This chapter contains these topics:
To set up periods for 52 period accounting
To update the 52 period accounting balances
To change data to 52 period account balances
In comparison to the standard 12 period accounting, 52 period accounting helps businesses track perishable items in frequent accounting intervals. For example, grocery stores typically use 52 period accounting to report their financial status on a weekly basis.
You can establish 52 accounting periods per year, plus two extra periods for adjustments.
Complete the following tasks for 52 period accounting:
Set up 52 period accounting
Close a 52 period year
Change to 52 period accounting
In contrast to 12-to-14 period accounting, 52 period accounting requires you to:
Set up date patterns for 52 periods.
Set up financial reporting dates for 52 period accounting.
Set the processing option in the post program for 52 period accounting. The system posts the transactions in the Account Balances table (F0902) and the Account Balances - 52 Period Accounting table (F0902B).
Run the Annual Close for 52 Period Accounting at the end of each fiscal year after you run the Close Year program.
You can change from 12-to-14 period to 52 period accounting. If you have data in the 12-to-14 period balances that you want to include in the 52 period format, you must set up your system for 52 period accounting and then run the Repost for 52 Period program.