new Substitute Accounting period problem
We've been purchased by an American company who have received ATO approval for a Substitite Accounting Period (Jan to Dec). We'll operate a short period July to Dec (2025) then start the new SAP from...
Forum Discussion
Hi BellaCT,
That does sound like a tricky change to work through. In AccountRight, the usual way to handle this is by changing the last month of the financial year when you close the year off, rather than setting up a separate substitute accounting period inside the file.
Because you're moving from a July–June year to a January–December year, it’d be best to work through this with your accountant or bookkeeper first so the short period from July to December 2025 is handled correctly.
This help page should point you in the right direction: Changing the last month of your financial year
You can also check the year-end steps here: Close the financial year
Regards,
Earl
