Tax Period creation

The ideal approach when setting up tax periods is to use months for posting tax, even if you only plan to run quarterly or annual reports. Select the Set Up Full Year option on the Manage Tax Periods page, then select the Calendar Months format.

Using the New Year Only, New Quarter Only, and Base Period choices, you may easily construct particular periods. However, if you’re not careful, setting up tax periods separately can result in missing or inaccurate period rollups. To ensure that each tax year is complete and accurate, be sure to carefully review all rollups on the Manage Tax Periods Page.

set up tax periods for a full year:

1. Go to Setup > Accounting > Taxes > Manage Tax Periods.
2. Click Set Up Full Year.
3. In the First Fiscal Month field, select the first month in your company’s fiscal year.
4. In the Fiscal Year End field, enter the year for which you are setting up tax periods.
5. In the Period Format field, select one of the following to divide the year into:
   • Quarters – three-month long sub-periods. These quarters have the Is Posting box checked by default.
   • Calendar Months – twelve sub-periods.
   • 4 Weeks – thirteen four-week long sub-periods
   • 4–4–5 Weeks – four quarters in which the weeks follow this pattern, instead of the actual calendar dates.
6. Click Save.