Changing Fiscal Year

This question is not answered

Our current fiscal year is the twelve months from 12-1-XX to 11-30-XX.  What is the best way to change our fiscal year to a standard twelve month 1-1-XX to 12-31-XX format?  We are on GP 10.0.

What changes do we need to make in FRX?

 

All Replies
  • You could have one longer year from 12-1-xx to 12-31-xy

    just add the periods to your company accounting periods

    Deanne Rasmussen, Systems Analyst, The Commonwealth Medical College - Scranton, PA (until Oct 11)

  • I think they were wanting a stub (shortened) year/period, so something like:

    12-01-2011 to 11-30-2012 Old Fiscal Year

    12-01-2012 to 12-31-2012 Stub Year/period

    01-01-2013 to 12-31-2013 New Fiscal Year

    The problem is that our current fiscal "year" in the Fiscal Periods Setup Screen is 2012.  I don't suppose you could have a 2012 year for the old fiscal year and another 2012 year for the Stub Year/period.  That way when you setup 2013, it would look normal and correspond with the right year?

    Can you setup two fiscal periods with the same year (2012) as long as the first day and last day don't match?

  • Hello J.R.

     

    Thank you for using the community forums.

     

    You can use the ‘Professional Services Library Tools’ (PSTL) ‘Fiscal Period Modifier’ tool.  PSTL is a free tool that you can obtain from your Microsoft Partner.

     

    Once you install PSTL, use the ‘Fiscal Period Modifier’ tool within PSTL to be able to change your fiscal year from (12-1-XX to 11-30-XX) to (1-1-XX to 12-31-XX).

    How to create a test company with live production data; follow the steps in KB Article 871973

     

    http://support.microsoft.com/kb/871973

     

    Here are some basic steps on how to use the ‘Fiscal Period Modifier’ tool.  I would recommend trying these steps in a test company with a copy of live data to verify the results:

     

    After you have PSTL installed and registered, the ‘Fiscal Period Modifier’ will be available for your use.  Here are the steps to use the tool:

     

    1.    You will want to run the follow report prior to using the PSTL | Fiscal Period Modifier Tool:

     

    a.    Open the ‘Setup Reports (Company)’ window (Reports >> Company >> Setup)

    b.    Under the ‘Reports:’ option, select the Fiscal Periods

    c.    Click the ‘New’ button to open the ‘Company Setup Report Options’ window

    d.    Type anything in the ‘Options:’ field

    e.    Click the ‘Destination’ button and select the printer (for a hard copy record)

    f.     Click on the ‘Print’ button to print a list of all your fiscal period setup information

     

    2.    Open the ‘Reconcile Financial Information’ window (Microsoft Dynamics GP menu >> Tools >> Utilities >> Financial >> Reconcile)

     

    a.    Reconcile all your years starting with your oldest historical year, first.

     

    PLEASE NOTE:  The reason for this process is to reduce any chance there may be a hidden issue prior to using the Fiscal Period Modifier.

     

    3.    Open the PSTL | Fiscal Period Modifier

     

    4.    In the Fiscal Period Modifier, all you will need to do is click on the ‘Setup Periods’ button.  This will clear out your previous Fiscal Periods Setup and open the Fiscal Periods Setup window for you with no fiscal year information.

     

    5.    Start creating your new fiscal periods, follow the steps in KB Article 871647 (How to change the fiscal period setup in General Ledger in Microsoft Dynamics GP) and use the information obtained from to the report you created in step 1.  For your convenience, I have included a link to KB Article 871647:

     

    http://support.microsoft.com/kb/871647

     

    PLEASE NOTE: When you are setting up your previously closed years, you will need to check the ‘Historical Year’ option in the ‘Fiscal Periods Setup’ window.

     

    6.    Once you have completed in re-creating/re-labeling your years, you will need to run reconcile.

     

    a.    Open the ‘Reconcile Financial Information’ window (Microsoft Dynamics GP menu >> Tools >> Utilities >> Financial >> Reconcile)

    b.    Reconcile every year starting with the oldest historical year 1st and go consecutively through your most recent open year.

     

    I realize that this seems a bit repetitive, but the reason that you need to follow these steps is that you can't use the Fiscal Period Modifier to change the actual dates within each year. You can only change the Year stamp on the year, so that is why you will need to make the changes to the Fiscal Period dates within the Fiscal Period Setup window.

     

    7.    Re-run step 1 to verify all your fiscal periods are setup correctly.

     

    As for your FRX question, I do not have any knowledge on how that works with Microsoft Dynamics GP other then it pulls data directly from the SQL tables.  You may want to create a new post asking that specific question to get an answer.

     


     

    Best regards,

     

    Jonathan Herman

     

    Partner Online Technical Community

    -----------------------------------------------------------------------------------------

    We hope you get value from our new forums platform! Tell us what you think:

    http://social.microsoft.com/Forums/en-US/partnerfdbk/threads

    ------------------------------------------------------------------------------------------

    This posting is provided "AS IS" with no warranties, and confers no rights

  • When the fiscal year information is changed, wouldn't reconcile need to be run for receivables and payables as well?  When changing the fiscal period setup it indicates that these reconciles should be run as well.