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Absolutely. You go to Fiscal Periods Setup under Administration>>Company and set the Number of Periods to 13. Then define the last day of the year as the 13th Period. Make sure you set the end of the 12th period as the next-to-last day of the year.
When I changed to 13 periods, Dynamics “recalculated” and seemed to divide 365 days over 13 months and gave me funky months. Couldn’t figure out how to have 12 “regular” months and 1 13th period.
Unlike some other solutions, GP does not use a 13th period. Assuming FY=CY, then audit adjustments are either entered as 12/31/XX or in a specific period for which they belong.
Remember, you can close a year and still make entries to it (only the most recent closed year). It will adjust opening balance for the next year. So as an example, you had a rent expense accrual entry. Make the entry 12/31 for DR Rent, CR Accrued Liabilities. Opening Balance for the next year would increase Liabilities and reduce Retained Earnings.
Warren
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