Hello Experts,
We are using D365 FO and our global template in US, Canada and India. we went live last year and have been following Fiscal calendar from Jan to Dec in all legal entities. We have a shared COA between the 3 legal entities.
The issue is, the fiscal year close is performed in Canada and US as of 12/31 and India LE needs to follow the same process due to our US GAAP reporting requirements. During the year end close, all the PL account balance is transferred to a Retained earnings account and the balance as of 1/1 becomes 0.00. When it comes to India statutory requirement of fiscal year close as of 3/31 (because India fiscal year is from 4/1 to 3/31), we dont do it on that date as its already done as of 12/31 as per US requirements.
Now if there are statutory audits happening in India LE after 3/31 and the auditors mention about a correction that needs to be done in back dated month for one of the PL account, then can we do it? since the balance is transferred to retained earnings and now if we post a backdated entry, it will reflect in company's TB report which will be a mismatch to what we had published during year end close.
Is there a way, to handle this in D365? can we run TB for more than 1 year? The system doesnt allow me to run the report for 4/1/2022 to 3/31/2023 as the fiscal year defined for US, Canada and India is 1/1/2022 to 12/31/2022. if I need to run a TB report as per India statutory reporting period, is there a way we can get this without customization?
I am sure D365 is being used globally and many companies may have the difference in local statutory reporting requirements vs US GAAP. Any solution, instructions, guidelines are very much appreciated.
-Tushar Joshi
