A fiscal year change requires two year end closings.
The first year end close will occur at the user’s discretion. The second year end close will be a short period close. For example, if the user closes the current fiscal year on 9/30/18 and wants to change their fiscal year end to 12/31/18, the first year end close will occur on 9/30/18 and the second year end close will occur on 12/31/18.
Important! While DDI is making the fiscal year change, all users must be off the system. This process usually takes about 1 to 2 hours. DDI will work with the customer to schedule a time.
- This configuration requires assistance from DDI. A programming fee will be charged based on the number of branches and amount of data.
- For the first year end closing, you need to ensure that all adjusting journal entries are posted and the financial statements are final.
- Once DDI closes this fiscal period, you cannot reopen the year and make adjustments.
- After the first fiscal period is closed, DDI will clear the general ledger.
- You will not be able to run comparative financial statements for this short year. You have two options to save this information:
Print copies or save downloads of all financial data
Detailed general ledger
DDI can create a separate database to archive the general ledger detail at an additional cost. Contact DDI Customer Care.
- DDI will close the first fiscal year once you contact us to let us know that your financial statements are final.
- This process clears the general ledger, sets the income statement starting balances to zero, and sets the balance sheet beginning balances.
- Since journal entries are tied to the fiscal period, in the second shortened year, DDI will change the fiscal period of the journal entries.
- You can then close the short year as a normal year end close.