By using this website, you agree to our Terms of Use (click here)
Has anyone run across the need to make a change to fiscal year-end? Due to a change in control (ie ownership), we have the opportunity to change our fiscal year-end. The plan is to change from up-coming April year-end to December. As a result, will have 2 year-ends in 2018 with only 8 periods in upcoming year. Expecting we will need to roll forward the year-end in Acumatica next month regardless, then deal with the fact that the year will only be 8 periods. Thanks for any thoughts.
I can't think of a way to do this, but you could just start a new company file, import Chart of Accounts, Customers, Vendors, Opening Balances, etc.
I can't think of a way to do this, but you could just start a new company file, import Chart of Accounts, Customers, Vendors, Opening Balances, etc.
This has been my approach in the past, I figured if the new ownership can afford to buy the company they can afford some extra $$$ consulting hours to create a brand new company with a new financial year arrangement.
@kingcarlos Noted. except in my case there wasn't a purchase or sale of the company. They just want to change the fiscal year end.
OK, thanks Tim. Is it fair to suggest this could be done either now (start of short year), or at change in control "year-end". Know our VAR is also reaching out to Acumatica for suggestions but starting new company(ies) seems like considerable work-around to effect the change.
Tim, I tried every way I could think of to manually create a short year and modify the year ID to add an A for a second fiscal year definition in the same calendar year, all without success. I'm stumped.
When you get an answer, please post it here. I would love to know the answer. (Did you see the movie, "The Accountant"? I'm like the little boy who can't find the last piece of the puzzle!)
I think to create a short year, you need to go to financial periods and click the user-defined box. This will allow you to delete the periods after your new year end. When you click save, it brings up a box asking if you are modifying the financial year settings or want to extend to last period. When you generate a new financial year your periods will be shifted.
Thanks Lindsay. So in example mentioned, I am interpreting that we could perform the above procedure any time between May and December.
Yes, I believe so.
Afraid we are still working through this issue. Based on our discussions, I suspect the pitfall in this proposed solution is that the May-Dec/2018 period will be considered to be the 2019 year (as it was originally expected to have finished Apr-2019). Even if we deleted the last 4 periods (Jan-Apr), then closed the year, the next year (jan-Dec/2019) would likely be considered by the system to be the 2020 year (as 2019 will already have been used). As a result, fiscal year would be ahead of calendar by a full year. I understand the 2 proposed solutions are to either start brand new companies (4 in all), or to program sequel to re-label the historic periods to align to new fiscal year-end.
Did you try copying your Production environment to a Test environment and performing the suggested change to confirm your suspicions? Maybe you'll get lucky 🙂
Hi Tim
I have a client who has 10 months of posted transactions (Finance and Distribution modules. They want to change the posted transaction posting period.
User Defined only works from where there are no transactions into the future.
Is there a script to change the many tables FinPeriod ID's
Thnak you
Ian Booth.
I agree with Tim. If i were faced with this, I would be doing a new Tenant and converting over existing data. Messing around with the calendars is just going to create problems.
I don't know of a script personally, but maybe someone else out there has one. I'd be nervous though about using it unless it came directly from Acumatica.
I was hoping someone had a resolution to this. How about if we extend the fiscal year to beyond 12 months.
I am facing a similar issue where our fiscal year end is moving from July to September. I think we can just extend to 14 periods for the current (transition) year, and then return to 12 periods going forward. Perhaps that might work?
It's worth a shot, but when I check User-Defined Periods on the Master Financial Calendar (GL201000) screen, I'm not able to modify dates or add periods. All I can do is change values in the Description column.
@timrodman Update on this (after a long remainder of the year!)
With the assistance of Acumatica Support, we were able to add two additional periods (not adjustment periods) to the existing year to give us 14 periods for fiscal 2020, and shift our year-end from July 31 to September 30.
Our new fiscal year started in October and runs to the following September
The only report I had an issue with was a 12-month rolling P&L that gets weird when I run it for period 14-2020. It will show the header for period 13-2020 as "01-2021" but other than that, the numbers are fine. I guess we will see how year on year comparisons will work out.
Minor note: If you operate multiple branches/companies, make sure the person who adds the periods has access rights for all branches/companies.
Nice @dfrancis! Were you able to somehow use the + button to add the financial periods in the front-end? Or did Acumatica have to do something on the backend?
@timrodman Acumatica had to do something on the back end before I checked the User Defined Periods box and used the + button for the additional periods.
Online Members
