Intuit’s Quickbooks has many things to offer to many businesses, but if you are counting financial periods, the count will end at 12. Quickbooks can only accommodate 12 periods in a year, so for any business that wants to keep track of more than that, Quickbooks has just hit the wall.
There are many reasons to consider using more than 12 periods in a fiscal year. Adopting a fiscal calendar of 13 periods, with each period consisting of exactly 4 weeks, allows for more accurate comparisons between periods. Consider a retail establishment or a restaurant, where the majority of their business is conducted on the weekends. To compare a month that has 4 weekends to a month that has 5 weekends can produce very misleading results.
Many companies do need more than 12 periods in a year. Any company that wants to include a fiscal calendar that has a 13th period for adjusting purposes, or a manufacturing concern that wants to use a weekly period (often is a 4-4-5 calendar), will have to look outside Quickbooks for a solution.
Microsoft Dynamics GP offers far more flexibility than Quickbooks, offering the capacity to accommodate as many as 368 fiscal periods in a fiscal year. That works out to daily fiscal periods, plus leap-years, plus two adjusting periods! No matter what fiscal period definition your company requires, Dynamics GP can provide the solution you need.
By TMC – Southern California Dynamics GP Partner
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