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Changing number of fiscal periods from 12 to 13

Posted By MClark over 8 years ago

During a support call with a customer yesterday, I saw that he had changed the number of fiscal periods from 12 to 13 for the current year (beginning 4/1/15). Other than the obvious problem doing year on year comparisons, will this break anything? We have modified the Inc Stmt and B/S to do "period only" reporting, but no other financial reports are being used.

0 Ettienne Schwagele over 8 years ago

Why did he change it?

Common misconception is that period 13 is for adjustments - there is a dedicated adjustment period (14) and a closing period (15).
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0 MClark over 8 years ago in reply to Ettienne Schwagele

I honestly don't know why he changed it. I happened to notice it and did not want to raise his anxiety level until I knew whether we were going to have a PROBLEM as a result. I will ask.
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0 Ettienne Schwagele over 8 years ago in reply to MClark

You might run into problems - if they post accounting entries to period 13, and period 13 is meant to be adjustments.
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0 Django over 8 years ago in reply to Ettienne Schwagele

What did your client do to the days for each period? More specifically - what's the start/end dates for the 13th period?
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Changing number of fiscal periods from 12 to 13

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