Open Forum

Expand all | Collapse all

Merging period 12 and 13 in previous years

  • 1.  Merging period 12 and 13 in previous years

    Posted 12 days ago
    Prior to 2020 we used a 13 period year where period 12 ended on December 30th, and period 13 was only 1 day, December 31st.  Starting in 2020 we decided to just have 12 periods.  What I have found is that when you try to run a comparative income statement in MR, where your base year is a 12 period year and the comparative year has 13 periods, the year-to-date column does not include the 13th period for the year that had 13 periods.

    There are 4 options that we have considered: 1) run reports in MR using the base year of 2019, our last year with 13 periods, 2) add additional hidden columns in MR to include period 13 and add columns together, 3) merge period 12 and 13 in GP, and 4) reverse the period 13 entries and enter them in as of the last day of period 12.

    I am concerned with making changes in MR with the thought if someone in the future tries to run a report that contains years that have 13 periods, they will need to make changes in MR to make sure the period 13 entries are included in the totals.  If we merge period 12 and 13, as far as I am aware, we need to reverse the closed year, open the period, merge, close the period, close the year, and reconcile.  To reverse the closed year, we would need to make sure everyone is out of the system.  This can be a little difficult since we have a company that uses GP at pretty much all hours of the day, and we would need to shut down production in order complete the merge.

    Any suggestions?

    Thank you,

    ------------------------------
    Tara Weiss
    Forecasting and Treasury Manager
    Nesnah Ventures, LLC
    La Crosse WI
    ------------------------------
    Academy - Online Interactive Learning from Experts


  • 2.  RE: Merging period 12 and 13 in previous years

    Posted 12 days ago
    Tara,

    I ran into this exact same issue a few years ago.  I changed all the fiscal years to 12 periods, then ran reconcile on each year, beginning with the oldest.  Because you are keeping the same year end date I see no reason to reverse the closed year.  Your beginning balance entries would remain the same.  You would still want users out of the individual companies to run reconcile, but it should only take a few minutes per company.  I did this process in test with our live data first just to make sure nothing odd was going to show up.

    ------------------------------
    Marilyn Hunter
    BCforward
    Indianapolis IN
    ------------------------------

    Academy - Online Interactive Learning from Experts


  • 3.  RE: Merging period 12 and 13 in previous years

    SILVER CONTRIBUTOR
    Posted 12 days ago
    We use something like your option 2 all the time for our consolidated balance sheet for the first 2 months at the start of the new  year when ​our prior year is still open with entries being made.  It works well for us.

    ------------------------------
    Lucy Shows
    director of budgeting and decision support
    Hattiesburg Clinic P.A.
    Hattiesburg MS
    ------------------------------

    Academy - Online Interactive Learning from Experts


  • 4.  RE: Merging period 12 and 13 in previous years

    TOP CONTRIBUTOR
    Posted 12 days ago
    We also do item #2 all the time for our Management Reporter and Prospero reports​ (add additional hidden columns in MR to include period 13 and add columns together).  You can also do one printing column with period range 12 TO 13 (similar to Qtr 1 of periods 1 TO 3 AND rolling Qtr BASE-2 TO BASE or PERIOD-2 TO PERIOD)

    ------------------------------
    Derek Krebs
    Sr Consultant, MSX Group
    PROSPERO by MSX Group, www.msxgroup.com
    Derek.Krebs@msxgroup.com
    ------------------------------

    Academy - Online Interactive Learning from Experts


If you've found this thread useful, dive deeper into User Group community content by role