Extending Fiscal Periods?

2 years we shifted our FY 6 months, and we deleted the current FY and then add a 6 month year and the following full year. Deleting the fiscal periods, won't touch posted transaction. We had to run Verify Balances after we made the change, but after that was well. The Verify Balances basically reassigns all transactions the the "new" correct periods.

I highly recommend during it in a test db 1st and check that it does what you want it do.

Here is the information I received from Support at the time:

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-Delete the current 2014 calendar and say yes to the Verify Balances message (Nothing can be posting when Verify Balances is running!!!)
-Create a new 2014 calendar with 6 periods for July – December.
-Create your new 12 month calendar for January – December. If you want it to also be 2014 then it needs a fiscal year suffix. If it will be 2015 no suffix is needed.
-Run Verify Balances again once everything is complete.
-The journal with the incorrect date will be reassigned to the new calendar once everything is done.
Â
Thanks,
Carl Bergs
Financial Support Analyst
www.epicor.com
Tel:Â (888) 374-2679 ext 2Â ext 2

Hope that helps,

Norman Hutchins
System Administrator
Howell Laboratories, Inc.

This email was sent by Howell Laboratories, Inc. or Shively Labs.  It may contain information that is confidential or privileged.  If you suspect you were not intended to receive it, please delete it without copying or forwarding it, and notify the sender by reply email or by calling 207-647-3327.

I received this from my CFO today. She is looking for some direction. The short story on what she is asking is, we have jobs open from ’12, ’13, and ’14 that managed to never get close by some supposed “divine events” *rolls eyes* how do we clear them out without the WIP MFG-VAR transactions really throwing this year off. About 70 are open total.

_______________________________________

 

Good morning Josh,

 

I am looking at extending the fiscal periods for 2014 to 13 in an effort to make the year end adjustments outside of regular monthly activity. The items I am wishing to adjust are overall inventory (due to a large amount of discontinued/obsolete rolls), and clean up the open jobs list that has some hung open back to 2012. I don’t want to skew the actual activity of 2014 with these items.

 

I have directions from Epicor as to how it is done, but wonder if there is a better way that Epicor would advise? It seems risky to remove all periods currently holding information and creating a new “year” with 13 periods…I believe I would have to remove 2015 as well….

 

Any help is appreciated,

 

 

Joshua Giese

CIO

How are you balancing your WIP account?

 

These jobs are part of that balance.

 

 

 

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com]
Sent: Monday, February 02, 2015 8:53 AM
To: vantage@yahoogroups.com
Subject: [Vantage] Extending Fiscal Periods?

 

 

I received this from my CFO today. She is looking for some direction. The short story on what she is asking is, we have jobs open from ’12, ’13, and ’14 that managed to never get close by some supposed “divine events” *rolls eyes* how do we clear them out without the WIP MFG-VAR transactions really throwing this year off. About 70 are open total.

_______________________________________

 

Good morning Josh,

 

I am looking at extending the fiscal periods for 2014 to 13 in an effort to make the year end adjustments outside of regular monthly activity. The items I am wishing to adjust are overall inventory (due to a large amount of discontinued/obsolete rolls), and clean up the open jobs list that has some hung open back to 2012. I don’t want to skew the actual activity of 2014 with these items.

 

I have directions from Epicor as to how it is done, but wonder if there is a better way that Epicor would advise? It seems risky to remove all periods currently holding information and creating a new “year” with 13 periods…I believe I would have to remove 2015 as well….

 

Any help is appreciated,

 

 

Joshua Giese

CIO

>>extending the fiscal periods for 2014 to 13 in an effort to make the
>>year end adjustments outside of regular monthly activity
>>I have directions from Epicor as to how it is done
I'm guessing the added period so she can isolate everything by matching her job close & adjustment apply dates?

>>seems risky to remove all periods currently holding information and creating a new “year” with 13 periods…
>>I believe I would have to remove 2015 as well
Probably no need to mention this but... for sure I'd try everything in a test environment first.

Can you post those instructions?
You've go me curious now.

She responded with

 

I am not sure the WIP has ever reconciled. I have a note from Nancy that she had not been able to balance it since some time in 2013…I usually run the Inventory/WIP reconciliation report and make sure it comes out and balance the FG and Raw inventory. We think those hung up jobs may have something to do with it.

 

Joshua Giese

CIO

 

Direct:     920.593.8299

IT Dept:   920.437.6400 Ext. 337

Site ID:    27450-E905702A-SQL64

Wisconsin Converting, Inc.

 

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com]
Sent: Monday, February 2, 2015 12:00 PM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Extending Fiscal Periods?

