two fiscal years in one

• 08-07-2008 8:37 AM

  erino Joined on 08-07-2008 Posts 1

  two fiscal years in one Reply Contact My company is changing ownership and I need to do a year end close in the middle of the year.  So I need to set up two fiscal years in one calendar year.  The problem is that when I set up new fiscal years - I can't name two different years "2008".  I had the idea to name it "2008 v.2 but of course that didn't work because the field for the fiscal year is 4 characters only and they have to be numbers.  I don't want to set up a new company for the new owners.  The entire company, including everything on the balance sheet is changing ownership.  So I just need to close out a year to retained earnings, (in the middle of a month by the way.) But then continue on into the future and have the last few months of this year just be a short year for the new owners.  HELP??  Anyone??

  Tags: Dynamics GP, Microsoft Dynamics GP, Great Plains, Dynamics NAV, Dynamics, Dynamics GP 10

• 08-19-2008 12:59 PM

  In reply to

  nategagne Joined on 06-22-2007 Posts 1

  Re: two fiscal years in one Reply Contact What I would suggest is to "manually" close out your P&L to retained earnings by creating one JE that would do this and posting it on whatever day you decide to do it. Then I would create another retained earnings account for the new ownership and I would then change the setup to close the financials at year end close time to this new account and proceed with business as usual after that until the end of 2008.  At the end of 2008, I would run the 2008 year end close and it should take the remaining years P&L balance (because you already closed out the first part for the old owners in the step above) to the new RE account and roll forward the BS accounts.  Is there a reason why you would not want to do this?