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10We have a requirement to extend the current fiscal year to 18 months from the standard 12 months previously setup. Historically our fiscal years run from July to June
We want to extend the current year by 6 months out to 03/01/2012 split into 18 months and 6 quarters.
Having researched, I believe the only way to adjust the years is to take the following actions (due the the fact we have already transacted in this financial year):
- Create a new Financial Calendar
- Replicate all the accounting years to date to match the current Financial Calendar
- For the current year, in the new calendar, specify the same start date but make the end date the new desired date (03/01/2021)
- In the Ledger setup switch the assigned financial calendar to the newly created calendar
- Recalculate Ledger Period.
Please confirm this is the correct process and if there are any likely issues we will find as a result of recalculating the ledgers?
Queries:
When trialling this process in our test environment I found that despite having 18 periods, if it only possible to allocate the months and quarters based on the assumption that there is always 12 months and 4 quarters in a year. So we end up with multiple periods assigned to month 12 and quarter 4.
We ideally want to extend the months and quarters out to have month 13 to 18 and quarters 5 & 6.
Is this possible?
If not how would you recommend proceeding? Should we instead keep this year as a 12 month year an introduce a 6 month year to bridge the gap from July 2020 to December 2020.
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