Changing a fiscal year to a calendar year

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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.

This article was TechKnowledge Document ID: 6577

Article ID: 865976 - Last Review: 01/11/2015 06:17:00 - Revision: 4.0

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