With regard to year end below is the recommended process.
1 May or 1 June conversion date
- Year end will be done out of Xero
- The Tax Accountant will need a trial balance, provided from Xero
- Typically tax accountants will also want a general ledger for the full financial year (1 July to 30 June), this will have to be pulled from NetSuite (up to the migration date) and from Xero (after the migration date). To assist the tax accountant merging the two general ledgers together they should be provided the Master COA mapping file.
- Any adjusting journal entries will be entered in Xero
1 July conversion date
- Year end will be done based on NetSuite data.
- An adjusting journal can be put into NetSuite and the Conversion Balances in Xero will then be updated
1 August conversion date
- Year end will be done based on NetSuite data
- An adjusting journal can be put into NetSuite and the Conversion Balances in Xero will then be updated
30 June 2025 Year End
- For conversions that happen after 1 July 2024 (eg. 1 Aug conversion dates) the NetSuite general ledger from 1 July 2024 up to the conversion date will be required when the 2025 year end work in done by the tax accountant (eg. in July/Aug 2025).