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make a year end close in interim period

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Posted on 19 Sep 2024 07:56:14 by BA-30090826-0

Hello,

A customer is using 01Jan-31Dec fiscal calendar. But due to change company's legal status in 31th July, they need to make a closing in 31th July and opening in 1st August.

I created a new closing period for 31th July. But was not able to create a opennig period for 1st August...

Moreover when I try to make year end close for 31th July closing period system throws an error (2nd screen)

Can you advise me a way to make a closing in 31th July and opening in 1st August?

Thank you

error mesagge:

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Frank Hamelly | MVP... 46,510 Super User 2025 Season 1 on 19 Sep 2024 at 14:10:14

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make a year end close in interim period

All previous posters are correct. You can edit your existing fiscal year to split it into two separate years, as long as there are no transactions in any of the future periods. Then close the first year (in the US, we call this a 'stub year') and continue transaction processing in the 'new' year, Aug 1-Jul 31, 2025.
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saurabh bharti 15,033 Super User 2025 Season 1 on 19 Sep 2024 at 13:31:30

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make a year end close in interim period

As per My understanding you can have only one opening period in one fiscal year , you can have multiple closing period.

So why don't you create two fiscal year in you new calendar and map

year-1 1st Jan to 31st July

year-2: 1st Aug to 31st Dec

Year-3 : This can be normal one 1st Jan to 31st Dec

Map new cal to leader setup

And try tis option ?
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Bharath jain 1,067 Super User 2025 Season 1 on 19 Sep 2024 at 12:44:47

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make a year end close in interim period

Hi,

As Billur suggested, create a new fiscal calendar with updated dates, assign it to the ledger, and then attempt to run the year-end close.

Regards,

Bharath Jain
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BillurSamdancioglu 17,153 Most Valuable Professional on 19 Sep 2024 at 09:53:18

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make a year end close in interim period

Did you try to create a new calendar and assign?