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The company was initially set up on a fiscal year, July-June, then changed to a calendar year. 1st set up as follows:
Year 2005 Periods July 2004-June 2005
A few years later changed to a calendar year, so set up a short year:
Year 2009 Periods July 2008-December 2008
Then:
Year 2010 Periods January 2009 - December 2009
With this, reports show "Trial Balance Summary for 2010."
We want to change the Year so that the reports match the actual calendar year.
So that reports will show "Trial Balance Summary for 2009."
Is there a way to do this?
Professional Services Toolkit has the ability to recreate the fiscal periods.
Hi Steelers
I am providing you information that was taken from an old tech knowledge article from years ago, that I cleaned up a bit.
I have used this many times with great success for various clients when they needed to change their fiscal year end.
Please try this out in a test company first to ensure that you understand the steps involved and of course when performing this on the production company make sure you have a good backup of the database.
Also, it is important to run the reconcile process in the various modules you use (GL, RM, PM).
You should also be aware that you cannot have the same name twice for a fiscal year. So for example your regular fiscal year ending May 2009 will most likely be called fiscal 2009 where the short year July to December 2009 cannot also be called Fiscal 2009.
What I do to have a normal fiscal year for the current year and beyond is to call for example for your first year call it 2004 which will be July 2004 to July 2005. Keep doing this until your change year where you will have fiscal 2009 for the short year of july to december and then moving forward your years should be in sync Jan 2010 to Dec 2010.
Here are the instructions:
How to re-create fiscal periods in Microsoft Dynamics GP
INTRODUCTION
This article describes how to re-create fiscal periods in Microsoft Dynamics GP. You may have to re-create fiscal periods because a table is damaged or because you are prompted in an error message.
Note Before you follow the instructions, make sure that you maintain transaction history and that you have maintained transaction history in the past. If you have not maintained transaction history and you run a reconcile, the summary information may be lost. During a reconcile, the summary information is reconciled to the detail transaction information. If there is no detail for the summary with which to reconcile and you continue with the reconcile, any summary information that you had will be lost. The only way to restore information is from a backup. We recommend that you have a valid backup before you re-create fiscal periods or before you continue with the reconcile.
Note When you re-create fiscal periods, the period description is reset. For example, if you enter period descriptions, such as period 1 for January, these descriptions are reset.
More Information
To re-create fiscal periods, follow these steps.
Note You cannot change fiscal periods if they are historical.
Print the fiscal period report. You will need this detail later to setup the same fiscal periods again. To do this, follow these steps:
1. Click Reports, point to Company, and then click Setup.
2. In the Reports list, click Fiscal Periods.
3. Click New to create a new report option.
4. In the Company Setup Report Options window, enter a name (of your choice) for the report in the Option field.
5. Click Print. Click OK.
6. To determine which years are historical, go to Tools under Microsoft Dynamics GP, point to Setup, point to Company, and click Fiscal Periods. Select each Year and note if the Historical Year checkbox is marked. If the Historical Year checkbox is unmarked, the year has not been closed.
2. Run the following statement against the company database.
delete SY40100
delete SY40101
3. In Microsoft Dynamics GP, point to Tools on the Microsoft Dynamics GP menu, point to Setup, point to Company, and then click Fiscal Periods.
4. Set up each fiscal period to match the fiscal periods in the report that you printed in step 1. To do this, follow these steps:
1. In the Year list, click a year.
2. In the First Day field, type a first day for the fiscal period.
3. In the Last Day field, type a last day for the fiscal period.
4. In the Number of Periods field, type the number of periods for the fiscal year.
5. Make sure that you click to select the Historical Year check box if it was a historical year in the report that you printed in step 1.
6. Click Calculate.
7. Repeat step 4a through step 4f for each year in the report.
5. After you set up all the fiscal periods, click OK.
6. In Microsoft Dynamics GP, point to Tools on the Microsoft Dynamics GP menu, point to Utilities, point to Financial, and then click Reconcile.
7. Click to select the Year check box.
8. If you have historical years in the fiscal periods, click History. Start with the oldest history year first. For example, if the historical years are 2010, 2011, and 2012, start with 2010 first. If you have no historical years, start with the oldest open year.
9. Click Reconcile. Microsoft Dynamics GP now processes all general ledger accounts and reconciles the account summary information to the account detail.
10. Repeat step 6 through step 9 until you have processed all historical years and open years in the correct order.
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If you don't feel comfortable performing these steps, you should contact your VAR for assistance.
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