I need to know that Is there fiscal year change impact on the system ? Here is the situation below:-
• We changed our fiscal year end from 3/31/2019 To 12/31/2019
• Currently, November 2019 is in Year 2020 because the system has taken out fiscal year is 3/31/2020 and November is Period is 8 then December will be 9. Rest of calendar year 2019 is fine. But, on January 2020 we need our Year to be 2020 and the period to be 1.
• When we want to process a year end to January. Obviously, all our P&L account should zero to retained earnings.
I believe that you can delete periods, even when they have transactions against them. Create new period on the Fiscal calendar, and then you need to use the Verify Balances process so that the system generates the balances for the new periods you’ve created/amended.
Epicor is different than other packages such as Sage, where Period is KING. In Epicor, ApplyDate is king and the periods are somewhat more flexible.
As Calivin mentioned the suffix added to a fiscal year is to take care of such cases. We have never used it so cannot really say how it is actually setup.
I think this solution will workout but we should not forget to put the suffix ‘B’ to view the report for FY2020. I have do transfer balance/year end check and see the retain earnings.
Not sure how it might affect things like Financial reports. If you look in the FY setup, there are fields for Previous and Next Year. Since 2020 is the previous year to 2020/B, comparing prior year’s period might not lineup like you think.
I wrote to Epicor on this, they advised us to delete the fiscal calendar and recreate it according to your our needs and afterwards run the Verify Balances. To change the fiscal calendar from Jan- Dec of FY 2020.