Our current financial year is from 01/07/2025 to 30/06/2026; however as result of an acquisition the financial year will be calendar year and we will have a short current financial year of 6 months from 01/07/2025 to 31/12/2025. How can I change the financial year? The change can be performed now in October or should I wait until the month of December 25 is finalised. Wonder if changing will impact the previous financial year. I will appreciate your help. Thanks
Hi Earl,
Thanks for your answer.
The article "Changing the last month of your financial year" mention the below
It means a change will impact the period of all the previous years.
Hi rmiro,
Thanks for your question. In AccountRight, you can change the last month of your financial year when you close a financial year. This is typically done via: File menu → Close a Year → Close a Financial Year. When you close the financial year, you have the option to set a new end month, which will define the next financial year. For example, if you want to move from a July–June cycle to a calendar year, you would set December as the last month when closing the current year.
Changing the last month will result in a shorter or longer current financial year, depending on the months you’re moving from and to. In your case, this would create a short financial year from 01/07/2025 to 31/12/2025, before moving to a calendar year cycle. More information can be found here: Changing the last month of your financial year
Regards,
Earl
Hi rmiro,
You are correct; therefore, we advise creating a backup of your company file before making any changes. restored backup file
Regards,
Earl
