Overview
On Ramp, if you attempt to sync a transaction to a closed period, then Ramp will post it to the latest open period in NetSuite without altering the date.
This provides several benefits for your financial management and reporting. By posting transactions to the next open period without altering the date, Ramp helps maintain the accuracy and integrity of your financial data.
Key benefits include:
- Accurate transaction dates: By maintaining the original transaction date, which corresponds to the date when the expense occurred, your financial records will accurately reflect the timing of each transaction. The transaction will be viewable on the report corresponding to the posting period.
- Traceability: With the adjustment, changes in General Ledger Accounts that may be due to changing transaction dates will be easier to spot. This allows you to easily trace any adjustments or discrepancies in your financial records back to the specific transaction that caused them.
- Improved expense tracking: By preserving the original transaction date and linking it to the General Ledger Account, you can better track your expenses and identify transactions that occurred earlier but were posted later. This can help you monitor spending patterns, manage budgets, and make informed financial decisions.
This can help you maintain better control over your finances and make data-driven decisions for your business.
Frequently Asked Questions (FAQs)
Q. How does Ramp handle transactions whose date is in a closed period in NetSuite?
If you attempt to sync a transaction to a closed period, Ramp will post it to the latest open period in NetSuite without altering the date. This ensures that your financial records accurately reflect the timing of each transaction.
Q. Will the original transaction date be preserved when syncing to NetSuite?
Yes, the original transaction date will be preserved, even if the transaction is posted later. This allows you to maintain accurate and consistent financial records.
Q. How does preserving the original transaction date help with expense tracking?
By maintaining the original transaction date and linking it to the General Ledger Account, you can better track your expenses and identify transactions that occurred earlier but were posted later. This can help you monitor spending patterns, manage budgets, and make informed financial decisions.