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