Hi, I have a question about Adagio Ledger.
Our fiscal year runs 7/1 to 6/30, crossing a calendar year. The IRS designates the tax returns as being for the tax year in hich the fiscal year began. For instance, returns for 7/1/2007 to 6/30/2008 are designated as being for tax year 2007. Currently, our Adagio ledger does not reflect it this way. It takes the year in which the fiscal year ends as the designation. In the example above, Adagio Ledger would label that period as Fiscal Year 2008.
I believe we could edit the Fiscal Calendar in Adagio to match the IRS (and how we have handled this historically.) Would this pose any problems at this point? We have just received the adjusting journal entries to close as of June 30, 2008, but have not yet posted them. Is there any problem editing the Fiscal Calendar to make it more accurately reflect our tax records? btw, this is our first Adagio year end.
Thanks,
Jody

Hi Jody,

Are you just talking about the title at the top of your financial statements?

If so, then use the formula:

What brought it to my attention is when we do inquiries in the ledger. The periods in the "old" year (july 07-june 08) are accessed as 2008; the periods in our current fiscal year (july 08-june 09) are accessed as 2009. The IRS designates them as 2007 and 2008 respectively.

I think it is a setting(s) in the Fiscal Calendar that determines this and don't think it would pose a problem to change it, but I have learned that it pays to ask! It is not crucial but would be more clear to follow the IRS protocol.

Jody

Hi Jody,

Our accounting friends split evenly about how years are referenced. Referring to the fiscal year in the year it ends won the day. Sorry - you can't change the drop down.