General Ledger fiscal year-end date change

Important considerations

• The new fiscal year-end date can’t be beyond the current fiscal year-end date or before the current period. (*Unless it’s a new setup and both dates need correction before any data entry).
• Finalize the current year-end, post all necessary adjustments, and print all reports before implementing the short-year calendar.
• After you close the short year, you can’t adjust or report on the fiscal year before the short-year. It won’t report correctly and the balances will be incorrect. It’s recommended you make a backup to use for historical reporting.
• You can’t change the current period (there can be an exception if you haven't made any entries).
• If you need to change the year-end date to a date before your current period, you'll have to remove and replace data. Contact your certified Sage Consultant for assistance.
• US Accounting regulations generally prohibit changing the current fiscal year to a long year, and usually require a short year. Canada generally allows long years.
• If you unintentionally set up a new data folder or prefix with an incorrect year-end and have never closed the year, you can change the year-end date.
• Any comparative financial reporting requires custom financial statements. Contact your Sage Consultant for assistance.
• After you change your calendar in General Ledger, you may also need to change other applications.
• If you use any custom Office Connector reports, the report may not return the correct period's activity until you close the current period after changing the year-end.

Contact your Sage Consultant for assistance or Sage Expert Services (SES) to schedule an appointment to change your fiscal year-end date. There’s a fee for this service and SES will contact you with a quote before scheduling. You can contact Sage Support to submit a request for SES.

Provide the following information:

• Software Version (You must be on version 18.3.1 or newer.)
• Current GL Period
• Current Fiscal Year-End Date
• New Fiscal Year-End Date
• Do you have Equipment Cost? (Yes or No)
• Number of Companies or Prefixes you need changed