Changing Fiscal Years

We are converting to a calendar year as well. Following is a document that
Vantage support sent me. Hopefully it will help.

Paul

Summary GL - Company Acquired - Need to Close Fiscal Year Out Early
Book Vantage General Information
Page 147.1400MPS


PROBLEM DESCRIPTION:

How do you close out the current fiscal year early?


SITUATION

The customer has been bought out by another company and needs to close the
current fiscal year. They need to set up an interim 7 month fiscal year in
order to start a full 12 month fiscal period that will match the acquiring
company's next fiscal year. Currently, the customer is in period 5 (May) of
fiscal year 1999. They need to close out the year early, as of May 31st,
then have an interim 7 month year to reflect the acquirer's fiscal year end
of December 31st and then start January 1st with their acquirer's next new
fiscal year.


PROBLEM RESOLUTION:

IMPORTANT NOTE: Perform the following steps on your test or training
database and verify that the results meet your specific needs. When you are
ready to proceed with your actual data, make sure you have a CURRENT BACKUP
of your database in case you need to restore or retrieve the GL Data for the
first 5 periods of fiscal year 99.

1. Close out Fiscal Year 99 in Vantage by closing the remaining months.
Go to General Ledger -> General Operations -> Close Period/Year for periods
5,6,7,8,9,10,11 and 12. This will effectively close out FY99.

If you have recurring entries, do not post them for periods 6-12. You do
not want them to show up in the final balances for the shortened fiscal
year.

2. Run your financial statements for period 12 of FY 99. This will give you
your balance sheet and income statements for the shortened fiscal year
ending May 31st, 1999 and will also be used to reload your beginning GL
account balances for the interim 7 month year.

3. Go to General Ledger -> Masterfile Maintenance -> Purge General Ledger
History and purge FY99 GL data. This option will clear out GL data only for
the fiscal year. It will purge all opening balances, period balances,
journal detail information and budget amounts for each general ledger
account.


4. Go to Modules -> System Configuration -> Company Configuration and select
the correct company and choose Edit -> Update. Then select Module
Configuration -> General Ledger. Change the number of periods to 7 (this is
to reflect the interim 7 month fiscal year for the remainder of 1999.), the
current fiscal year to 99 (cannot have a 99A and 99B in Vantage - must use
99 again) and the current fiscal period to 6 (June) in the current fiscal
year and period boxes. This step will give you another fiscal year 99 that
spans from June 1st to December 31st.

If your fiscal year does not match the acquiring company's fiscal year - use
step 4 and the fiscal period maintenance option to bring them into sync. For
example, suppose that the acquiring company's fiscal year ended January 31st
of 2000 instead of December 31st of 1999. In step 4 above, you would change
the number of periods to 8, the current period to 6 and then go Modules ->
General Ledger -> Masterfile Maintenance -> Fiscal Period Maintenance and
add period 13 for FY99 and have it span January 1st - January 31st of 2000.
Then setup FY2000's 1st period as February 1st...ect.


5. To load your new beginning balances into the general ledger, go to
Modules -> General Ledger -> General Operations -> Journal Entry to reload
your beginning balances. Post this entry to the current period. (In this
example - period 6 of FY99.) This entry is exactly like the one done to load
beginning GL balances into Vantage when you first set up Vantage.


6. Once the above five steps are completed. You can start using Vantage to
record transactions for the shortened interim year.

When the interim 7 month fiscal year has been closed at the end of December,
go back to Modules -> System Utilities -> Company Configuration, select the
correct company, select Edit -> Update then select Module Configuration ->
General Ledger and change the Number of Periods box to 12 to reflect a 12
month year for FY2000.


7. When running the inventory/wip reconciliation report and the material
transaction report, use a start date that matches the start of the new
interim fiscal period. In this example, 06/01/98.


-----Original Message-----
From: Marty Kuphall [mailto:marty.kuphall@...]
Sent: Wednesday, October 02, 2002 11:48 AM
To: 'vantage@yahoogroups.com'
Subject: [Vantage] Changing Fiscal Years

Currently our Fiscal year runs from Nov through Oct. We are changing to
a calendar year. As a result I will have a short (Nov & Dec) Fiscal year
to deal with. How would I set this up in Vantage? Fiscal 2002 is 11/1/01
- 10/31/02. Fiscal 2003 will be 1/1/03 - 12/31/03. Vantage does not
allow special characters in the Fiscal Year field (such as 'short' or
'special'). It only allows actual numeric years.

My only idea was to make Nov & Dec periods 13 & 14 in fiscal 2002 and
then do special reporting to eliminate periods 1-12. Any other
solutions??
--
Marty Kuphall
Controller
Ultra Tool & Mfg., Inc.

Ph. 262-703-0455
Fx. 262-703-0468

marty.kuphall@...





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[Non-text portions of this message have been removed]
Currently our Fiscal year runs from Nov through Oct. We are changing to
a calendar year. As a result I will have a short (Nov & Dec) Fiscal year
to deal with. How would I set this up in Vantage? Fiscal 2002 is 11/1/01
- 10/31/02. Fiscal 2003 will be 1/1/03 - 12/31/03. Vantage does not
allow special characters in the Fiscal Year field (such as 'short' or
'special'). It only allows actual numeric years.

My only idea was to make Nov & Dec periods 13 & 14 in fiscal 2002 and
then do special reporting to eliminate periods 1-12. Any other
solutions??
--
Marty Kuphall
Controller
Ultra Tool & Mfg., Inc.

Ph. 262-703-0455
Fx. 262-703-0468

marty.kuphall@...