Question Status

Verified
Jennifer Kaufman asked a question on 22 Mar 2012 8:08 AM

we currently have a 12-month fiscal year that matches the calendar year, jan - dec.  We are changing our fiscal year to April 1- march 31st.  So, our fiscal year for 2012 will be jan1 - mar 31st.  How do we go about changing the fiscal year in gp?  We have fiscal periods setup for about 10 years in the future based on the calendar year so we need to change this year and the future fiscal periods. 

Reply
Verified Answer
Michelle Brayton responded on 30 Mar 2012 2:49 PM

Jennifer,

I have changed multiple databases fiscal year following the knowledge base.  Just for clients piece of mind, I always restore a live backup to a test environment so they can validate that the change is as they anticipated.  So before you invest in a tool (which I believe is totally unnecessary)  try the knowledge base in a test environment, as Ian suggested, to see if you get the anticipated results.

When you do it in the live environment, make sure you have a good up to date backup and that no users are logged into the system.    The only negative is that your fiscal naming convention may be "off".  But from the example you have given, it appears that you have already created fiscal 2012 to be Jan through Dec.  If you are filing a short year then fiscal 2012 will consist of Jan through March of 2012 and fiscal 2013 will consist of April 2012 through March 2013 which is perfect.  If you have any entries posted past March, these entries will be "reshuffled" into fiscal 2013 with the reconcile process.  It is important though that you begin the reconcile process with the oldest affected year and work forward.  If you have entries past March you should first setup fiscal 2013 as a calendar and then go back to 2012 and change the period dates and then correct 2013.  Once you reconcile, all will be well.

Michelle

Reply
Suggested Answer
Tim Foster responded on 17 Jul 2012 6:31 AM

Try posting your question in a Dynamics AX forum instead of a Dynamics GP forum.

Tim

Reply
Jason Lech responded on 23 Mar 2012 12:48 PM

Jennifer,

A Knowledge Base Article (KB 871789) describes how to recreate the Fiscal Periods in Microsoft Dynamics GP.

Here is the URL to that document:

mbs.microsoft.com/.../KBDisplay.aspx

To make the adjustment, you are going to need to either extend an existing year to 15 months or create a new 3 month Fiscal Year to make the adjustment.

Let's look at a simple example:

2011 - 1/1/2011 to 12/31/2011

2012 - 1/1/2012 to 12/31/2012

To make the change, you could do one of the following:

2011 - 1/1/2011 to 3/31/2012

2012 - 4/1/2012 to 3/31/2012

OR

2011 - 1/1/2011 to 12/31/2012

2012 - 1/1/2012 to 3/31/2012

2013 - 4/1/2012 - 3/31/2013

Setting this up would be done after completing Step #2 in the KB.

I bring this up only so you are able to think about the design prior to starting the process.

Let me know if you have any questions.

Thanks,

Jason

Reply
Ian Stewart responded on 24 Mar 2012 1:19 PM

You can do this, even if you have postings in the periods you are changing. You will probably need to start at the latest year (2022 in your case?) and work backwards. - adjust 2022 to start on april 1 2022 and end on 32 March 2023? And then work backwards.

If you do have postings in periods that change - remember to run a reconcile after you make your changes. I've done this a few times but generally the complete opposite to what you are doing (ie moving an April to March financial year back to Calendar - In Ireland the Tax Year used to be April to March so a lot of companies followed this as their financial year).

Ian.

Ian Stewart MVP - International support for Dynamics GP. Local knowledge, local timelines, local GP talent. Genesys Financial Systems (Europe) Microsoft Gold Certified Partner http://dynamicsgp.wordpress.com/

Reply
Jennifer Kaufman responded on 26 Mar 2012 11:46 AM

thanks for the input.  Is it necessary to completely remove the fiscal periods and reset them all up or can I follow kb 871647 and simply change the fiscal periods like described:

To change the fiscal period setup in General Ledger in Microsoft Dynamics GP, follow these steps:

Open the Fiscal Periods Setup window. To do this, use the appropriate method:

In Microsoft Dynamics GP 10.0, point to Tools on the Microsoft Dynamics GP menu, point to Setup, point to Company, and then click Fiscal Periods.

