Hi Community,
A customer has changed their Financial year from July (July to June) to January (January to December). Due to this reason, in accounting year 2023, they have had a 18 month financial year.
In IFS, for accounting year 2023, the periods start from July 2023 and goes till December 2024. Accounting year 2024 starts from January 2025 and goes till December 2025. Therefore, the accounting year and accounting periods have a misalignment.
Customer wants to get the accounting year and the accounting periods aligned starting 2027.
Therefore, accounting year 2026 has been created as follows. Having only 1/1/2027 as the year opening and closing dates.
Then accounting year 2027 as follows. Validity periods starting from 2/1/2027.
I managed to conduct the Preliminary Year End. Currently working on performing the Final Year End.
Can there be any issues related to this correction in 2027?
Your inputs will be highly appreciated.
Thank you.
Kind Regards,
Nishani