4-4-5 Week Accounting

This optional module for The Bassets Fixed Asset System provides for non-standard accounting periods. While most companies end their year on December 31st or the last calendar day of some other month, there are a great many companies whose year will end, for example, the last Saturday in December or some other month.

Generally speaking, these companies will divide each quarter of the year into three monthly periods consisting of two four week “months” of 28 days each and one five week “month” of 35 days, hence the name 4-4-5 Week Accounting Periods. This grouping of monthly periods can also be set up as 5-4-4 weeks or 4-5-4 weeks, but 4-4-5 seems to be the most common arrangement.

The heart of this module is a calendar that allows the user to enter the first and last day of each accounting period. For example, if the first day of the year was January 02 and the last day of the first accounting period was January 29, we would have a four (4) week period of 28 days.

13 Period Accounting: The 13 Period Accounting module is the same as the 4-4-5 Week Period Accounting except that the tax year will consist of 13, 28 day accounting periods. When the 4-4-5 Week Accounting Period Module has been activated, the user would select 13 Period Accounting on the Client Master Preferences tab.