MORE INFORMATION
1. If the fiscal year on the Fiscal Info tab in the GL Setup (01.950.00) screen is Ending Calendar Year , more than likely the fiscal year has already been used. See Resolution 1.
2. If the fiscal year on the Fiscal Info tab in the GL Setup (01.950.00) screen is Beginning Calendar Year , more than likely the fiscal year has not been used. See Resolution 2.
RESOLUTIONS
Resolution 1 - Create a new application database and define the fiscal year and fiscal period ending dates on the Fiscal Info tab in the GL Setup (01.950.00) screen.
Note Before you follow the instructions in this article, make sure that you have a complete backup copy of the database that you can restore if a problem occurs.
To avoid potential auditing issues and potential reporting issues, create a new application database. Comparative reports will not be available for two years because the periods will reflect different reporting periods. To use Resolution 1, follow these steps:
| 1. | Create a new application database. For further information, refer to "Creating Databases" in the Installation Guide for the appropriate version. |
| 2. | Complete the GL Setup (01.950.00) screen. Specify the new fiscal information on the Fiscal Info tab. |
Example
To change from a November - October fiscal year to a January - December calendar year that begins in 2001, follow these steps:
| 1. | In the GL Setup (01.950.00) screen, specify the following settings on the Fiscal Info tab: • Periods in Fiscal Year = 12 • Current Fiscal Period = 10 • Fiscal Year = 2006 (current Calendar Year) • Fiscal Period Ending Dates = 01/31 , 02/28 , 03/31 and the remaining dates |
| 2. | Create journal transactions in General Ledger. To do this, use a period to post of October 2006 to create beginning balances for November 2006. |
| 3. | Process through November 2006 and December 2006. |
| 4. | Close General Ledger for 2006. General Ledger will be on a calendar year beginning in January 2007. |
Resolution 2 - Close each of the periods through December, close the year in the Closing (01.560.00) screen, and then update the Fiscal Info tab on the GL Setup (01.950.00) screen.
Note Before you follow the instructions in this article, make sure that you have a complete backup copy of the database that you can restore if a problem occurs. Comparative reports will be unavailable for two years, because the periods will reflect different reporting periods. You cannot reuse a fiscal year. You must move on to the next calendar year. To use Resolution 2, follow these steps:
| 1. | In the Closing (01.560.00) screen, close each of the periods through December. |
| 2. | In the Closing (01.560.00) screen, close the year. |
| 3. | In the GL Setup (01.950.00) screen, update the Fiscal Info tab to reflect the new calendar year. |