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Author
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Topic: Change Fiscal to Calendar Year
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FN_User
Member
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posted 01-29-2008 02:06 PM
 
We need to change one of our entities from a fiscal year (June 2007 to May 2008) to a calendar year for 2008.
What I had planned to do is use fiscal year 2008 as my 2007 stub year (June'07-Dec.'07).
From there I had planned to "Begin a New Year" in the stub year books and change the beginning month to "January" which would change the ending month to "December" thereby creating a "calendar" year.
The problem with this method of course is that FN thinks the new "calendar" created is 2009, because we created it from Fiscal Year End (5/)2008.
Is there a better way to do this? Would there be any serious repercussions from just letting FN think it's one year ahead?
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David
Administrator
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posted 01-29-2008 02:09 PM
It wouldn't work to let Navigator think it's a year ahead. Reports woudl say 2009, and each transaction date woudl default to 2009.It’s easy to specify the year you want when starting a new year. Underneath the Beginning Month box (that you changed from June to Jan) is the Year Ending box. Simply change it from 2009 to 2008. A few things to watch: - Backup all your data (including prior years) before starting this process.
- Pay attention to folder names. If the current folders don’t indicate that they are fiscal year data, you might rename them to something like “Smith_FY07”
- Generally, I like to end the folder name with the year. For fiscal years, use the beginning year. So Smith_FY07 would be for June 2007-May 2008. For Jan-Dec 2008 use Smith_08.
- Pay close attention to the folders Navigator uses to backup the current year and create the new year. If you named your June 2007-May 2008 “Smith_FY08” (instead of the recommended Smith_FY07), Navigator will by default backup that data to Smith_FY07, wiping out any real data that was in the prior year folder Smith_FY07! If you used the recommended Smith_FY07 for the current year, Navigator will back it up to itself (which doesn’t do much good but doesn’t do any harm either.)
- Check the information at the top of the Navigator screen before and after beginning a new year. FY data will say “07-08” after the entity name. The new year data will say “2008.”
- David
FNI Technical Support
Case #38-10535[This message has been edited by David (edited 01-29-2008).]
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