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Last year we went through the process of changing from a fiscal year to a calendar year. As far as FA goes everything was wiped out and beginning values were imported. They now want to change the calendar year for their book. The problem is when you go to the Book Setup screen it will not allow us to change 2022 to 2023. The FA CY is there and verified. Do we need to 'close' 2022? How will that work since everything has now been adjusted to reflect the 2023 calendar year?
Hey Richard,
The year on the book is changed with the closing process in Fixed Assets. Flipping the year in the book will cause problems with depreciation. We usually see a full year of depreciation in the first period of a year when this happens.
The only way to increment this is to close the FA year. As you said, you have already adjusted everything for 2023. You will likely need to look at reset life or year to correct the values after the close.
Review question 4 of the article below.
learn.microsoft.com/.../the-year-end-closing-procedures
I hope this helps!
Thank you!
Brandon | Microsoft Support Engineer.
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