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Suggested answer

Change 4-4-5 fiscal year to regular calendar months

Posted on by 765

My client is looking to change from a 4-4-5 to a regular calendar year.

Any advice or gotchas that you may have experienced would be appreciated.

They use the Project Accounting and Fixed Assets modules in GP as well as various third parties (Binary Stream's MultiEntity Mgmt; Paramount's Requisition product; Prophix for budgeting).

Thank you in advance for any feedback or comments you may have... or words of wisdom.

Natalie

  • L Vail Profile Picture
    L Vail 65,269 on at
    RE: Change 4-4-5 fiscal year to regular calendar months

    Hi,

    I'm with Tim. 4-4-5 to calendar has been an easy switch. Be sure to run the reconcile as suggested, and you should be OK. The only thing I have run into is that the financial statements are not comparable. However, after a couple of years, that problem goes away.

    Kind regards,

    Leslie

  • Suggested answer
    Tim Foster Profile Picture
    Tim Foster 8,515 on at
    RE: Change 4-4-5 fiscal year to regular calendar months

    Since 2015 is closed and the plan is to execute mid-year.  Have they entered a Fiscal 2016 that has correct period end dates.  Changing the periods at mid year will require a Financial reconcile (which they would be warned of when they make the change).  Also required would be a rebuild of the Fixed asset calendar to sync to the new dates.  As for Project and your third parties, unless they have a calendar, they should be OK.

    Tim Foster

  • NR-21061352-0 Profile Picture
    NR-21061352-0 765 on at
    RE: Change 4-4-5 fiscal year to regular calendar months

    They have already closed 2015, so they would be doing it in the middle of 2016.

  • Community Member Profile Picture
    Community Member Microsoft Employee on at
    RE: Change 4-4-5 fiscal year to regular calendar months

    To be able to answer this more efficiently, is your client going to process year end first or are they planning on doing this in the middle of a fiscal year?

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