The benefit of having Multiple Calendars enabled in NetSuite is that it allows to set up multiple fiscal calendars for subsidiaries.
Before using Multiple Calendars, enable the feature under the Advanced Features section of the Accounting tab in Enable Features.
Create Fiscal Calendars
Need to create the fiscal calendars plan to use for the subsidiaries. Use one fiscal calendar for multiple subsidiaries.
To create a fiscal calendar, navigate to Setup > Accounting > Manage G/L > Fiscal Calendars > New. On this page, name the fiscal calendar, choose the first fiscal month in that calendar, and determine whether or not this calendar will be the default for all your subsidiaries.
Assign Fiscal Years to Subsidiaries
Once created fiscal years, we can assign them to the subsidiaries. On the subsidiary record, have the option of choosing both a normal fiscal calendar as well as a tax fiscal calendar. These can be different fiscal calendars if that’s what needed.
Create Accounting Periods
The next step will be to create accounting periods for each fiscal year. This is something need to do every year for any fiscal calendars subsidiaries use. On the Manage Accounting Periods page, set up accounting periods for the entire year at once or set up each individual period, quarter, and year.
NetSuite Manage Accounting Periods
However, NetSuite recommends using the Set Up Full Year option if we use Multiple Calendars, so that’s what we’ll focus on. When select the Set Up Full Year option, it will be taken to the Accounting Periods for Full Year page.
NetSuite Set Up Accounting Periods for Full Year
Choose the appropriate fiscal calendar in the dropdown field. Also choose the format of the accounting periods that will be created (either calendar months, every 4 weeks, or every 4-4-5 weeks).