Change from calendar to fiscal year end
A client may change from a calendar year end to a fiscal year end. In most situations, they’ll close out the final calendar year end, start the new fiscal year as an initial short year and then process the next full fiscal year end.
You can follow these instructions to close the calendar year, set up the 1st initial short year, and complete the 1st full fiscal year.
note
In these instructions, the client is changing to a July Fiscal Year End.
- Open the client and go to the last calendar year end period (12/31/18).
- SelectFile, thenPeriod to Process.
- SelectClose To Next Year.
- When in your next calendar year end (12/31/19), selectFile,thenClient Properties.
- ChangeCurrent Fiscal Year Endto 7/31/19.
- On theShort Yearstab, enter12/31/18inMost Recent.noteMost Recentincludes the year end of the period before the short year.
- SelectOKto create a 1/1/19 to 7/31/19 short year.
When you've completed the 1/1/19 to 7/31/19 initial short FYE and the client is closed to the next year, Fixed Assets will create an 8/1/19 to 7/31/20 processing period.
While in this processing period (8/1/19 to 7/31/20) you can remove the date from the
Most Recent
field. To do this, go to File
, Client Properties
, then the Short Years
tab.
