I would like to find out if it's possible to change a fiscal year in the middle of a year.

For example, our FYE 2009 starts on Jan 1, 2009 and ends on Dec 31, 2009 based on 4-4-5 calendar (no correction period). We plan to change the ending date of FYE 2009 to March 31, 2009 and start a new FYE 2009 with different calendar year - April 1, 2009 through March 31, 2010.

What is the best approach to implement this change? Thank you in advance.

This can be done but has to be done from the backend only.

Firstly for current year the number of periods defined have to be deleted. The last day of the year has to be changed to 31-March-09
Then new year has to be defined in the normal way and periods are to be maintained.

Alternative could be to define a new company with this new year ending set up. And if needed you can copy the data later from the old company to this company.

Regards
Rajasekhar

Thank you for your info, Rajasekhar.

At this point, creating a new company is not an option because there're many reports hard coded into the existing company number. Therefore, it will take us months to change those reportings.

I wonder though - if we change the existing number of periods through back-end. We still need to change it back to 12 periods for the new calendar FYE 2009. In addition, the system does not allow us to define the same year code more than once. Please advise. Thank you.

Yes the same year cannot be defined as a fiscal year. Maybe you need to look at an alternative for the year number.

Thanks again for your feedback, Rajasekhar.

We're looking into the option of shortening number of periods thru backend. Any feedback on this approach? Thanks.

You can reduce the periods in tfgld003 table. After this is done, before you create the new year for 12 periods, you need to restore the number of periods back into this table.