Hello,
I am in the process of going through and acquisition. I need to close a fiscal year with US Accounting Standards. Make a 13th period to record entries to adjust to International Accounting Standards and start the next fiscal year with International Accounting Standards. Can someone provide assistance on how this can be accomplished within E10?
Thanks,
-Justin
Did you try application help? Should be able to just add a new period.
I have but not sure I am able to find what I am looking for.
Example:
Development costs are expensed per US standards and capitalized as an asset per international standards.
I need to have the ending fiscal year show US standards (FY#1), then I need another period or year to record conversions (FY#2) and finally I need another fiscal year or period to show opening balance under International standards (FY#3).
FY#1 - ends December 5th
FY#3 - begins December 6th
I am posting the recommendations Justin received from Epicor Support ticket in case this will be useful for others.
There is a possibility of having a “Closing Period” where you can assign all the Entries needed to adjust to International Accounting Standards. Knowledge Article KB0044749 - GL - What is a closing period and how is it used? Once the Closing period (13) has been created, you can create journal entries for the adjustments needed in your system following the next article: Knowledge Article KB0048007 - Creating a journal entry group to post to a closing period