Open Fiscal Years

[DeniseG]

I have just noticed a problem with our accounting periods. Our 2 open years are the current year and the PAST year - so that the current year always starts in period 13. Now that I've done a bit of research, I realise that the current period should be period 1 - so that we can see the CURRENT year and the NEXT year. This was how our Peachtree company was set up when I inherited it from the previous accountant and I have only just noticed that this may be incorrect.
Is it possible to change at the end of this financial year and if so, how?
Many thanks
Denise

[rick Prindivill]

If your current period 13 represents the first period of your current year and you want this value to read period 1, then you will need to close the first of the two open years. This will renumber your periods so that the current period will now read period 1 instead of 13. Also, the program will now show period 13 as the first period of the next accounting year.

Period 1 - 12 represents the first open year and period 13 - 24 represents the second open year. Therefore you are currently in the second of the two years open. If you close the first of these two years open then the next one year will become open. This is a rolling two years open; close the oldest and open the newest.

[BruceB83]

To close your first fiscal year go to the "Tasks" menu, select "System", then select "Year-End Wizard". Waiting until the end of the 2nd fiscal year to close the 1st is a good idea. Considering it's now October, now is a good time to do so. I'm actually about to close ours out.