GP - Fiscal Period Stub Year

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Posted on by BryGuy

Hello,

I am wondering if someone has experience with the best option in splitting a Fiscal Year. The scenario is below:

The company is being sold on 11/16/17 and need to split Fiscal Years as a YE has to be run up to this date. Currently the company has a Fiscal Year called 2017 and runs from 01/01/17 to 12/31/17. If we split the year, we want to call the next Fiscal Year 2017B but GP won't access that (4 digits only - no alpha from what I can gather). We don't want to call the stub year 2018 as it is not and is confusing to the users.

Another option being considered is to create new company and cutover with 2017 Fiscal Year running from 11/17/17 to 12/31/17 but this is not ideal because there are many databases to do this for and would have to remap other integrations and update all MR reports that are complex enough.

Anyone have other ideas besides moving the year back, forward or creating a new company?

Thanks in advance for your consideration!

Bryan

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MG-16101311-0 26,225 on at

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Since you have already considered all your options, the only thing I see feasible here is to setup new companies with the new fiscal period requirements. At least you would have all master records and GL balances to move forward. Contractors may end up with two 1099's at the end of the year, but there's no IRS restrictions around that. This method is also the cleanest way.

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Beat Bucher GP Gee... 28,058 Moderator on at

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Hi Bryan,

Having to deal with multiple companies is as you stated already a nightmare just to think about the FY split..

We went thru the exact same scenario in 2014, but even worse, since the cut-off was in the midst of the month (!). We ended up backtracking all our Fiscal Years from 2005 to 2014 because we didn't wanted to have the 2nd half of 2014 called 2015.. and going forward.. you get the picture.

With the help of the PSTL (Profesional Service Tools Library), we removed all the prior FY's in GP and started from scratch, with the 1st calendar year 2005 becoming the FY 2004. After rebuilding all the FY's up to 2014 to complete the CY 2014 after the acquisition, we had to reconcile all the historical GL transactions (in GP) and rebuild the GL00105 (part of the PSTL functions).

All our Financial reporting which is done in MR 2012 was correct on the cent after the rebuild of the FY's.

It sounds like a daunting task, but let me tell you that it is much easier then re-creating new companies and have to deal with consolidated financials after that.

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L Vail 65,271 on at

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Take a look at this post - https://community.dynamics.com/gp/f/32/p/203676/528675#528675

Leslie

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BryGuy 15 on at

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Hi, thanks for the information.

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BryGuy 15 on at

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Thank Beat, I think I'll be going with this option.

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