What does LAST_DAY(date) return?

The LAST_DAY(date) function returns the date of the last day of the month for the specified date. This is particularly useful for financial reporting and accounting purposes, where knowing the end of each month is essential for closing books and preparing reports. For instance, if the input date is any day in March, LAST_DAY will return March 31. This functionality helps in performing calculations that are dependent on month-end dates, such as month-to-date or month-end balances.

Understanding this function is crucial for effective date management and ensures accurate data manipulation within NetSuite's reporting and financial operations.