How to change accounting period

Fairul_78

Hi,

My customer is changing their accounting period from january 06 month to a new financial year which started at July 07. My question here is that the customer is already running full year 2006. And that the customer is willing to pursue another 6 months transactions just to close of 2006 FY transactions. The customer is also willing to run 18 months financial period. Question is how do i close the FY2006 transactions? Do i have to ask the customer to close 2 times, one for the January to December 2006 closing and another one for January to June 07 closing? How about close financial year? Do i have to close 2 times as well?

Please help.

Alex_Chow

You can close the fiscal year by going to the Accounting Period and mark the appropriate Fiscal Year based on the new fiscal year dates you've setup.

Regarding closing the financials, it really depends on what the customer needs. Techically, you can close your income statement every month if you wanted to by marking every period as a New Fiscal Year.