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Dynamics 365 Community / Forums / Finance | Project Operations, Human Resources, ... / Great Plains Fiscal ye...
Finance | Project Operations, Human Resources, ...
Answered

Great Plains Fiscal year to Calendar year for taxes

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Posted on by LB-10021750-0 9
Hi, our company operates on fiscal periods.  Last year ended on 12/29/24.  Our CPA is asking for a calendar year that ends 12/31/24 for taxes.  Can anyone help me with this?
 
Thank you
Categories:
Microsoft Dynamics GP
  • Suggested answer
    CU09060928-0 Profile Picture
    CU09060928-0 2 on at
    Great Plains Fiscal year to Calendar year for taxes
    I think your issue is a major challenge when adjusting to a calendar year. By the way I also read useful information from @Vahid Ghafarpour
  • Verified answer
    Vahid Ghafarpour Profile Picture
    Vahid Ghafarpour 11,861 Super User 2025 Season 1 on at
    Great Plains Fiscal year to Calendar year for taxes
    Did you try these:

    • Update Fiscal Calendar: Go to General Ledger > Ledger Setup > Fiscal Calendars and update the fiscal calendar to reflect the calendar year-end (December 31st).

    • Adjust Year-End Close Settings: Navigate to General Ledger > Period Close > Year-End Close and create a new year-end close template. Ensure that the template reflects the new fiscal calendar.

    • Run Year-End Close Process: Follow the steps to run the year-end close process. This will transfer balances to the new fiscal year and ensure that your financial statements align with the calendar year.

     

    https://learn.microsoft.com/en-us/dynamics365/finance/general-ledger/tasks/close-fiscal-year

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