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Evo-ERP and DBA Classic >> Accounting >> Year end closing change
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Message started by deburr on 07/20/06 at 12:24:31

Title: Year end closing change
Post by deburr on 07/20/06 at 12:24:31

How would I go about changing my fiscal year end without causing any problems? Our current fiscal year is March 31, for this past year for my "C" corp. We have elected to go "S" corp and will have a short year which will end 12/31/06.

Thanks,

Steve

Title: Re: Year end closing change
Post by Lynn Pantic on 07/20/06 at 14:19:23

When changing fiscal year, there will always be a "short year" that needs to be manually closed out in DBA because the system will not know there is a new FY date. At the end of the short year and prior to processing anything dated in the new first full year using the new FY date, you need to do the following:

1. Go to AD-A and change the Fiscal Year Date to what it would be on the new calendar. Ignore the warning message about not changing it here; this is the exception to the rule. For example, if the FY is changing from May 1 to January 1 and the "short year" is 5/1/03 thru 12/31/03, then on December 31, 2003 use AD-A to change the FY start date back to 1/1/2003
2. Run AM-B. This program assumes a full year but since you faked it out by changing the date in AD-A, it will post the YE entries as of the correct ("short") year end and reset the new fiscal year.

If you are already into the new year and never closed out the "short year", then you will realize you are in trouble midway into the first full new fiscal year when DBA thinks it is fiscal year end according to the old date. In that case, use AD-A to reset the FY date to what it should be (January 1, 2004 in the above example), then UT-K-D entering the correct dates allowing for the short year already past, then GLEREDO also entering the dates to correctly define the short year.

Title: Re: Year end closing change
Post by Laura Oliver on 12/02/08 at 15:24:37

After 30 years we are changing from a C-Corp to an S-Corp. (should have done it years ago) Our year started 4-1-2008 and will now end 12-31-2008. We will now have what DeBurr called a short year. (see his post below)

I searched the archives and have replyed to the only thread regarding this I can find. However I know there has been a few updates since then and I would like to know if Lynn's instructions are still valid.

Also if anyone else has any advise regarding FISCAL YEAR END CHANGE (DBA or non DBA) I would appreciate it.

Thanks in advance.

Title: Re: Year end closing change
Post by Lynn_Pantic on 12/02/08 at 16:53:48

The instructions have changed. Since the 2/07 update, the fiscal periods are defined in AM-N so you can define your short year accordingly. Go into AM-N and edit the current year and repeat 12/1/08 as the start date for the last 4 periods. Then set 1/1/09 as the "Next Fiscal Start Date". If you are on something 2/7 or later but not the current version (as you are, Laura), you may not have the "Next Fiscal Start Date" on your AM-N screen and if you are going to have a short year, I recommend you update so that you can define it.

Title: Re: Year end closing change
Post by Laura Oliver on 12/05/08 at 10:13:45

Lynn,
did you mean 12/1/2008 or 12/31/2008?
If you meamt 12/1/2008 ...why?
Thanks, Laura

Title: Re: Year end closing change
Post by Lynn_Pantic on 12/05/08 at 11:28:13

12/1/08 is the period START date for the last (and all remaining unused) periods.

Title: Re: Year end closing change
Post by Laura Oliver on 12/05/08 at 11:37:14

Im sooooooo confused.
If our year started 4-1-2008 wouldnt that be the start date? Our last fsical year ended 3-3-1-2008. I am having trouble figuring out why 12-1-2008 is the start date?

I probably should have done this 4-1-2008 instead of waiting to the last weeks of our new short year.

Title: Re: Year end closing change
Post by Lynn_Pantic on 12/05/08 at 11:53:04

AM-N (on the second screen) requires you to enter the starting date for each month, not just the year. That is what I am referring to.

Title: Re: Year end closing change
Post by martel-carol on 12/31/08 at 11:21:36

I am still confused. I have all updates (except last weeks). So I skip AM-B and go to AM-N instead? To use the previous users yearend date of 3/31/08, I would go to "Next Fiscal Start Date" and put in 1/1/09. I would put (leave) the "Current Fiscal Start Date" at 4/1/08. I would then go to "Last Year" and change dates to 1/01/08 down to 12/1/08; and to "2 Years Ago" put 1/01/07 down to 12/01/07; and to "3 Years Ago" to 1/01/06 down to 12/01/06; and then "4 Years Ago" to 1/01/05 down to 12/01/05? And onto " 5 & 6 Years Ago"? And "Current Year" should be 1/1/09 down to 12/01/09?

Title: Re: Year end closing change
Post by Lynn_Pantic on 12/31/08 at 12:19:44

You need to first go to AM-N and leave all the prior years alone. For the current year (your short year) the start date stays at 4/1/08, period 2 is 5/1/08; 3 is 6/1/08; 4 is 7/1/08; 5 is 8/1/08; 6 is 9/1/08; 7 is 10/1/08; 8 is 11/1/08 and 9 through 12 are all 12/1/08. Then set the Next Fiscal Year Start Date to 1/1/09.

THEN after all the dates are set in AM-N you can run AM-B