Fiscal Start date

Question

The owner says that his fiscal year is Nov.1 to Oct.31. when I am looking at the dashboard it shows calendar year only , when I am checking statements I can only go back as far as the beginning of Dec. Is there some way to see what the fiscal year is in the system and if it is incorrect how would I change this, and if I do change this will it affect anything, I should also state that we have had an outside Accounting firm doing most of the accounting and we are in the process of changing this, so any help in setting this up correctly would be appreciated..

RandyW · Accepted Answer

Under Setup | Settings | Company you can see the start and end dates of the current and last fiscal year 
 When running any Income Statement, Journal, or General Ledger report, the default settings are from the start to end of a fiscal year. 
 Sage 50 doesn't generate most financial reports across a fiscal year boundary. If the year end is set up wrong you will have to run multiple reports and rework the output in a spreadsheet. (or use some reporting tool such as XLGL). 
 The earliest date you will be able to change the year end to, will be after the last transaction entered. As long as no transactions have been entered as of after Oct 31, 2015, for instance, the system will allow you to change the date from Dec 31, 2015 back to Oct 31, 2015. Subsequent years can then be set up to match the company's actual fiscal year. 
 It is also possible, (if all else fails), to have a data repair company reprocess the company data into permanently different fiscal periods. I have heard that Code Six programming offers this service 
 (I'm not affiliated with either Sage software, or Code Six. I feel your pain, having once inherited a set of books for a joint venture that had been set up as three sets of books, all with different fiscal year ends.)

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