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Changing fiscal year near end of year

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Posted on by Richard Wheeler

75,848 Moderator

We have a client whose fiscal year is currently December to November.

Starting this December they want to switch to calendar year January to December.

I am thinking perhaps it would be best to make this December a 13th period but how will MR treat this?

I am open to suggestions.

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Microsoft Dynamics GP

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Robert Yao 492 on at

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MR will see the 13th month as soon as you calculated in GP, be careful with periods once you added the 13th month and calculated, looked each period the beginning date and change where needed, you might need to reconcile GL for that year.

Hope it helps,

Rob

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Richard Wheeler 75,848 Moderator on at

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They are telling me they want to roll this change back to all 5 historical years. I am wondering if I can reverse all prior year closings, then change the fiscal year, reconcile and close the year. Repeat this for each historical year. My plan is to setup a test company.

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Robert Yao 492 on at

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Hi Richard,

You can definitely to use Reverse Historical Year feature in GL Year-end Closing screen to reopen the last five years in GL, all the records in GL30000 will move back to GL20000, fix physical periods in Company setup for the last five years and reconcile them then close each year. It is a good idea to run a test in a test company first.

Good Luck,

Rob

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Lucas Reuss on at

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Hello Richard,

If the customer would like to roll this change back to their Historical Years, I would recommend utilizing the Fiscal Period Modifier tool in PSTL in combination with Reopening the Years to make them all Open prior to making the change to the setup.

Essentially, you would want to do this in this kind of order:

Reopen all of the Historical Years using the Reverse Historical Year utility in the Year-End Closing window.

Run reconcile against all years.

Open the PSTL Fiscal Period Modifier, and utilize Step 1.

This will then have you recreate all Fiscal Years, which you can then do utilizing the desired format the customer would like to see without having to mark the Historical Year checkbox.

Once created, you will then go back to the PSTL Fiscal Period Modifier, and skip step 2, as you will not need it for this particular process, and move forward with processing Step 3. This will ensure the transactions are associated with the correct Year after you have made the changes to the Fiscal Period Setup.

After that, run Reconcile again, close any years that need to be closed, and recreate the Datamart for MR.

You will definitely want to try this out in Test first to make sure this works out as desired, as this would change the year-end closing reports for the previous years. The customer may also want to hang onto a backup of the company database from before changing the Fiscal Period Setup as an archive company for any reporting purposes that may come up in the future.

Let me know if that helps!

Thanks,

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DinB 3,951 on at

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Going back 5 historical years may be possible as suggested by members here, but still that seems quite unique situation, I assume they already closed those years and filed taxes etc. may be internal matter, but I just wonder how can they can decide to change fiscal periods that could change historical financial statements.

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Richard Wheeler 75,848 Moderator on at

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I have found that sometimes it is best not to ask questions. I simply do as asked. I am sure for them there is a valid answer. Accountants oft times make bizarre requests.

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Richard Wheeler 75,848 Moderator on at

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I have an issue with Management Reporter. It is still showing the first month as July as opposed to what is has been changed to which is January. When I tell it to report on 12/31/2021 it is still only going through 06/30/21 which would right if the fiscal year was July-June.

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Cheryl Waswick on at

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Ensure the YEAR/PERIODID columns are correct in the GL20000 table when the years are OPEN ( DYI --Step 3 in the Fiscal year modifier tool in PSTL should have updated those fields on the trx). And make sure to rebuilt the database in MR to pick up the changes.

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