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Change the fiscal period setup in General Ledger in Microsoft Dynamics GP

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This article describes how to change the fiscal periods so that the fiscal periods differ from the current calendar year in Microsoft Dynamics GP.

Applies to:   Microsoft Dynamics GP
Original KB number:   871647

Summary

This article describes how to change the fiscal periods so that the fiscal periods differ from the current calendar year in Microsoft Dynamics GP.

More information

In Microsoft Dynamics GP, you can change only open fiscal periods in the Fiscal Periods Setup window. Historical year changes are not supported because the year-end close process has already been completed for those years, and the beginning balances for the next fiscal period can no longer be adjusted. The beginning balance for the next fiscal period reflects the ending balance that existed on the day that the year-end close occurred. This balance omits any transactions that have been posted between the year-end close and the new end of the fiscal period. Also, the date of the year-end close transactions is the date on which the year-end close already occurred. This dating process leaves an inaccurate audit trail.

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 change the fiscal period setup in General Ledger in Microsoft Dynamics GP, follow these steps:

  1. Open the Fiscal Periods Setup window.

    In Microsoft Dynamics GP, point to Tools on the Microsoft Dynamics GP menu, point to Setup > Company, and then select Fiscal Periods.

  2. Set up the current fiscal year.

    1. In the Fiscal Periods Setup window, select the current year in the Year list.
    2. In the Number of Periods field, type the number of periods for the fiscal year.
    3. In the First Day field, type the first day of the fiscal year.
    4. In the Last Day field, type the last day of the fiscal year.
    5. Select Calculate. If it is necessary, adjust the beginning dates of specific periods. Or, change the period names.

  3. Set up the new fiscal year.

    1. In the Year field, type the year.

    2. In the Number of Periods field, type the number of periods for the fiscal year.

    3. In the First Day field, type the first day of the fiscal year.

    4. In the Last Day field, type the last day of the fiscal year. If it is necessary, adjust the beginning dates of specific periods. Or, change the period names.

    5. Select OK.

    6. Select OK when you receive the following message:

      These changes will cause period balances to be incorrect. You must reconcile General Ledger files.

  4. Reconcile the General Ledger files.

    1. In Microsoft Dynamics GP, point to Tools on the Microsoft Dynamics GP menu, point to Utilities, point to Financial, and then select Reconcile.
    2. Select the Year checkbox, and then select the earliest year in the list.
    3. Select Reconcile.

    Note

    • When you select Reconcile when the Year checkbox is selected, no report is printed. Additionally, no message appears that states that the reconciliation process is complete. The reconciliation process recalculates the summary information based on the detailed transactions in the General Ledger files. The reconciliation process usually takes several seconds.

    • Make sure that consecutive fiscal periods are set up so that no days are excluded from the open fiscal periods. If days are missing from the fiscal periods, you receive the following error message when you try to reconcile the fiscal periods:

    A transaction does not fall within an existing fiscal year. Use the Fiscal Period Setup window to enter consecutive years. Then reconcile again.

    • If you need more than one open year, make sure that you change the most recent fiscal period first. If you change a different fiscal period first, you receive the following error message:

    The date cannot be part of a different fiscal year.