Changing Year End

Question

We bought a company who was using Simply. Their Year End was July 2018. We took over Oct 1st at which time their accountant took all the info up to Sept 30th and did a final ending statement. They told me to go ahead and continue using the program and to make certain we did not enter anything before Oct.1. Our Year End is to be Dec 31st. but I can't see how to change the fiscal period. Also, the accountant sent their adjusting entries for the Sept 30th closing. So I am thinking I will have to enter those to close off their information. Am I correct?

Agate · Accepted Answer

Hi GammaDi: 
 In order to put in the accountant's closing entries you would definitely have to enter them for September 30th. You do not have to change years to enter the closing entries for September 30th. Just make your journal entries but date them September 30th. 
 For your second question if you have not entered anything beyond December 31st then you should be able to change the fiscal year end to December 31st. Go to setup, settings, company and information and change your fiscal end date to December 31st. 
 Hope this helps!

Sage 50 Canada

Changing Year End

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