Moving Subsidiaries to a New Fiscal Year in NetSuite

Ron Danenberg1 min

🚨 Problem: Need to move subsidiaries to a new fiscal year in NetSuite? 🚨

This tutorial will guide you through the steps to transition your subsidiaries into a new fiscal year effectively. 🏢📅

Step-by-Step Guide 📋

  1. Ensure Fiscal Year Setup
    • Before you begin, confirm that you have a fiscal year set up in your system. 📆
    • Ensure that the Multiple Calendars feature is enabled in your settings.
    • If you need help with this, please see the previous tutorial on enabling the feature. 🎥
  2. Access Fiscal Year Setup
    • Navigate to Setup > Accounting in the main menu. 🔍
    • Here, you will see the option to create and manage fiscal years.
  3. Assign Subsidiaries
    • Once you have created your fiscal year, you can assign the necessary subsidiaries to this new calendar. 🌐
  4. Review Accounting Periods
    • After assigning subsidiaries, go to your Accounting Periods section. 📊
    • You can use the Setup Full Year option to generate rollups for historical closed or existing fiscal years.
  5. Setting Up Short Years
    • If you want to set up a short fiscal year, you can manually establish the base period and roll-up hierarchy for the transition period using the available buttons (e.g., New Year Only, New Quarter Only, and Base Period). ⏳
  6. Adjust Start Dates
    • For specific adjustments, like changing the start date of the new fiscal calendar, you have options to generate future rollups as needed. 🔄

Congratulations! 🎊By following these steps, you have successfully moved subsidiaries to a new fiscal year in NetSuite! 🌟

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