I have a standard, 12 period financial year which has a close date for period 12 of 31/5/04. The financial year has not been closed yet. We’re wondering if it would be possible, at this point, to convert this into an 18 period year, ending 30/11/04. I’ve had a look at Calendar maintenance, and it seems that I’m not restricted to months in the range 1-12 i.e. in Cronus I’ve created a period 13, but am not sure how this will work backdated. Thanks in anticipation
I don’t see why it shouldn’t I doesn’t really makes sence to me why you need that[?] - But I think it will work just fine.
To be honest, at the moment I’m not 100% sure why we would want to do it, its a theoretical thing the accountants have asked me to look at as part of some company restructuring. Thanks for the reply
It is probably to do with realigning the financial year. As an example the business may hav a financial year ending 30/09/03, but to realign with a parent company or financial restructuring you may want the financial year beginning 01/10/03 to end on 31/12/04. I am sure accountants will add more, but it is acceptable practice, you just need to account for it.
Thanks for the help so far. I have now tried entering the additional periods to my calendar, so my fiscal year now runs from 1/6/03 to 30/11/04. However, if I run an Extended account schedule report for transactions in August, it shows my fiscal year start date to be 1st August 04, instead of 1st June 2003, which it should be. Any ideas what this might be? I should mention that we are still using V2r6.
I would think the report assumes, that the Fiscal year have 12 periods??