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Fabiana1
March 12, 2019
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Changing Fiscal Year End Date

  • March 12, 2019
  • 5 replies
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Hello,

I need to change the Fiscal Year End date of the company. By doing so it affects the reporting of previous fiscal years. Is there a way to change the date without affecting historical data? I need to see the change going forward only.

Thanks in advance for your help!

Fabiana

Best answer by NEVER

Changing the Fiscal Year End Date does not change any data. The data remains intact. Only the Report Dates are affected. For instance: The Fiscal Year End date is changed from April to December. Moving forward, any report where a Fiscal Year End Date is requested, the report will display transactions between December 1, 2014 and November 30, 2015. If you wish to see reports using the previous Fiscal Year End Date, the date parameters must be entered manually (not using the Fiscal Year End option). For instance: date parameters of From: May 1, 2013 To: April 30, 2014 would be entered in the date fields.

Changing the fiscal year end date has repercussions. According to CRA regulations, a fiscal reporting period cannot be longer than 12 months. Changing the date from April to December would require Interim Financial Statements. You should enlist the assistance of your own professional accountant.

5 replies

F
Fabiana1Author
March 12, 2019
Thank you for your answer. I've changed the date and after doing that the Net Income of the P&L of last fiscal year doesn't much with the Net income that appears on the Balance Sheet of same fiscal. Do you know why? Thanks again,
    N
    NEVERAnswer
    March 12, 2019

    Changing the Fiscal Year End Date does not change any data. The data remains intact. Only the Report Dates are affected. For instance: The Fiscal Year End date is changed from April to December. Moving forward, any report where a Fiscal Year End Date is requested, the report will display transactions between December 1, 2014 and November 30, 2015. If you wish to see reports using the previous Fiscal Year End Date, the date parameters must be entered manually (not using the Fiscal Year End option). For instance: date parameters of From: May 1, 2013 To: April 30, 2014 would be entered in the date fields.

    Changing the fiscal year end date has repercussions. According to CRA regulations, a fiscal reporting period cannot be longer than 12 months. Changing the date from April to December would require Interim Financial Statements. You should enlist the assistance of your own professional accountant.

      W
      warenow1
      March 12, 2019
      I am having the same problem.  I have changed the fiscal year end date but in doing this the net income does not agree with the P&L .  How can I correct this?
      N
      NEVER
      March 12, 2019
      I don't know how to explain it. On the Balance Sheet adding the Retained Earnings to the Net Income should produce the same Net Income result as on the P & L.
      A
      Anonymous
      March 12, 2019

      How do i change my fiscal year end date


      J
      jframpton
      December 5, 2019

      We are having a similar issue. We have changed our year end, creating a stub year. But when we run reports, eg Trial Balance, no matter what dates we enter, it is pulling in totals from the previous FY. it seems like certain reports automatically use the trial balance entered in Company information, regardless of what dates are entered in the custom dates fields?

       

      I've attached an image that is a drill down from a Trial Balance report dated June 1, 2019 - Nov 30, 2019. There should be no starting balance (913.99). Our previous FY end was May 31st. The opening balance is reflecting transactions from April and May 2019.


      I'm lost. Any ideas?

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