How can I manage a subsidiary in NetSuite that has an initial fiscal year of 24 months instead of 12 months? The issue I'm facing is that NetSuite calculates and posts Retained Earnings automatically at the end of the first fiscal year (after 12 months), but for this subsidiary, the Retained Earnings should only be calculated and posted after the full 24-month period. What is the recommended approach to handle this situation in NetSuite

AI generated answer (using internal Slack threads):

****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ****** To manage a subsidiary in NetSuite that has an initial fiscal year of 24 months instead of 12 months, you can use the Multiple Calendars feature in NetSuite. This feature allows you to assign different fiscal year-ends to subsidiaries, which should solve your issue with Retained Earnings being calculated and posted after the first 12 months instead of the full 24-month period. Here are the steps you can follow: 1. Navigate to the Subsidiary page in NetSuite. 2. Change the Fiscal Calendar to a custom one that has a 24-month fiscal year. 3. Save the changes. Please note that changing the Fiscal Calendar will impact the reports for that subsidiary. They will show the new fiscal year-end date as the end of the year. Also, Retained Earnings will roll based on the new fiscal year-end date. If you need to perform a mid-year close, you may want to look at the "Manual Year End Close" option in NetSuite. You can find more information about this in the NetSuite Help Center. Remember, when importing historical data into NetSuite for an entity that has a different year-end date than the existing parent company, you should not need to do anything differently with the imports if you use the Multiple Calendars feature.