Note: To allow flexibility and enable you to align it to a wider business process, you can change your year-end to any calendar month
Here are the steps needed to change your financial year-end (YE) .
What we need from you
Current Year start/end dates
New Year start/end dates
Test and Live Booking dates and times
Authorisation to take a backup copy of your database to run testing.
Written confirmation of points 1-4 above and authorisation to perform the YE date switch from one of your partners.
What you need to know or action
On the day of the Live update, ALL users must be out of the system until further notice.
The work can take place during office hours, or to facilitate minimal downtime for users, we can offer this out of hours.
The process usually takes 1 to 3 hours depending on the database size and server speed.
For a YE change, we will only update the periods, not the dates, so the VAT return will show the correct transactions to post.
All previous year transaction periods will be changed.
The change will make the data appear as if the client’s YE has always been at the new date.
Any mismatched Transaction Dates and Periods will be corrected to match the period the transaction date was posted in. i.e. If you post a bill with a transaction date of 31/10/2023, but within your November 23 period. The entry will be changed so that the new period will be October 23, to match the Transaction Date of the bill. This will apply to all postings including Time Recordings.
You will need to keep reports for the months that the new YE and old YE overlap, in order to amend their first year's reporting with the new YE.
It is recommended you generate all your reports once users have been asked to log out prior to the switch
A test run would be actioned on a copy of your data (a few days prior to the live switch) to ensure that no system imbalances result from the YE date change.
If you would like to proceed with changing your year-end dates, please raise a new case online, reference the title of this article and provide the information listed above. Our support team will then organise for one of your Account Managers to provide you with a quote to undertake the work.