Balance Sheet.

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If the date of a transaction is outside its posting period, the transaction can be omitted from A/R or A/P report totals in a given period. This has led to lengthy reviews, as users attempt to identify discrepancies between their A/R or A/P reports and the Balance Sheet.

To make A/R and A/P reports reconcile to Balance Sheet amounts, a user must amend their reporting preference by going to: Home > Set Preferences > Analytics > Reporting. From the Report by Period dropdown, select All Reports.

After the preference is set to display All Reports by period, A/R and A/P reports can be reconciled to the Balance Sheet.

Balance Sheet

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A/R Aging Using Period Range

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