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We have been on a 4-4-5 fiscal calendar for the last several years. The way it worked out, 2016 closed on 12/24/2016. Obviously, 12/25/2016 was the start of 2017.
Our parent company has asked us (too late in my opinion) to change our 2017 fiscal period to start on 1/1/2017. This would mean we would have to add a week (12/25 - 12/31/2016) to our already closed 2016 fiscal year then change the fiscal periods we have set up for 2017.
Is this at all possible?
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As re-read I do have one question. In #5 you mention changing all previous years to conform to the new fiscal year by resetting period dates using the PSTL tool. Which means to me I can change period 12 in 2016 to be 5 weeks instead of 4 using this PSTL tool. Then you state there is no way to extend the previous year when part of the period is close and in history. I'm sure I am not understanding #5 correctly, can you clarify? The PSTL tool can or cannot change historical periods of closed years?
Thank you for your advice. We will have to discuss how important this is.
Hi Monroe,
Other than the obvious IRS issue, you will need to update your current Fiscal Period so that it goes from 1/1/2017 to 12/31/2017. Next, you will need to create a Fiscal year that has one period that runs from 12/25/2016 to 12/31/2016. Close the short year. The big decision for the short year is what you call it. You can only use 2016 once and letters are not allowed, so 2016a won't work. I can think of four ways to handle this:
1. Create the short fiscal year in history before any real fiscal year but with the appropriate dates. The short fiscal year becomes the only year with a bad year label.
2. Create the short fiscal year in the next century using the appropriate dates. Again, only the short year has a bad year label.
3. Live with it and be one year ahead.
4. Scoot back all of the previous fiscal years one year so that going forward the year is correct.
5. Change all previous years to conform to the new fiscal year by resetting the period dates using the PSTL tool.
I do not know of a way to 'extend' the previous year when part of the period is closed and in history.
Kind regards,
Leslie
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