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We often have customers needing to change their fiscal period setup to account for a short or long year to transition from a traditional calendar year or vice versa. Now that you have done your diligence in planning for this major accounting change, you are ready to proceed in Microsoft Dynamics GP. This can be very simple using the Fiscal Period Setup window if the change only involves current open years. If that was not the case, the PSTL (Professional Service Tools Library) tool was a great way to do this. However, now that the Reverse Historical Year feature has been included since Microsoft Dynamics GP 2013 R2(12.00.1745) release, most customers have an alternative. (If you are still on an older version, plan your upgrade now!) By re-opening the years first, you can simply change the fiscal period setup for the Company(Under: Administration >> Setup >> Company >> Fiscal Periods) without having to use the Fiscal Period Modifier tool in PSTL. This allows you to change the year flag, but also gives you the flexibility to change the Year-End close date for the previous year(s) if you wanted to have Beginning Balance entries in sync for the previous year(s) for reporting purposes.
For example, companies that are acquired and need to match the financial periods of the parent company, this method can be very useful. Reconcile will need to be ran for all years after the changes are made regardless of the method used. Always try this with a TEST company first to ensure you get the desired results, and be sure to make a good backup before attempting in a LIVE database.
We also wanted to call attention around Step 2 with the Fiscal Period Modifier tool as we do still see some confusion with users attempting to re-open the year using the "Open Year" button in step 2. This DOES NOT actually ever reverse a historical year end close. The purpose in the tool was to change the YEAR STAMP on the history years. This option does not reopen the year as it just removed the Historical check mark for the year so the flag could be updated. Be sure to use the Reverse Historical Year Feature if you ever need to re-open a year. This tool should only be used to change the YEAR STAMP for years that are currently closed if re-opening the years to change your fiscal periods is not an option.
Below are the KB links on How to change the fiscal period setup for your open year and for the Description of the Fiscal Period Modifier Tool if you still want to use that method.
Until next time!
Sr. Support Engineer Microsoft Dynamics GP
The usefulness of Reverse Historical Year is greatly limited until the activity check is fixed to only confirm that all users are out of the one company. As long as that check is in place, Fiscal Period Modifier - and its reasonable activity check for the current company - is still a required tool for many multi-company environments.
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