Is it possible to Change the financial year after client have at least 1 year history of data
hi All,
I am dealing with a client to help them fix the financial year which had been set incorrectly and they have been transacting in the system for at least a year. the issue is where it has to show 2024 as a financial year for the year starting from 1/7/2023 it shows 2023. ( we are using the MYOB Advanced Australian financial calender) , we are missing this tick box which should have been enabled at the start. has anyone dealth with this issue before or can this be fixed? it is just annoying for the client to always see the incorrect year.
Thanks
Ghazal
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Hi Ghazal
Hope you are doing well.
As far as my knowledge goes, it is not possible to change the Financial Year once you have transactions.
I suggest that you log a ticket with Acumatica Support and ask them.
Kind regards
Marilize van Zyl
Hi @Ghazalshokrollahi
Once you have set up the company and the Financial Year along with transactions being done, you are unable to use that box. The only way to change it, is with a clean new instance.
As @marilizevanzyl suggested, you could reach out to Acumatica for assistance and there may be a script they could provide, but it is probably going to be advised against.
If Acumatica can provide you with a script to change all the fiscal years in the system, that might be the best option.
One possible option would be to have a short financial year (i.e. create a fiscal year with one 1-day period, deleting all the other periods). This would mean that all historical information would remain incorrect and could cause issues on comparative financial statements (you would likely need to create a copy that would compare current fiscal year to 2 years back instead of just 1). But, this would get you to the correct fiscal year going forward. I haven’t tried this exact scenario, but I have worked with 2 different companies that have changed their fiscal year in Acumatica after going live (i.e. going from an Jan-Dec fiscal year to a July-June fiscal year) where you have a year with less than 12 periods.
When you create the fiscal year for the “short” year, you will need to use the “User Defined” period options and you can delete the excess periods.
If you are using fixed assets, you will need to make sure you are on at least Acumatica 2023 R1 to be able to sync your fixed asset periods, but you could still end up with 1 period of depreciation in the “short” year.
If you are going to do this, I would advise testing it out in a sandbox/test tenant before trying it in live.
Hello @Ghazalshokrollahi ,
The user can change the financial year only if there are no transactions. If there are transactions, this is not possible to do without applying a script.
Thank you.,
Thanks all for your help and advise I will first reachout to Acumatica checking for scripts
