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At the beginning of each fiscal year, the Accounting Manager will be responsible for setting up the accounting periods for the upcoming year. Accounting periods allow you to define what periods breakdown break down the fiscal year, and what period end date each period will have. The most common approach is to follow the standard calendar, 12 periods/months, with all period end dates falling on the month end dates. Another option is to implement the 4 - 4 - 5 accounting calendar. In this case, the first two periods of every quarter is a 4 week period, the third and final period within the quarter is a 5 week period.
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