Changing year end

I opened up a new company; posted 2 months; now they want to change their year end.  Original set up from Jan 1 - Dec 31. Now to be Aug 1 - July 31.  When change the information in set up to close at July 31, 2014 and "try to change" start date to August 1 from Jan 1, 2013; it says that there are transactions prior to Aug 1, but there are none.  First transactions are in Nov.

Allows me to use July 31, 2014 end date.  Will this mess up my year end.  Being that company information states Beginning date Jan 1, 2013 and End date is July 31, 2014.

Thank you

  • Hi Marann,

    What product are you using? I can move your post over to that support group so that other users of that product can best assisst you.

    For more information on how to join groups and post to forums, please visit our help files, located here in the Town Hall.

    Thanks!

  • in reply to Marisa W

    Hi Marann,

    Since it looks like you are using Sage 50 CA, I will move this post to that forum so that other users of this product will see your question and be able to offer their thoughts and insight.

    Thanks,

    Derek

  • Hi Marann,

    Can you go to Setup, Settings, Company, Information and give us your Earliest Transaction date (Month, Day, Year)? 

    For your second question, you will have a longer fiscal year period from 1/1/2013 to 7/31/2014.  You can consult your accountant and see if it is fine for your company. 


  • in reply to Keith L

    You said  "it says that there are transactions prior to Aug 1, but there are none.  First transactions are in Nov." It is possible that an entry was posted with wrong date and then reversed. The best way to verify that is to pull up All journal entries, include corrections and use the start date of Jan1/13 and end date of July31/13. If no data shows up then there should be no reason why you can't use Aug1/13 as the fiscal start date.