I do not see an option to configure 4-4-5 accounting period in Revrec.

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:

• 4-4-5 accounting calendar
• 4-5-4 accounting calendar
• 5-4-4 accounting calendar

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

• 29th January will be the end of the previous fiscal year as per the calendar date.
• 30th January will be the start date of the current fiscal year.