Extending or Reducing the Financial Year

There will be circumstances where the length of the financial year needs to be extended or reduced, for example if company A is taken over by company B and company A's year end needs to be adjusted to match that of company B.

If a financial year is assigned to a business unit, the number of periods and the range of dates cannot be changed. However financial calendars can contain years of different lengths, and different calendars can be assigned to a single business unit for different years.

One of the following methods can be used to extend or reduce a financial year:

If all the business units assigned to the calendar year need to be extended/reduced:

1. Unassign all business units from the financial year affected
2. Amend the financial year with the revised start date, end date and number of periods
3. Assign all the business units to the revised calendar year.

If only some of the business units assigned to the calendar year need to be extended/reduced:

1. Unassign the required business units from the financial year affected
2. Create a new calendar and year with the revised start date, end date and number of periods
3. Set the status of the new calendar and year to open
4. Assign the required business units to the new calendar and year.