Change to year-end (change in control)
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.
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.
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.