NetSuite  – New Year, New Financial and Tax Periods

For many companies the end of December is their financial year end. With this in mind here is a quick reminder of how to set up new financial and tax periods (if using Legacy Tax and not SuiteTax).

Financial Periods:

In the administrator role, navigate to Setup > Accounting > Manage Accounting Periods.

If your financial year follows calendar months, 4-4-5 or 4 week periods, you can press “Set Up Full Year” then enter the details of the new year. Press Save.

If your periods do not match any of these settings, you can create Base Periods, Quarters and Years manually.

Tax Periods:

In the administrator role, navigate to Setup > Accounting > Manage Tax Periods

If your tax year follows calendar months, quarters, 4-4-5 or 4 week periods, you can press “Set Up Full Year” then enter the details of the new year. Press Save.

If your periods do not match any of these settings, you can create Base Periods, Quarters and Years manually.