Changing a fiscal year to a calendar year

Article translations Article translations
Article ID: 865976 - View products that this article applies to.
Expand all | Collapse all

TechKnowledge Content

Question:

I want to change my fiscal year to a calendar year. What are the implications of this change?

Answer:

To change your fiscal periods, there are a few things you need to keep in mind.

1) Make a backup of your data.
2) You cannot add open year data to a closed year - i.e. if you're changing from an Oct - Sep fiscal year to a calendar year, and you've closed your previous year, you can't add the Oct - Dec months to your closed year. You'll have to make the next year either 3 or 15 months long. 
3) Years need to go in sequence, otherwise your report dates will be incorrect - i.e. if you called Jul 2011 - Jun 2012 the '2012' fiscal period, you should use an 18 month period if you want to change to a calendar year (instead of making a six month year 2013, then not having a name left for the calendar year of 2013).
4) Reconcile each year, (Utilities - Financial - Reconcile - Year).

Once you've completed the fiscal year change and the reconcile, inquire on your accounts and transactions to make sure they have reflected the change correctly.



This article was TechKnowledge Document ID: 6577

Properties

Article ID: 865976 - Last Review: June 15, 2013 - Revision: 4.0
Applies to
  • Microsoft Dynamics GP 2013
  • Microsoft Dynamics GP 2010
  • Microsoft Dynamics GP 10.0
  • Microsoft Dynamics GP 9.0, when used with:
    • General Ledger
    • General Ledger
    • Financials General Ledger
Keywords: 
kbmbsmigrate KBRetire KB865976
Retired KB Content Disclaimer
This article was written about products for which Microsoft no longer offers support. Therefore, this article is offered "as is" and will no longer be updated.

Contact us for more help

Contact us for more help
Connect with Answer Desk for expert help.
Get more support from smallbusiness.support.microsoft.com