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Changing Fiscal Year End

  • 1.  Changing Fiscal Year End

    Posted Feb 11, 2020 08:34 AM

    We have a GP database with a fiscal year of Nov 1- Oct 31. Currently the year is 2020 and runs from Nov 1/2019 - Oct 31/2020. We would like to change the year end to March 31st. Could we create a year 2021 and set it up to run from Nov 1, 2020 to March 31/2021 and then set up another year 2022 and have it run from April 1/2021 to March 31/2022? How will this impact my historical trial balances?

    Thank you

    Deana Davis
    Atlantic Corporation Limited
    Academy - Online Interactive Learning from Experts

  • 2.  RE: Changing Fiscal Year End

    Posted Feb 11, 2020 08:50 AM
    Hi @Deana Davis

    You can change the Fiscal Year per your plan but the steps need to be tested.

    Done right it should NOT affect prior year reporting.

    Here are the steps provided by Victoria Yudin in a post from a few years ago, but still relevant:

    Typically, you would not go back. You would start with the first year your taxes are being done as a calendar year. If you do actually have to go back, the idea is really the same, just a bit more work.

    So, let's say you want to start with 2013. You have 2 choices:

    1. Have a short year for the switch:
    2011: 4/1/2011 - 3/31/3012 (stays as is, but note the year "name")
    2012: 4/1/2012 - 12/31/2012 (short year)
    2013: 1/1/2013 - 12/31/2013
    2014: 1/1/2014 - 12/31/2014

    In my experience, this is the option that most companies choose. Note that with this option you will have to use the PSTL to "rename" your years all the way back.

    2. Have a long year for the switch:
    2012: 4/1/2011 - 3/31/3012 (stays as is)
    2013: 4/1/2012 - 12/31/2013 (long year)
    2014: 1/1/2014 - 12/31/2014

    No renaming of years needed and you do not need the PSTL tool for this option. However, PSTL is free for GP 10.0 and on, so unless you are on a very old GP version, this should not be an issue.

    When you actually do this should really not matter. There is no reason you have to wait for a month end or anything like that. I believe your steps will be:
    - Get all users out of GP
    - Make a backup
    - If going with option 1, use PSTL to rename the years
    - Make the desired changes to the Fiscal Period Setup
    - Run financial reconcile on all the years changed

    If you have a test company, or can set one up, I would recommend testing all of this there first. That way you can practice and you will also find out how much time you need.




    Academy - Online Interactive Learning from Experts

  • 3.  RE: Changing Fiscal Year End

    Posted Feb 12, 2020 06:12 PM
    Hi @Deana Davis

    @Jo deRuiter gives you great advice on how to make the fiscal year change in GP. Just remember - if you are using MR for financials and do prior year comparisons you'll need to adjust the column formats if you want FY2022 (April 2021 - March 2022) to compare against the same actual months. (April 2021 is period 1 in FY2022, compared against April 2020 is period 6 in FY2020). Do this with calculated columns. Once you are past dealing with the short fiscal year the column format returns to 'normal'.​​​​

    Randy Plachinski
    Senior Consultant
    Heartland Business Systems
    Little Chute WI

    Academy - Online Interactive Learning from Experts

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