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Change financial year

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Dear All,

I have an issue. My client fiscal year starts from April 1st to March 31st, but there is a request for change so that it can end in December.
How will this be done?
I have checked the KB but the page cannot be reached for now. Does it mean the current open year 2022 will have 9 months if I do the year-end process on December? Will my 3 months be part of the next year 2023?.
What will the effect on the balances GL balances and all modules balances?
Do I need to do any change on Management reporter?.

The screen below shows the current setup

FiscalYearSetup.PNG

Kindly assist?.

  • catimestler Profile Picture
    catimestler 10 on at
    RE: Change financial year

    Sorry to hear about your client's fiscal year change issue. It can be quite challenging to navigate through such changes but don't worry. You'll figure it out.

  • Suggested answer
    Beat Bucher  GP Geek  GPUG All Star Profile Picture
    Beat Bucher GP Gee... 28,002 Super User on at
    RE: Change financial year

    In the case of Option  #2, GP doesn't allow you to have 2 FY's with the same name and you can't name them freely like you want (i.e. 2022-A and 2022-B).. that's not going to be possible.

    Which means that if you close FY 2022 by end of March this year, the remainder of the CY 2022 is going to be FY 2023....  Not quite funny when you have to deal with Financial reporting and make people clear that FY 2023 is your actual CY ending on 12/2022.

    The option #3 is my preferred choice (as I went thru this exercise years ago), as it allows you the set back all your previous fiscal years by 1 year, which means your current FY ending on 03/31 will be FY 2021 in the system, and the 2nd part of CY 2022 is also going to be FY 2020 ending on 12/31.

    Hope that makes sense.

    For the rest of the process, refer to the link I provided in my previous reply and this KB article from Microsoft on how to use the PSTL FY modifier

    support.microsoft.com/.../kb-855493-description-of-the-fiscal-period-modifier-tool-in-microsoft-dynamics-gp-dd77783a-eecb-2cdc-8ef3-67a0cbfe07f3

    Be warned to try this entire process 1st in a TEST company, as it is going to scrap your entire Fiscal Calendar for all the years (see warning from other thread).

  • Romryan Profile Picture
    Romryan on at
    RE: Change financial year

    Beat,

    Thanks for response I understood option 1 perfectly but kindly substantiate/detail option 2 and most importantly point 3. Again, kindly advise on which is your preferred option notwithstanding.

  • Suggested answer
    Beat Bucher  GP Geek  GPUG All Star Profile Picture
    Beat Bucher GP Gee... 28,002 Super User on at
    RE: Change financial year

    Hi Romryan,

    You have 2 options here:

    1- either your current FY gets extended until 2022-12-31 as the FY 2022, which means your FY will last 21 months instead of 12

    2 - You close your FY 2022 on 2022-03-31 as planned, but then your new FY 2023 will be a short 9 months FY and the CY 2022 will be mostly = FY2023... which is annoying, since going forward you'll always be 1 year ahead from your CY.

    the 3rd option would be to back-track all your Fiscal Years in GP from the 1st one by going back 1 year, which would make your current FY = 2021 ending on 03/31, and the new FY 2022 would be a short year of 9 months from 04/2022 to 12/2022..

    See this older forum thread that might help:

    community.dynamics.com/.../fiscal-year-change

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