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We are going to be changing from a fiscal year ending August 31st to a calendar year as of September 1. For the year 2015, which normally ends August 31st, can I add on the 4 Months-
Sept thru Dec to 2015, making this a 16 month year? If so, can a preliminary close happen in August 31st, with a final close in Dec 31st?
Any suggestions will be appreciated.
Thanks,
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Thanks to all who have replied. Lots of good information to go forward with. Yes, I am aware of the IRS tax filing
consequences, as that has been addressed with the CPA. I am not looking forward to jumping into this change, however
this must be done. You all have been very helpful with your responses.
Thanks again,
Linda
Just to 'poke' my nose into this conversation - and generally great deal of fun - one of the challenges is if you have already created the new year 2016 - starting Sept 1, 2015 ending Aug 31, 2016, you will have to change that one first.
In the Fiscal Period Setup - select 2016 and change that first - change the start and end date to be Jan 1, 2016 and Dec 31, 2016.
Then you can go back and make the change to the current 2015 year.
I think this is problably one of the easier Year End changes to make. I like 'extending' a current period rather than 'chopping off' an already running year.
By the way, great advice from Harry on the IRS - had not even considered that side - well done.
By the way, Harry / Beat I sometimes believe you are actually one in the same - you both come to an answer in slightly different ways, but always get to a great solution.
Linda, you have a ton of good advice here, hope this all helps
Hey Harry,
Great Minds, same ideas :-) !
Here's another one I found with a reply from Victoria Yudin, thatl talk about shifting the FY years..
www.tek-tips.com/viewthread.cfm
You need to be aware that if you're using Management Reporter 2012, your current year is going to give you some headaches because of the non-standard Periods for 2015.
Linda,
I've helped clients make this change on several occasions.
Let's start with the non-technical stuff. Get the Accountants involved first. There are forms that must be filed with the IRS when making these kinds of changes, and how the company is filing taxes will be impacted, and can impact choices made. Consulting the folks ultimately responsible for this, will mitigate the risk associated with this change.
www.irs.gov/.../Small-Businesses-&-Self-Employed/Tax-Years
On the mechanics of making the change, I started typing, and then did a search instead. Here is a link to a fine post on the steps to making this change, and the implications.
www.esicanada.com/.../dynamics-gp-changing-fiscal-year-end
One of the issues lurking behind the scenes here is comparative financial statements. Comparing a short or long year versus a 12 period year, will not be a straight forward operation in Management Reporter (or FRx) so this should be raised with the Finance Department as an issue, before this process is implemented.
Hi Linda,
This is fully possible... check those few other forum posts about the subject.
https://community.dynamics.com/gp/f/32/t/90891
http://community.dynamics.com/gp/f/32/t/75832
Here's another blog post about the topic:
http://www.esicanada.com/erp-posts/dynamics-gp-changing-fiscal-year-end/
http://www.esicanada.com/erp-posts/dynamics-gp-changing-fiscal-year-end-part-2/
You have to be aware that you can't have 2 FY 2015 ... you'll have to name your second CY-2015 as FY 2016...
Unless you're rolling back all the way to your initial GP setup (like we did last year) to shift all the FY ID by 1 year...
After you setup new FY calendars, it's important to run a GL reconcile.
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