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NSC | Tips on Setting Up Accounting Periods in NetSuite
NetSuite allows the user to manually create accounting periods if they choose not to use the Set Up Full Year option. Although the recommended best practice is to generate all accounting periods for a full fiscal year at once, the user can set up individual periods as needed.
When setting up periods manually, the user must follow a specific order:
- Set up the fiscal year first — this serves as the top-level period.
- Next, create sub-periods, such as quarters and months, that fall within the defined fiscal year. Although it is possible to set up custom base periods (e.g., weeks), this is not recommended unless required by the organization’s reporting structure.
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