Tips for Year End & Set Up New Year

The start of a new year introduces several activities you will need to complete to close out NetSuite for 2023 and prepare for 2024. In addition, NetSuite will be releasing 2024.1 shortly. The list below focuses on closing out 2023 and preparing for 2024. If you would like more information on any of the topics below, please reach out to the Meridian mPower team.

Closing out 2023:

• Make sure all the monthly accounting periods are closed and locked
• Perform physical inventory counts and load the results into NetSuite
• Gather receipts and vendor bills to support year-end revenue and expense accruals
• Run reclassification journal entry for Deferred Revenue
• Prepare your 1099 reporting file (Link to November mPower blog)

Preparing for the New Year

• Review memorized transactions and prepaid transactions. If your organization has memorized transactions or prepaids, review them to determine entries that are no longer needed, adjustments to entries, or new entries for 2024
• Update the chart of accounts for any new accounts or reporting structures to be utilized in the new year
• Import the budget information with the NetSuite budget import template
• Set up the accounting periods for 2024 making sure to set the accounting periods for 2024 and consider if an adjustment period would be helpful
• Close out stale Purchase Orders and Sales Orders.  The new year is an excellent time to clean up Orders in the system, which will likely not be filled
• Anticipate auditor requests for transaction lists, custom reports, and other specific needs. We have worked with clients to establish restrictive security, allowing auditors to perform limited and view-only searches, significantly limiting the time clients spend collecting data for the auditors

Your mPower support team is ready to provide you with assistance in 2024. If you have questions regarding the closeout of 2023, getting a great start on 2024, or the upcoming new release of NetSuite, please get in touch with your mPower contact.