NetSuite QuickStart Edition Guide to Accounting Periods

An Accounting Period represents a defined timeframe for executing and analyzing accounting functions. In NetSuite QuickStart Edition, users can establish fiscal years, quarters, months, and custom periods, such as weeks. Generally, organizations utilize a combination of fiscal years, quarters, and months for financial reporting purposes. 

Under Accounting Settings > Select Accounting Periods > Click Create Accounting Period. 

Fiscal Year - Custom fiscal year with no specified quarters or periods.  

Fiscal Quarter - A fiscal year is conventionally comprised of four quarters; however, it can be customized to reflect a different structure, such as two quarters. 

Fiscal Period - A fiscal period is typically based on a month, though it can be customized to span more or fewer than 30 days, including week-based or adjustment periods.