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Hello. 

 

Our company will be acquired and so we will need to do a hard close in the middle of our fiscal year.  Then start again under the new ownership. 

 

So for example, our 2022 fiscal year is from October 2021 to September 2022 . Acquisition will finalize at the end of March 2022, so at this point we would like to have a hard close since it is under the old ownership (and as such, we would like to be able to run financial reports etc. for the period/ time span under old ownership) where income items are closed to retained earnings etc.  Then we would like to move all ending balances to the beginning of April 2022 then start anew under the new ownership.   Is this possible to do in IFS? 

 

I would appreciate any advice on how to go about this. Thank you.

There is not a mid year close in IFS.   What you can do is create fiscal 2023 and start it the beginning of April 2022 --- so you can then do a hard close in March of 2022.   

Please note -- that once you have done transactions to an accounting period you can no longer change it via the application - so recommend you make your changes soon before any future transactions are posted

Hi Nancy.  Can there be more than 12 periods be set up in Fiscal 2023? 

Yes -- you can have more than 12 periods in a fiscal year

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