NetSuite’s Accounting Period Management guide states that the preferred way to establish periods for a new fiscal year is to click Setup Full Year, which automatically generates every period (month or quarter, plus the optional adjustment period) in a single step. This avoids manual errors and guarantees that all required periods exist before transactions are entered.

A. Adjustment periods are recommended, but they are for audit adjustments, not the routine year-end closing to retained earnings that NetSuite performs automatically.

B. Creating periods one-by-one is discouraged; it is time-consuming and increases the chance of mis-dated transactions.

D. Setting up only a year and quarter still omits the remaining periods; NetSuite recommends creating the full year at once.

1. NetSuite Help Center – “Accounting Period Management: Set Up Full Year” (SuiteAnswers ID 9900)

paragraph 3: “Best practice is to use Setup Full Year

which creates all periods for the fiscal year in one action.”

2. NetSuite Help Center – “Creating an Adjustment Period” (SuiteAnswers ID 9906)

para 1: distinguishes adjustment period use from system-generated closing to retained earnings.