Processing Two Year End Closing with the same year

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Posted on by Jen Lao

Hi,

I am trying to setup two Fiscal Periods with the same year. We are trying to do two year end closing in year 2016 but in Fiscal Period Setup window, I cannot reuse 2016. Here is the scenario.

* For the first year end, my fiscal period setup is:

- Year: 2016

- Number of Periods: 5

- First Day: January 1, 2016

- Last Day: May 31, 2016

- Period 1: January 1, 2016

- Period 2: February 1, 2016

- Period 3: March 1, 2016

- Period 4: April 1, 2016

- Period 5: May 1, 2016

* For the second year end, my fiscal period setup is:

- Year: 2017 (I am hoping that I can use 2016; example: 2016-b)

- Number of Periods: 7

- First Day: June 1, 2016

- Last Day: December 31, 2016

- Period 1: June 1, 2016

- Period 2: July 1, 2016

- Period 3: August 1, 2016

- Period 4: September 1, 2016

- Period 5: October 1, 2016

- Period 6: November 1, 2016

- Period 7: December 1, 2016

Can you process two year-end closing on the same year? Please advice.

Regards,

Jennyline

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twelvestrikes 3,657 on at

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RE: Processing Two Year End Closing with the same year

Hi Jen

If I understand you correctly you want to have two short fiscal years within the same year name.

I have seen this when a company gets sold and the old owners have the company for 5 months to use your example and the new owners maintain the fiscal year end so that they have 7 months for their fiscal year in the year they obtain the company and then subsequent years they keep the same 12 month fiscal year end.

Dynamics GP does not allow you have the same year used more than once nor does it allow you to use another character such as naming it 2016A or 2016B.

The solution is to recreate your fiscal calendars going back to the beginning and renaming the years so that you would get something like this:

2012       January 1 2013   to December 31 2013    # periods 12

2013       January 1 2014    to December 31 2014   # periods 12

2014       January 1 2015      to December 31   2015   # periods 12

2015      January 1 2016      to May 31 2016   # periods 5

2016       June 1                     to December 31 2016 # periods 7

I opt to use the 2016 for the correction year so that going forward the next year would be in line

2017     January 1 2017      to December 31 2017 # periods 12

Here is a KB that will help you rebuild your fiscal calendar: KB871789.

The PSTL also has a utility that you can use to rebuild the fiscal calendar

I can't stress enough that you should try this out in a test company first to ensure it works and don't forget to run the GL reconcile process on each year starting from the beginning.

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Heather Roggeveen 9,146 on at

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RE: Processing Two Year End Closing with the same year

Hi

You certainly cannot do it in a single company database.

The only other possible work around I can think of is to take a copy of the database once you are ready to do the first year end roll, restore it into a copy database and complete the first year end processes and reporting there. Then in your main database continue on as if that year end wasn't happening and do the normal year end close at the end of the year.

It would mean a bit of juggling with reporting, but it could possibly be done. Without knowing all the details, it is hard to say.

Cheers

Heather

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Jen Lao on at

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RE: Processing Two Year End Closing with the same year

Finance just inform me that they are planning to have two year end process this year in 2016. Right now, I am just checking if someone was able to do the scenario that I mentioned above.

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Heather Roggeveen 9,146 on at

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RE: Processing Two Year End Closing with the same year

Hi Jen

No you can't use the same Fiscal Year twice.

What is the purpose of the two short periods? Maybe if you let us know the business case for what you are doing, there may be some other suggestions the forum can make.

Cheers

Heather

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babubaskaran@outloo... 12 on at

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RE: Processing Two Year End Closing with the same year

Hi Jenny,

since you create these 2 years as a separate fiscal period you will be able to close them separately.

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