 

 

How are you balancing your WIP account?

 

These jobs are part of that balance.

 

 

 

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com]
Sent: Monday, February 02, 2015 8:53 AM
To: vantage@yahoogroups.com
Subject: [Vantage] Extending Fiscal Periods?

 

 

I received this from my CFO today. She is looking for some direction. The short story on what she is asking is, we have jobs open from ’12, ’13, and ’14 that managed to never get close by some supposed “divine events” *rolls eyes* how do we clear them out without the WIP MFG-VAR transactions really throwing this year off. About 70 are open total.

_______________________________________

 

Good morning Josh,

 

I am looking at extending the fiscal periods for 2014 to 13 in an effort to make the year end adjustments outside of regular monthly activity. The items I am wishing to adjust are overall inventory (due to a large amount of discontinued/obsolete rolls), and clean up the open jobs list that has some hung open back to 2012. I don’t want to skew the actual activity of 2014 with these items.

 

I have directions from Epicor as to how it is done, but wonder if there is a better way that Epicor would advise? It seems risky to remove all periods currently holding information and creating a new “year” with 13 periods…I believe I would have to remove 2015 as well….

 

Any help is appreciated,

 

 

Joshua Giese

CIO

I will get the instructions and post them sure. I got her access to our test environment no doubt ha ha ha!

 

Joshua Giese

CIO

 

Direct:     920.593.8299

IT Dept:   920.437.6400 Ext. 337

Site ID:    27450-E905702A-SQL64

Wisconsin Converting, Inc.

 

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com]
Sent: Monday, February 2, 2015 12:51 PM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Extending Fiscal Periods?

 

 


>>extending the fiscal periods for 2014 to 13 in an effort to make the
>>year end adjustments outside of regular monthly activity
>>I have directions from Epicor as to how it is done
I'm guessing the added period so she can isolate everything by matching her job close & adjustment apply dates?

>>seems risky to remove all periods currently holding information and creating a new “year” with 13 periods…
>>I believe I would have to remove 2015 as well
Probably no need to mention this but... for sure I'd try everything in a test environment first.

Can you post those instructions?
You've go me curious now.

Clientele Call 6802352MPS

 

Summary: GL year end adjustments, how to create closing period

 

1/28/2015 9:15:58 AM   GMILANOVICH

9.05.702a

 

PROBLEM:

Want to make some GL adjustments to inventory/raw material. dont want to affect 2014 activity.

 

RESOLUTION:

1.             Financial Management > General Ledger > Setup > Fiscal Calendar

2.             search and select your calendar

3.             click fiscal year in question (2014) in the left tree view

4.             click delete 'X'

5.             click OK to Are you sure message

6.             click Yes to Deletion of year will also delete all consecutive years and periods message

7.             click Yes to run 'Verify Balances' message

8.             click File > New > New Fiscal Year

9.             enter Fiscal Year

10.          enter start and end date

11.          enter number of periods and closing periods

12.          save

13.          go to Actions > Generate Periods and verify the end date and period duration

14.          click Generate

 

15.          go to General Ledger > General Operations > Verify Balances

16.          verify book is selected

17.          check Update Balances

18.          leave rest of defaults

19.          click process and make sure no one is posting

20.          check system monitor > verify no errors show on the Detail tab once completed

 

ENTER ADJUSTMENTS:

General Ledger > General Operations > Journal Entry

create new group

select Period Type = Closing

 

 

Joshua Giese

CIO

 

Direct:     920.593.8299

IT Dept:   920.437.6400 Ext. 337

Site ID:    27450-E905702A-SQL64

Wisconsin Converting, Inc.

 

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com]
Sent: Monday, February 2, 2015 1:19 PM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Extending Fiscal Periods?

 

 

I will get the instructions and post them sure. I got her access to our test environment no doubt ha ha ha!

 

Joshua Giese

CIO

 

Direct:     920.593.8299

IT Dept:   920.437.6400 Ext. 337

Site ID:    27450-E905702A-SQL64

Wisconsin Converting, Inc.

 

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com]
Sent: Monday, February 2, 2015 12:51 PM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Extending Fiscal Periods?

 

 


>>extending the fiscal periods for 2014 to 13 in an effort to make the
>>year end adjustments outside of regular monthly activity
>>I have directions from Epicor as to how it is done
I'm guessing the added period so she can isolate everything by matching her job close & adjustment apply dates?

>>seems risky to remove all periods currently holding information and creating a new “year” with 13 periods…
>>I believe I would have to remove 2015 as well
Probably no need to mention this but... for sure I'd try everything in a test environment first.

Can you post those instructions?
You've go me curious now.