I have organised my month end dates so that each quarter starts with a 5 week month that is followed by two 4 week months - so 5-4-4, 5-4-4, 5-4-4, 5-4-4 - for Fiscal 2013.
This makes FY2013 exactly 52 weeks in duration. This makes for easy comparisons, year to year, quarter to quarter, month to month and week to week also YTD, QTD and MTD. (Unfortunately, every fifth year has 53 weeks, but you knew that).
I would like to have 52 (53) periods each year for accounting reporting purposes. Is this possible? Do I simply replace the 12 monthly periods with 52 (53) weekly periods? Will I be able to apply depreciation correctly; accruals and deferrals may also create problems?
There are some jurisdictions, particularly Germany, that use weekly accounting on an extensive basis. In this day and age, too much time has gone by to rectify problems if accounts are prepared on a monthly basis.
Any guidance would be gratefully appreciated. I am working with OpenERP v7 over PostgreSQL 9.2.3 and Python33.
R+C
Does the lack of comment on this topic indicate a genuine lack of interest in weekly accounting periods? Or is v7 not used for accounting tasks?
Yeah.. it is also a new topic for me... The only thing I know is that there are editable settings at at [ Accounting Module -> Configuration -> Periods -> Periods ] It seems it is possible to add periods in there and even [ Export Periods -> Edit/Add Periods in Excel -> Import back the Periods ]
I'm new to OpenERP, but I just checked and it seems that the period between depreciation bust be specified in months. It seems that we can't avail of the automatic posting of depreciation if we want to apply it every week. It makes more sense to apply the depreciation monthly/yearly anyway.
Abner - I must be spoilt, I am used to being able to automate depreciation, prepayments etc, whatever the period. Nobody likes it when items are 'missing' from accounts being discussed. Also, in some insustries, you charge development expense according to production levels.
I think it is more ideal, maybe, just not popular because most are used to a lazier monthly/yearly depreciation because they have to do it manually. I'm sure weekly periods will be useful in exposing fraud/pilferage/etc (which happens a lot) and good for cost-monitoring.