Fiscal Calendar Changes - No Transactions Entered
If your fiscal calendar ending date changes and you have not entered data into the first month of what will be your new fiscal year, you must decide if your current year will be short (less than 12 months) or long (greater than 12 months). Then you can use the Fiscal Calendar Maintenance screen to change the period ending dates.
For example, if your old fiscal year ended 10/31/xx and now it will end 12/31/xx, you can elect one of the following options:
Have a long 14-month fiscal year 11/01/12--12/31/13 or
Show two fiscal years--a 12-month year 11/1/12--10/31/13 and a short year 11/01/13--12/31/13.
In the first example, your 12th period of the current year would be changed from a period ending date of 10/31/12 to 12/31/13. Therefore, three months of activity would be posted in the 12th period.
If you elect a short year, then your fiscal year would be just 2 fiscal periods 11/1/13--12/31/13.