Creating a 13th Period for YE Adjustments

  • Creating a 13th Period for YE Adjustments

    Posted by DSC Communities on March 30, 2017 at 11:11 am
    • Beth Cole

      Member

      March 30, 2017 at 11:11 AM

      Hi all,
      My first post is to see if anyone has a good suggestion in their use of incorporating a 13th period for the fiscal year for year-end (YE) non-operational postings (ie: tax, allocated costs, etc.) that may otherwise skew the 12th period’s numbers for performance assessment?
      One idea is to use the final day of the month as the 13th period, but what if there are sale or other transaction postings for that day?

      Appreciate any feedback or recommendations.
      Thanks,
      Beth

      ——————————
      Beth Cole, Business Analyst
      Atlantic Corporation Limited
      Halifax
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    • Bert Green

      Member

      March 30, 2017 at 11:58 AM

      Beth,
      Berger has always run a 13th period since we have been on GP. You can use the date 12/31 in AP and AR, but post the GL to 12/30. We have done this since 1999 with no issue. Of course the date 12/30 and 31 is assuming that your fiscal year is the same as the calendar year.

      If you have any other questions on this process let me know.

      ——————————
      Bert Green
      GP Developer/GP Administrator
      Berger Transfer & Storage, Inc.
      Saint Paul MN
      GP2015/MR CU11
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    • Beth Cole

      Member

      March 31, 2017 at 11:06 AM

      Thanks very much Bert!

      Do you know if we are already in the fiscal year if a 13th period can be added? Or is this only possible when setting up the next year to follow?

      Beth

      ——————————
      Beth Cole
      Atlantic Corporation Limited
      Halifax
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      ——————————————-

    • Bert Green

      Member

      March 31, 2017 at 12:44 PM

      Beth,

      You can change the current year, but when you do you will need to run the reconcile on the year balances in GL, AP, and AR so they would be correct.

      So if you go down this route you may wish to set up a test system to run this on to see how it all boils down and make sure that it all ties out for your financial reporting.

      ——————————
      Bert Green
      GP Developer/GP Administrator
      Berger Transfer & Storage, Inc.
      Saint Paul MN
      GP2015/MR CU11
      ——————————
      ——————————————-

    • Heather Maneiro

      Member

      April 3, 2017 at 10:32 AM

      Beth,
      Bert is right on point.  The reconcile will place all of the transactions in the first period containing a date – so if you have period 12 as 12/01/2017-12/31/2017 and period 13 as 12/31/2017 then 12/31/2017 will be in both periods so a reconcile places all 12/31/2017 transactions in period 12.  So what people typically do is make the changes, run the reconcile, then close periods one through twelve and then post adjusting transactions to put them in period 13. 

      ——————————
      Heather Maneiro
      Senior Consultant
      Implementation Specialists (IS)
      Hawley MN
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    • Josh Lowry

      Member

      April 3, 2017 at 1:41 PM

      If I may propose an alternative:

      What I like to do is setup a separate department that is only used for year end adjustments.  This way, I can run reports that both include and exclude this department.

      ——————————
      Josh Lowry
      Controller
      Real Estate One
      Southfield MI
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    • Beth Cole

      Member

      April 4, 2017 at 7:09 AM

      Thank you everyone!!

      I really like the options to try different posting methods that may work for our liking. I am attending a meeting tomorrow to bring up these suggestions.

      ——————————
      Beth Cole
      Atlantic Corporation Limited
      Halifax
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    DSC Communities replied 7 years, 3 months ago 1 Member · 0 Replies
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