Fiscal Calendar Changes - Transactions Entered

If the ending date for your fiscal calendar changes and if you have entered data into the first of month or more of your new fiscal year, follow the instructions below to correct your fiscal calendar.

Note: This is not a routine procedure.
  1. Update all open transactions to General Ledger (A/P Invoices, PR cycle, A/R Cash Receipts, and so forth).
  2. Run a G/L Summary Trial Balance Report for each period to be corrected.
  3. Prepare a Journal Entry for each period, being certain to enter a credit in the amount of each debit and a debit in the amount of each credit.
  4. Click Update to zero out all the active accounts listed in the report above.
  5. On the Site Map, click General Ledger > Reports > Trial Balance and run the G/L Trial Balance Report to verify that all ending balances have been zeroed out.

    Follow the Fiscal Calendar Changes - No Transactions Entered instructions for changing your fiscal calendar.

    Prepare a Journal Entry and run an Update to add the original debit/credit figures to the new fiscal year.

  6. On the Site Map, click the General Ledger > Period End > Opening Forward Balance Update from the prior year to bring the General Ledger costs in line with the correct year. All income and expenses will move to retained earnings while all assets, liabilities, and capital will be carried over into the new year.
  7. On the Site Map, click Equipment Control > Period End > Opening Forward Balance Update to bring the prior year’s Equipment Control costs in line with the current year.

    If you have AP and/or AP invoices created in this interim period, their invoice headers will have the wrong fiscal year and period. Please contact Support if you wish to have these corrected to show the proper fiscal year and period. Support will refer your incident to Special Projects for consultation and estimates.