Changing the fiscal year or period

You can change the current accounting period, fiscal year, or both for a general ledger company. This procedure describes the process for changing the fiscal year or period.

Before performing this procedure, you should back up your general ledger data. If you encounter a problem or need to recover any unintentional loss of data, you can restore your data from this backup and continue running your General Ledger applications.

Run and print all financial statements. You will compare the results of these statements with the results of the same statements created after you run the fiscal year change program. See Running Standard Financial Reports.
Suspend processing.

Note: You must suspend all General Ledger, Allocations, Report Writer, Currency, Budgeting, and Average Daily Balance processing before you run Fiscal Year Change (GL500). Do not resume processing until you complete this procedure.
Run Fiscal Year Change (GL500). Use these guidelines to specify the field values:

Company

The general ledger company number whose fiscal year you want to change.

New Fiscal Year

The new fiscal year. If you leave this field blank, then the current fiscal year for the company defaults.

New Current Period

The new current period. Leave this field blank if you are changing only the fiscal year and want the current period value to remain the same.

Update Budgets

Select whether to update budget period amounts. Valid values are Yes (default) and No.

If you select No, then you cannot automatically adjust budgets later. You must reassign budget period amounts individually.

Note: If you find it necessary to run rebuild programs at any time other than those described in this user guide, contact your Center of Excellence for assistance.
Run GLAMOUNTS (for UNIX/Windows) DBGLGAM (for IBMi) Rebuild (GL325), Report Currency Rebuild (GL327), Undistributed RE Rebuild (GL330), and Consolidation File Rebuild (GL320) to update the URE (undistributed retained earnings) and GLCONSOL (for UNIX/Windows) DBGLGCN (for IBMi) balances.
If the Company Budget Edit Type on Company (GL10), is Summary Group, then you must run Budget Edit Group Rebuild (FB111) for the appropriate fiscal years.
Verify that the information updated correctly.
Run and print new financial statements. Compare them with the statements that you created at the beginning of this procedure.
On Company (GL10.1), select the Calendar form tab and verify that the period-end dates are correct. If you changed the fiscal year, then select the Main form tab and verify that the fiscal year is correct.