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Evo-ERP and DBA Classic >> Accounting >> PERIOD END CLOSE DATE
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Message started by DSWAZE on 11/17/03 at 16:07:04

Title: PERIOD END CLOSE DATE
Post by DSWAZE on 11/17/03 at 16:07:04

We are currently running two companies in DBA.
Company A -
current yr 01/01/03 - 12/31/03
last yr 01/01/02 - 12/31/02
2 yrs 01/01/01 - 12/31/01

Company B - is currently set the same, but needs to be changed to the following
current yr 03/10/03 - 12/31/03.

Can you have different dates for different companies?

What will happen to any transactions dated prior to 3/10/03 in company B.

Thanks for your help.

Doreen

Title: Re: PERIOD END CLOSE DATE
Post by Lynn_Pantic on 11/17/03 at 17:17:51

You can have different fiscal years in different companies but DBA doesn't like a fiscal year starting on anything other that the first day of a calendar month. Why 3/10???

Title: Re: PERIOD END CLOSE DATE
Post by DSWAZE on 11/18/03 at 06:37:28

I believe this is the date Company A, purchased Company B.
Even though DBA doesn't like it, will it work, using 3/10?

Thanks,
Doreen

Title: Re: PERIOD END CLOSE DATE
Post by Lynn_Pantic on 11/18/03 at 07:05:29

If Company B was purchased 3/10 then from the standpoint of the books of the new owner, the fiscal year is still 1/1/03-12/31/03 but there is no transaction activity prior to 3/10 because all that activity belonged to the prior owner. There would be some entries made 3/10 relating to the purchase, you should consult with your CPA or business advisor.