Starting a New Fiscal Year

The system does not require a year-end close. All you have to do is:

1. Click on Setup -> System -> Calendar Year
2. Enter the new Fiscal Year, you will then be presented (2) options:
   
   
   • Copy an Existing Year
   • Create a Blank New Year
   
   You would normally select the copy option and use the previous year's figures and make any changes necessary (i.e. FICA limit changed).
   
   
3. Click on Setup -> Date -> Enter/Change Fiscal Years
4. Enter a new Fiscal Year End date and click OK to accept the new fiscal year.
5. Select the Current Reporting Period.
6. CCB: Go to Utilities -> System Utilities -> Get Updated Tax Tables After Update. Once the hourglass goes away the tables have been updated.
   
   Note: This option will not update any custom tables you have entered. (ie: Locality Tables, etc.) You will have to manually update any custom tax tables for the new year.
   
   Note: The Get Updated Tax Tables After Update option will overwrite the standard tables. So if you have made any changes or manually entered some tables this option will overwrite your changes.

Changing Reporting Periods

Overview

While you can change the Number of Reporting Periods for a year, you may run into some problems with payroll transactions and Trans Prep. If you change the Number of Reporting Periods for a prior year you should never run Trans Prep with the Process Payroll Transactions enabled.

• To change the Number of Reporting Periods for the year.
  
  Setup -> Dates -> Enter/Change Fiscal Years
  

Short Year

Overview

If a company is changing it's classification (ie: to a "S" Corporation) it may result in it having to change it's Fiscal Year End. This may result in a Short Year.

• Go to Setup -> Date -> Enter/Change Fiscal Years
• Delete the Fiscal Year that is no longer valid (ie: 06/30/03)
• Enter the Short Year (ie: 07/01/02 - 12/31/02)
• Enter the New Fiscal Year (ie: 01/01/03 - 12/31/03)