We can set up accounting periods individually for a fiscal year in NetSuite. Setting up accounting periods individually can create incomplete or incorrect period rollups. Make sure to review the accounting period rollups on the Manage Accounting page and verify each fiscal year is complete and correct. Do this for each fiscal calendar.
To set up accounting periods individually for a fiscal year:
first set up a year
set up quarters if desired
set up base periods
To set up a new fiscal year:
Go to Setup > Accounting > Manage G/L > Manage Accounting Periods.
Select the fiscal calendar.
Click New Year Only.
Enter Period Name.
Enter a start date and end date for the period.
Verify the fiscal calendar selected is correct.
Click Save.
To set up a new quarter:
Go to Setup > Accounting > Manage G/L > Manage Accounting Periods.
Select the fiscal calendar.
Click New Quarter Only.
Enter the Period Name.
Enter a start date and end date for the quarter.
Verify the fiscal calendar selected is correct.
For the Sub-period, select the fiscal year to which this quarter belongs.
Click Save.
To set up a new period:
Go to Setup > Accounting > Manage G/L > Manage Accounting Periods.
Select the fiscal calendar.
Click Base Period and then enter the Period Name.
Enter a Start Date and End Date for the period.
The Allow Non-G/L Changes box is read-only unless the period is locked or closed.
Verify the fiscal calendar is correct.
Check Period is Adjustment to mark this period only for adjustment journal entries.
The date range for the adjustment period must overlap an existing accounting period.
In the Fiscal Calendar column, if the period is for the Standard Fiscal Calendar, in the Sub-period of the column, select a period to be its parent period.
We can also add a new row and select the fiscal calendar to use for the accounting rollup and the parent period. For example, when creating a period for June 2022, we can select Q1 2022 for the Sub-period of the field.
Click Save.