In Microsoft Dynamics GP 9.0 and in Microsoft Business Solutions - Great Plains 8.0, point to Setup on the Tools menu, point to Company, and then click Fiscal Periods.

To set up the current fiscal year, follow these steps:

In the Fiscal Periods Setup window, click the current year in the Year list.

In the Number of Periods field, type the number of periods for the fiscal year.

In the First Day field, type the first day of the fiscal year.

In the Last Day field, type the last day of the fiscal year.

Click Calculate. If it is necessary, adjust the beginning dates of specific periods. Or, change the period names.

To set up the new fiscal year, follow these steps:

In the Year field, type the year.

In the Number of Periods field, type the number of periods for the fiscal year.

In the First Day field, type the first day of the fiscal year.

In the Last Day field, type the last day of the fiscal year. If it is necessary, adjust the beginning dates of specific periods. Or, change the period names.

Click OK.

Click OK when you receive the following message:

These changes will cause period balances to be incorrect. You must reconcile General Ledger files.

Reconcile the General Ledger files. To do this, follow these steps:

Use the appropriate method:

In Microsoft Dynamics GP 10.0, point to Tools on the Microsoft Dynamics GP menu, point to Utilities, point to Financial, and then click Reconcile.

In Microsoft Dynamics GP 9.0 and in Microsoft Business Solutions - Great Plains 8.0, point to Utilities on the Tools menu, point to Financial, and then click Reconcile.

Click to select the Year check box, and then click the earliest year in the list.

Click Reconcile.

Notes:

When you click Reconcile when the Year check box is selected, no report is printed. Additionally, no message appears that states that the reconciliation process is complete. The reconciliation process recalculates the summary information based on the detailed transactions in the General Ledger files. The reconciliation process usually takes several seconds.

Make sure that consecutive fiscal periods are set up so that no days are excluded from the open fiscal periods. If days are missing from the fiscal periods, you receive the following error message when you try to reconcile the fiscal periods:

A transaction does not fall within an existing fiscal year. Use the Fiscal Period Setup window to enter consecutive years. Then reconcile again.

If you need more than one open year, make sure that you change the most recent fiscal period first. If you change a different fiscal period first, you receive the following error message:

The date cannot be part of a different fiscal year.

Reply
Ian Stewart responded on 26 Mar 2012 12:25 PM

No need to delete fiscal year set up. Follow the KB article above. I would do it in a test company first (Back up and restore your live company into a test company).

Ian.

Ian Stewart MVP - International support for Dynamics GP. Local knowledge, local timelines, local GP talent. Genesys Financial Systems (Europe) Microsoft Gold Certified Partner http://dynamicsgp.wordpress.com/

Reply
Jennifer Kaufman responded on 30 Mar 2012 12:17 PM

our dynmics gp partner is thinking we need to use the fiscal period changer utility.  Is this really required?

Reply
Richard Wheeler responded on 30 Mar 2012 2:38 PM

You simply want to change the years go forward, correct?  The previous comments by Jason and Ian are correct. The fiscal year changer tool is part of the PSTL and is free so you can ask your reseller to get a copy of it for you. I am curious, why did you set up 10 years in advance? Have you at least marked them as closed to prevent any errant postings?

Richard E. Wheeler 2013 and 2014 MVP

Member Microsoft Academic Alliance

www.rbsolutions.com Revered Business Solutions Ballston Lake, NY  518-877-0763 x10

Reply
Verified Answer
Michelle Brayton responded on 30 Mar 2012 2:49 PM

Jennifer,

I have changed multiple databases fiscal year following the knowledge base.  Just for clients piece of mind, I always restore a live backup to a test environment so they can validate that the change is as they anticipated.  So before you invest in a tool (which I believe is totally unnecessary)  try the knowledge base in a test environment, as Ian suggested, to see if you get the anticipated results.

