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Extend Fiscal Year

helen_jim
Participant
0 Kudos
575

Hi Experts,

My client wants to extend their financial year from 12 months to 15 months. It seems that the system currently does not allow users to add three additional financial periods to the current fiscal year.

One possible workaround would be to create another fiscal period lasting for three months and perform the year-end process for this abbreviated financial year. Following this, a new fiscal year can be created starting from April 2024. Is this approach feasible?

Additionally, I would appreciate your input on the feasibility of customizing the Balance sheet and P& L report via Crystal reports that combine data from these two fiscal years into a unified 15-month period.

Best regards,

Helen Jim

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helen_jim
Participant
0 Kudos

Hi Son,

Thank you for your advice.

Acturally, my client intends to shift the fiscal year start from January to December, to April to March. For the current year, they wish to change the year-end to March 2024, and for all subsequent fiscal years, they want them to start in April and conclude in March. However, the system does not permit users to add additional periods to the current year. This is why we consider to create a 3 months ( Jan, Feb and Mar) fisical year and then we can have all subsequent fiscal years start from April to March?

What would be a viable workaround for this situation?

Best regards,

Helen Jim