Closing fiscal period in middle of the month, best practice and/or what problems might we be faced with?

Our company will be changing ownership during the middle of the month. For tax purposes and other reasons, we need to close the current month during the middle of it to get final balances and start fresh with new opening balances from that point on. Has anyone ever done this and if so, what potential issues might we have or is there a best practice for how to accomplish this? Thanks for any insight you may have!

I know you will run into an issue changing the end date of the fiscal period if you have already posted transactions this month.

Do you have a test environment?

Yes, we do have a test environment……

Can you try closing the period in Test? Try changing the closing date of the period. Are you creating a new book or just starting a new period?

Just trying to figure out the best way to get all the balances thru October 12, then start fresh on October 13.

Best regards

Mike Abell

IT Manager

Flexial Corporation

a company of BOA Group

1483 Gould Drive, Cookeville, TN 38506, USA

Phone: +1 931 432 8408

Fax: +1 931 432 1889




Because some transactions can be back dated, we also backed up the DB after all “Old company” transactions were complete. Then restored it to newly created environment called “Old company”, and limited the users. That way we had a snapshot of how things were before the “new” company happened.