If you use OneWorld, then you should consider using the Multiple Calendars feature. When you enable Multiple Calendars in NetSuite, you can create multiple fiscal calendars that apply to your accounting periods and tax periods. Let’s take a look at this feature and how it works in NetSuite.
Overview of Multiple Calendars in NetSuite
The benefit of having Multiple Calendars enabled in NetSuite is that it allows you to set up multiple fiscal calendars for your subsidiaries. For example, you could have a fiscal year that runs from January 1st through December 31st which you use for several of your subsidiaries. But suppose that, for one of your subsidiaries, you need a fiscal year that runs from July 1st through June 30th. With Multiple Calendars, you can set up both types of fiscal calendars (and many more!).
How to Set Up Multiple Calendars in NetSuite
Before using Multiple Calendars, you should enable the feature under the Advanced Features section of the Accounting tab in Enable Features. But then what? How would you set up Multiple Calendars in NetSuite?
Create Fiscal Calendars
First, you’ll need to create the fiscal calendars you plan to use for your subsidiaries. Remember that you can 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.