The number of periods in a year can only be changed in period 1 BEFORE any transactions have been entered. However, when the change is to reduce the number of periods, e.g.: from 13 to 12 periods, there is a workaround.
The End Date for all periods can be changed in Period 1 when no transactions have been processed. Once you run a period-end for a particular period the period End Date cannot be changed. When changing the End Date for the current period there are restrictions.
📌Note: Before making any of the changes below, you are strongly advised to make an archive of your company dataset.
Choose the type of change you want to make from the options below.
Option 1: No transactions entered in the current year, and the current period is 1
To change the Periods per year and/or any period End Date:
Go to Setups, Asset Management, Options, and note the Periods per year on the General tab.
Change the Periods per year to the number of periods you need, between 1 and 13. Typically the number you choose should match the number of periods you have in your General Ledger. There is no End of Year adjustments period in Asset Management.
Go to the Periods tab and change the Name and End Date of each period as required.
Click Ok F9 to save settings.
Option 2: transactions have been entered in the current year
To change the period End Date of one or more periods:
Go to Setups, Asset Management, Options, and note the Current period on the General tab.
Click on the Periods tab.
You can change the End Date for a period under the following guidelines:
the End Date of each period is later than the prior period and at least later than the End Date for the period before the Current period.
the period is either the Current period or later.
the End Date for any period is on or after the Date depreciated to for all assets.
When a Depreciation Run is processed the Date depreciated to is updated to the period End Date for the Current period. So effectively the End Date you enter must be after the End Date of the Current Period at the time the last Depreciation Run was processed.
if you have already processed a Depreciation Run for the Current period and change the period End Date to a later date, you should process another Depreciation Run so that depreciation is calculated up to the new End Date.
Option 3: transactions have been entered in the current year
Reduce the number of periods in the current year e.g. from 13 to 12
Go to Setups, Asset Management, Options, and note the Periods per year on the General tab.
If the current year is set to 13 periods but needs to reduce to 12 periods, and the Current period is earlier in the year, e.g. period 2, then:
On the Periods tab alter any future period (a period after any period for which depreciation calculations have been made, including the Current period if the End Date for the Current period will increase) so that the period End Date is correct for a 12-period year for those future periods. Typically, the End Date used is a month end date.
For the example given, period 13 should be left blank or the End Date should be the same as period 12. The same rule applies if you are reducing your periods to 4, for example.
Click Ok (F9) to save settings.
Process for the rest of the financial year as normal.
Once processing for period 12 is completed, Archive, and then perform a period end into period 13.
Do not enter any transactions or perform depreciation in period 13.
Roll forward again into the new financial year so that the Current Period becomes 1.
Use Option 1 to amend options/settings for the Periods per year and the End Date for periods that were past periods at step 2.
Increase the number of periods, e.g. from 12 to 13
Check the period end dates in Setups, Asset Management, Options, note the Periods per year on the General tab.
If the Periods per year is set to 12 and you want 13, for example, then there are only two options: either wait until end of year has been processed in your data and use Option 1; or reprocess all transactions for the current year as follows:
Restore Asset Management to the beginning of the current financial year in period 1, before any transactions were entered.
You may need to restore to a point before year end and roll forward again into Period 1.
Asset Management can be restored independently of Accounts data, refer to the separate Knowledge Article.
Change the Periods per year as per Option 1.
Re-process all transactions for the year transferring GL entries to Attaché for each period.
You should check the transferred entries for any differences in the entries generated compared to the original posted batches. The old batches can be reversed, if required, using Repost Batches and the new postings can replace them using Post from Other Modules.
If the new postings are the same and are therefore not needed, they can be deleted using Customers, Reports, Delete GL Postings File, selecting Asset Management and entering the date range for the duplicate postings.
Option 4: change period settings for a leap year or the year after a leap year
During a leap year the End Date for February should be changed to the 29th, and then back to the 28th the year after.
This change must be completed before the February period-end is run, otherwise the additional day's depreciation will be included in the March Period.
If you miss making the above change before running period-end for February:
For some this misallocation will be immaterial, if this is the case for you then this date change can be ignored. Depreciation for the year will be correctly calculated.
Otherwise, a restore of Asset Management data will be required back to the February period. Asset Management data can be restored independently of Accounts data, refer to the separate Knowledge Article.
Use Option 2 to change the End Date to the required date