Back dating fiscal year end?

Sage 50 Cdn:  I set up company with fiscal year July 1/12 to June 30/13 and have continuously posted right up to June 30.  Now I find out that I should have closed off at Dec 31/12 and rolled into a new fiscal year Jan 1 - Dec 31/13.  Is it possible to change original fiscal set up to end Dec 31/12 without losing all the posting I've done in 2013?  Thanks for any help.  (from new member Roberta Lee)

Parents
  • Hi Roberta,

    You can change the Fiscal End date, but the date must be later than or equal to the latest transaction date.  Since you have already posted to June 30, you will not be able to change the fiscal end date back to 12/31/2012.

    Suggestion is that you can make a longer fiscal year by changing the end date to 12/31/2013.  When you advance to year 2014, you will be back on track and have a correct fiscal year period from 1/1/2014 to 12/31/2014.

    Balance sheet and trial balance will be fine.  For income statement, you may consider zero out the revenue and expense account, and post the net to retained earnings account in 1/1/2013.  Then, you will have correct balance of 2012 fiscal year end.   If you have any transactions done in 1/1/2013, adjust them to 1/2/2013.

    Hope this helps

Reply
  • Hi Roberta,

    You can change the Fiscal End date, but the date must be later than or equal to the latest transaction date.  Since you have already posted to June 30, you will not be able to change the fiscal end date back to 12/31/2012.

    Suggestion is that you can make a longer fiscal year by changing the end date to 12/31/2013.  When you advance to year 2014, you will be back on track and have a correct fiscal year period from 1/1/2014 to 12/31/2014.

    Balance sheet and trial balance will be fine.  For income statement, you may consider zero out the revenue and expense account, and post the net to retained earnings account in 1/1/2013.  Then, you will have correct balance of 2012 fiscal year end.   If you have any transactions done in 1/1/2013, adjust them to 1/2/2013.

    Hope this helps

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