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Four week accounting periods


Some service industries like restaurants, work on four-week month and not monthly cycles. They need a way to run reports that match their business plans, which require a 13 period (month) tax year reporting. 

Detailed instructions

Setting up 4-week accounting periods:

Four week Profit and Loss reports actually is relatively easy, but each one must be manually created. Unlike the QuickBooks Desktop default report periods that you access from the "drop down" list when creating financial reports, you will need to create each of your 4-week P&L periods individually and then name and save each one using the QuickBooks Desktop Memorize Reports feature.

You should first prepare a list of the beginning and end dates for each of your 13 4-week periods. This will make the process of creating, naming, and saving each one easy.

Creating a 4-week Profit & Loss Report:

  1. From the Report menu, select Company & Financial > Profit & Loss Standard.
  2. In the From and To dates, enter the beginning and ending dates of the first of the 13 4-week periods.
  3. Click on Refresh button at the top of the report.
  4. Click on the Memorize button at the top of the report, the Memorize Report window will open.
  5. In the Name field, enter in a name for the report.  (Use a consistent naming scheme such as Period 1 (Jan 2 – Jan 29, 20XX).
  6. If you want to save to a Memorized Report Group, click the checkbox next to Save in Memorized Report Group and select the group.
  7. Repeat these steps 12 more times making sure not to replace any prior report with the new one when memorizing.
  8. These reports can be accessed from the Report > Memorized Reports > Memorized Report List (if not assigned to a group) or under the group they were assigned to.
  9. All the 4-week Profit and Loss reports will be listed for easy access.

Quick Tip: If you want to be able to create a Profit & Loss report that shows comparative 4-week periods side by side for a defined time period in the same report (e.g. This Fiscal Year), then you have to start each of your 4-week periods on a Sunday (and therefore end each period on a Saturday).

Notes: While the typical restaurant week runs Monday-Sunday, QB will not create detailed 4-week reports except in the Sun-Sat format (one of just a few inherent limitation discovered using QB for restaurants).

KB ID# INF12947
10/28/2016 3:15:25 AM
QYPPRDQBKSWS05 9138 Pro 2017 7397a7