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Scope
How to set up a 4-4-5 accounting period mapping method in RevRec?
How to set up a 4-5-5 accounting period mapping method in RevRec?
How to set up a 5-4-4 accounting period mapping method in RevRec?
Summary
By default, the 445 accounting period mapping is not available on your site. Contact RevRec Support to enable this feature on your RevRec site with the following information in order to set the fiscal year start date and the accounting calendar method:
Week Grouping: 4-4-5, 4-5-4, 5-4-4
Last Day Of Week: Sunday, Monday, Tuesday, Wednesday, Thursday, Friday, Saturday
Last Month of Year: Any month between January and December
Leap Year Strategy: The extra week for every sixth year can be added to the eleventh or twelfth accounting period.
Solution
4-4-5 Accounting Calendar is one of the methods of managing accounting periods. The 4-4-5 accounting calendar means that in each quarter, the first accounting period consists of the first four weeks, the second period consists of the next four weeks, and the third period consists of the next five weeks. An accounting period is a span of time during which businesses gather, prepare, and organize their financial activity.
You can configure the following three combinations of this accounting calendar in RevRec as follows:
Contact RevRec Support to enable this feature on your RevRec site with the following information in order to set the fiscal year start date and the accounting calendar method:
Week Grouping: 4-4-5, 4-5-4, 5-4-4
Last Day Of Week: Sunday, Monday, Tuesday, Wednesday, Thursday, Friday, Saturday
Last Month of Year: Any month between January and December
Leap Year Strategy: The extra week for every sixth year can be added to the eleventh or twelfth accounting period.
If the last day of the week is set to Saturday and the last month of the year is configured as January, then
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