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.
Best Practice: Start by defining the fiscal year, then allocate the corresponding subperiods to ensure proper period rollup.
In the Period name field, you can enter up to 40 distinct characters.
After creating a fiscal year, the Start Date and End Date fields will show, but they will remain blank until child fiscal quarters are established. These fields cannot be edited once populated.
Make sure to label the fields accordingly by setting the proper Parent period.
Finally, create a fiscal period to fill in the Start Date and End date.
Creating an accounting period in NetSuite QuickStart Edition involves a detailed setup. To make it easier, we offer an Accounting Period Preference that lets users define periods based on their preferred duration.
By default, NetSuite QuickStart Edition does not automatically create future fiscal years. Always remember to check on preferences before putting information to your account.
