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.
NetSuite Set Up New Fiscal Calendar

Assign Fiscal Years to Subsidiaries

Once you’ve created fiscal years, you can assign them to your subsidiaries. On the subsidiary record, you 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 you need.

Create Accounting Periods

The next step will be to create accounting periods for each fiscal year. This is something you’ll need to do every year for any fiscal calendars your subsidiaries use. On the Manage Accounting Periods page, you can either 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 you use Multiple Calendars, so that’s what we’ll focus on. When you select the Set Up Full Year option, you’ll be taken to the Accounting Periods for Full Year page.

NetSuite Set Up Accounting Periods for Full Year
Here, you’ll choose the appropriate fiscal calendar in the dropdown field. You can also choose the format of the accounting periods that will be created (either calendar months, every 4 weeks, or every 4-4-5 weeks).
For fiscal years that cross over calendar years (for example, running from the beginning of June one year to the end of May the next), the Year in Period Name field allows you to choose whether the period will be named by the beginning year of the period or by the ending year. And the Fiscal Year End field allows you to type in the ending year of the fiscal period.


When you enable Multiple Calendars in NetSuite, you are able to manage multiple fiscal calendars for all your subsidiaries. If you enjoyed this blog, be sure to subscribe to our newsletter below! Each week, you’ll receive our next blog right in your inbox (and we promise never to spam you). See you there!