Change Fiscal Year End
This module is an add-on. If you are interested in licensing this additional module, please contact Spectra Sales.
Important Considerations
This process changes the fiscal year end for all years for the selected building.
This module should NOT be used if you have G/L Archive files. If you have had archives created, this will require a billable data fix.
You should create a backup prior to running this process. If there is an issue during this process, you will need to restore to that backup. It may not always be possible to fix these issues and Support cases to fix Fiscal Year End issues are billable.
Print GL Detail for the current year and 2 years prior, for comparisson after the process is complete.
Getting Started
1. Go to System Tasks.
2. Click on Wizards.
3. Click on Change Fiscal Year End
Contact Spectra Support
This module is password protected as changing the fiscal year end modifies the past, present and future financial reporting. Contacting Support for the password of the day gives you an opportunity to ask questions and confirms the steps.
When you are ready to run the program, please contact Spectra Support at 866-718-2345.
When you open this program, you will be asked to enter the password you received from Spectra Support. Click OK
Select the building and the month of the new fiscal year end. This process will change the fiscal year to the specified period. The fiscal year must start on the first day of the month. All prior years will be adjusted to the new year end and opening balances will be recalculated. When the year end program is complete, you will be prompted to permanently close all years that were changed.
If, for example, a building currently has a year end of December and you wish to change it to June, the system would then indicate that the first day of the new current Fiscal Year is the first day of the oldest year in the system.
Click on Finish to complete the year end change.
Take note of the "last year closed for this building" in the above message, 2019 in this example.
Run Year End Close
This process is necessary to recalculate all the opening balances for the subsequent years.
Go to Building - G/L Year End - Close Fiscal Year.
- Select the building from the year end change.
-Enter the Year to Close as the next year after "the last year closed" in the above message, or 2020 in this example. Select Permanent and click on the ! to process the G/L Year End Close.
- Repeat this process of Permanent Year Ends up to the last fiscal yearclosed. If the year end accounting hasn’t been completed for the last year end, select the Temporary Year End for the final year.
- Verify that the building balances are correct. If there any issues or you received any errors during the process, restore to backup and discuss errors with support before attempting the process gain.
Watch Video Tutorial