Fiscal Year End period changes

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We have been using Sage 50 for several years. Our company's fiscal year (FY) ran Dec 1 thru Nov 30 for many years. We brought on employees mid 2022.  We use ADP to process payroll so it is external from Sage 50, but we still wanted to sync up our fiscal year to a calendar year to make things easier so our CPA filed: 

Original FY: 12/01/2021 to 11/30/2022 

Short FY: 12/01/2022 to 12/31/2022 

New FY: 01/01/2023 to 12/31/2023

When I closed original FY above we did not realize we were going to file a short fiscal year, so I allowed the system to create the next open FY as Dec 1, 2022 to Nov 30, 2023. Is there any way to change force Sage 50 to reflect the above FY info at this stage? 

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    verified answer

    Hi  ,

    Thanks for reaching out. Sage 50 U.S. Edition doesn’t have the feature to change the fiscal year dates in the middle of the fiscal year, which means you can’t directly modify the fiscal year-end dates once they are set and the year is closed.

    However, there is a process you can follow to effectively change your fiscal year structure, which involves creating a new company in Sage 50 and transferring your data over. This is a multi-step process that includes creating a new company file, exporting and importing your lists and balances, and possibly your transaction history.

    You can find detailed guidance on how to perform these steps in the Sage Knowledgebase articles:

    These articles provide a step-by-step walkthrough on how to export your data from the original company and import it into a new company file that you can set up with your new fiscal year dates.

    Remember to make backups before starting this process and follow each step carefully to ensure a smooth transition. If you feel unsure about this process, it might be a good idea to consult with a Sage partner or a professional accountant to assist you.

    If this helps please mark it as verified :)

    Warm Regards,

  • 0

    There are a lot of caveats when rebuilding a company with transactional history, and the order in which you import is very important, along with other importing issues, i.e., special characters. Also, there are some things that cannot be exported/imported between companies and must be handled in a different way. Our company does rebuilds for companies on a weekly basis. Please reach out to us if you should run into any problems and need assistance with your project.

    Tammi M. Ermerins ([email protected])

    Certified Sage 50/Peachtree Accounting & Crystal Reports Consultant & Trainer

    800-780-0700 / 954-961-0600, Visit Us on the Web at