How to Change Fiscal Year Date Structure
- 30 Jan 2023
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How to Change Fiscal Year Date Structure
- Updated on 30 Jan 2023
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I want to change the date structure of my fiscal year, how can I do that?
Answer:
Follow the steps below to change a fiscal year. We strongly recommend this is done prior to the end of the short year before you have posted to the new fiscal year.
It is also HIGHLY recommended that you copy live to demo, and do the steps in the demo database to be sure that everything looks correct.
1. Determine when your short year will end and your new fiscal year will begin.
3. After changing the fiscal year names or deciding the fiscal year names do not need to be changed you will need to add the short year settings into FIMS
5. Close the short year:
It is also HIGHLY recommended that you copy live to demo, and do the steps in the demo database to be sure that everything looks correct.
1. Determine when your short year will end and your new fiscal year will begin.
- For example, the current fiscal year is July 1st through June 30th and you would like to change to a calendar year. In this example, your short year will be from July 1st through December 31st and your new fiscal year will start as of January 1st.
2. Decide if you need to change your fiscal year name. Step #2 is very IMPORTANT because you will need to rename your fiscal years before proceeding with the fiscal year change.
- Using the example above, if your current fiscal year goes from July 1st, 2009 through June 30th, 2010 and is named 2010 and your are changing to a calendar fiscal year, which will run from January 1, 2010 through December 31, 2010 the name would be 2011.
- If you want your new fiscal year name to be 2010, then you will need to change your fiscal year names back one year by running the procedure in tools\subfyear.p.
a. Go to Tools\Systems Utilities\Run Procedure
b. Click on the Browse button and navigate to NPO\found\fims\gui\gl
c. Select the file called subfyear.p and click open
d. Click OK on the main window
e. You may see a window that says that this program has only been tested
in single user mode and that large databases can take 2-3 hours. Click
YES to continue.
f. You will see a window that appears that says program completed.
b. Click on the Browse button and navigate to NPO\found\fims\gui\gl
c. Select the file called subfyear.p and click open
d. Click OK on the main window
e. You may see a window that says that this program has only been tested
in single user mode and that large databases can take 2-3 hours. Click
YES to continue.
f. You will see a window that appears that says program completed.
3. After changing the fiscal year names or deciding the fiscal year names do not need to be changed you will need to add the short year settings into FIMS
- Log into FIMS and select Tools, then select System Utilities and then select System Options.
- Click on the Editor tab and scroll down to find the [GL] section. Add the following line to the GL section. Allow_Short_Year=yes
- Click Apply and then click OK.
5. Close the short year:
- Select File Maintenance, then select General Ledger and then select End-of-Year Closing.
- Select the Year Being Closed and the Year Being Opened.
- Click on Close a short year and select the close date for the short year. NOTE: You will only click on the Close a short year once.
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