When you do it in the live environment, make sure you have a good up to date backup and that no users are logged into the system.    The only negative is that your fiscal naming convention may be "off".  But from the example you have given, it appears that you have already created fiscal 2012 to be Jan through Dec.  If you are filing a short year then fiscal 2012 will consist of Jan through March of 2012 and fiscal 2013 will consist of April 2012 through March 2013 which is perfect.  If you have any entries posted past March, these entries will be "reshuffled" into fiscal 2013 with the reconcile process.  It is important though that you begin the reconcile process with the oldest affected year and work forward.  If you have entries past March you should first setup fiscal 2013 as a calendar and then go back to 2012 and change the period dates and then correct 2013.  Once you reconcile, all will be well.

Michelle

Reply
Suet Lee responded on 6 May 2012 9:47 PM

Hi All,

I have the exact same situation where my client is planning to change their fiscal periods. Am just wondering, will this affect FRx? As my client is hitting the following erroor:  FRx Engine Failed to Create GL Index File. Please refer to Article ID: 964739.

Thank You

Reply
mayurprabhu responded on 17 Jul 2012 2:07 AM

Our company uses AX-2009. We have the fiscal period Jan-Dec for US Corporate reporting. We need to create another fiscal year Apr-Mar for Indian Income Tax reporting. We need both the fiscal years - Jan to Dec & Apr to Mar. How can we do it?

Mayur

Reply
Suggested Answer
Tim Foster responded on 17 Jul 2012 6:31 AM

Try posting your question in a Dynamics AX forum instead of a Dynamics GP forum.

Tim

Reply
carmela responded on 15 May 2013 9:03 AM

current:

start end

2000 3/31/1999 3/31/2000

2001 4/1/2000 3/31/2001

2002 4/1/2001 3/31/2002

2003 4/1/2002 3/31/2003

2004 4/1/2003 3/31/2004

2005 4/1/2004 3/31/2005

2006 4/1/2005 3/31/2006

2007 4/1/2006 3/31/2007

2008 4/1/2007 3/31/2008

2009 4/1/2008 3/31/2009

2010 4/1/2009 3/31/2010

2011 4/1/2010 3/31/2011

2012 4/1/2011 3/31/2012

2013 4/1/2012 3/31/2013

2014 4/1/2013 3/31/2014

What will the new one look like? A or B?

(A)

1999 3/31/1999 3/31/2000

2000 4/1/2000 3/31/2001

2001 4/1/2001 3/31/2002

2002 4/1/2002 3/31/2003

2003 4/1/2003 3/31/2004

2004 4/1/2004 3/31/2005

2005 4/1/2005 3/31/2006

2006 4/1/2006 3/31/2007

2007 4/1/2007 3/31/2008

2008 4/1/2008 3/31/2009

2009 4/1/2009 3/31/2010

2010 4/1/2010 3/31/2011

2011 4/1/2011 3/31/2012

2012 4/1/2012 3/31/2013

2013 4/1/2013 12/31/2013

2014 1/1/2014 12/31/2014

or

(B)

1999 3/31/1999 12/31/1999

2000 1/1/2000 12/31/2000

2001 1/1/2001 12/31/2001

2002 1/1/2002 12/31/2002

2003 1/1/2003 12/31/2003

2004 1/1/2004 12/31/2004

2005 1/1/2005 12/31/2005

2006 1/1/2006 12/31/2006

2007 1/1/2007 12/31/2007

2008 1/1/2008 12/31/2008

2009 1/1/2009 12/31/2009

2010 1/1/2010 12/31/2010

2011 1/1/2011 12/31/2011

2012 1/1/2012 12/31/2012

2013 1/1/2013 12/31/2013

2014 1/1/2014 12/31/2014

I'm wondering which way is the right way to proceed date-wise.  And also what kind of effects will there be as far as reports and statements, etc?  I'm trying to gather as much info as possible to prevent any issues down the line.

Reply