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4/4/5 Quarters in QuickBooks - How do you set fiscal months?
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Answers
Company: SJB Bagel Makers
We use QB for our restaurants as well. We have 4/5/4 quarters and I can tell you that QB does not do this. We have to manually adjust the dates for each period. It's a big PITA to compare TY to LY. You end up dumping multiple reports intoexcel .
(We use the Enterprise version)
Company: Tier One Services, LLC
Normally I answerQuickBooks questions with "Yes! And here's how."
This is a sad exception. I know of no way to create custom date columns for a P&L, for example.
The easiest workaround that I would suggest is:
(1) Run your Q1 Profit & Loss. Click Customize Report, Advanced, and in the Display Rows area on the left, select All.
(2) Export to Excel.
(3) Repeat the above 2 steps for the other quarters.
(4) Paste each quarter next to each other and you're done.
With a speedy computer this shouldn't take more than 10 minutes.
It's important to select "All" for Display Rows because if you use an income, COGS or Expense account in Q2 that you didn't use during Q1, then when you copy & paste the accounts won't line up, and this adds needless hassle.
Company: Quentasia Industries Incorporated
I too used QuickBooks for my business. I concur with Jaime and Randy. There's no way to create non-calendar quarters in QuickBooks. The need for a 4-4-5 or 4-5-4 quarter is also common in retail. To do this, you must upgrade to a more robustaccounting package but the cost is likely to be significantly different from Quickbooks. You should investigate Intacct, FinancialForce or NetSuite.
Thank you to all who responded.
Company: Haygarth Consulting LLC
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Anon
Just as an add on:
Most restaurants are managed on a weekly basis, so that you can compare consistent periods, including same period prior year. Trending on a 7 day week cycle is helpful compared to months of 28/29, 30 and 31 days.
Check your point of sale software-that would likely give you weekly financials (but may not include costs not tracked thru QB).
Company: morningstar
There is no exact functionality for this problem of yours.
You will have to select the dates of the tracked items and then copy the data to an excel sheet.
And you will have to do that for all the quarters.
This is the only workaround I know of.
I hope this helps!
Company: The Noble Digital
Many firms define their fiscal quarters as 13-week periods. For these firms each fiscal year contains 52 weeks, which leaves out one/two day(s) a year. To compensate, one extra week is added to every fifth/sixth year; consequently, one quarter therein comprises 14 weeks.
To set fiscal year in Quickbooks
Click the Company menu.
Go to My Company.
In the COMPANY INFORMATION box, click the Pencil icon.
Go to the Report Information tab.
Set up the Fiscal Year.
Click OK.
I hope this will help.
best Regards