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Fixed Assets CS Support

Change from calendar to fiscal year end

A client may change from a calendar year end to a fiscal year end. In most situations, they’ll close out the final calendar year end, start the new fiscal year as an initial short year and then process the next full fiscal year end.
You can follow these instructions to close the calendar year, set up the 1st initial short year, and complete the 1st full fiscal year.
  1. Open the client and go to the last calendar year end period (12/31/18).
  2. Select
    File
    , then
    Period to Process
    .
  3. Select
    Close To Next Year
    .
  4. When in your next calendar year end (12/31/19), select
    File,
     then
    Client Properties
    .
  5. Change
    Current Fiscal Year End
     to 7/31/19.
  6. On the
    Short Years
     tab, enter
    12/31/18
     in
    Most Recent
    .
  7. Select
    OK
     to create a 1/1/19 to 7/31/19 short year.
When you've completed the 1/1/19 to 7/31/19 initial short FYE and the client is closed to the next year, Fixed Assets will create an 8/1/19 to 7/31/20 processing period.
While in this processing period (8/1/19 to 7/31/20) you can remove the date from the
Most Recent
 field. To do this, go to
File
,
Client Properties
, then the
Short Years
 tab.
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