We would like to change our fiscal year end from September 30 to December 31. What is the process in Ledger to do this?

Hi, Michael,

In theory, this may be as simple as doing a short year end editing your new fiscal calendar, then doing it again for the second short year.

However, more often, there are many other considerations an organization might have when looking to change their fiscal year. For example, what about financial reporting. If all that is done is to do a short year end and edit the new fiscal calendar, when reporting on periods between the new year and prior year(s), the actual months won't be reported the same (i.e. period 1 could be January in the prior year and October in the current year) unless other things are done.

Because of these other considerations, it is generally best to plan for and change your fiscal year under the guidance of an experienced Adagio consultant.

Hi Michael

In general I agree with Tech Support. However, if the following criteria are met, then you can simply run year-end at Dec 31st and edit the fiscal calendar:

1) No activity has been posted to periods 4 thru 12 (Jan thru Sep) of the current year. If this is true, immediately close those periods so nothing accidentally gets posted to them.
2) No activity has been retrieved into the GL with Jan thru Sep dates, and is sitting in an open batch.
3) Your financial statements do not have a column for prior year data

If you do not meet these criteria, changing the fiscal year-end is not a trivial matter and usually requires expert assistance.

Steve

PS - Warning: whether you use an expert or not, it is likely that the short year will be called FY 2010, calendar year 2010 will be called FY 2011, etc. This will be true until Softrak allows us to rename fiscal years.

Actually, it will be called 2010A.