What Happens When I Change a Fiscal Year or Period?

You can change the current accounting period, fiscal year, or both for a general ledger company. You change a fiscal year or period by running Fiscal Year Change (GL500). Running this program:

• adjusts all account balances, transaction history, and budget information to correspond to the new accounting period and fiscal year

• updates company information that displays on the Calendar form tab on Company (GL10.1)

• recalculates retained earnings for the new fiscal year beginning balance

• recalculates beginning balances for the new fiscal year

Fiscal Year Change (GL500) does not perform any of the following items:

• calculate beginning balances for budgets

• recalculate any period data stored in Project Accounting

• adjust for a thirteenth period, consisting of a single day, used for audit adjustments

• update currency translation rates defined in Currency Table Translation Rates (CU20.1) for a currency table that is assigned to a company