The company’s fiscal year end date can be changed by shortening the current year. This will then start ‘Next Year’ one month past the shortened year.
This can only be accomplished if there are no posted transactions that have a date beyond what will be the last month of the updated ‘Next Year’. If there are transactions beyond next year, attempting to save the new year end date will give the error message below. Instead, you must first perform a year end close on ‘Last Year’, in order to create a new ‘Next Year’ to accommodate those transactions.
To Change the year, from Company Settings->General Ledger and the Fiscal Periods tab, change the Current Year End date. When the save button is clicked, a reorganization of the data is performed to assign transactions to the updated fiscal years.
When the year is shortened you will notice that “This Year” has less periods,
