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Changing from Calendar Year to Fiscal Year

Jessica White

Wondering if anyone has experience changing to fiscal year after using calendar year for many years prior. When you made the change to fiscal year in the system - what ramifications (if any) did you face by changing? Wondering what types of issues this could cause in the system/with analytics and reporting.

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Comments

Mindy Cardwell

We changed from calendar year to academic year in 2018. Basically FY18 was Jan. 1 - June 30, 2018. Then FY19 began July 1, 2018. Our auditors conducted an audit for that 6 month one-off period and I believe the switch was noted on our 990 for 2018. Change the "FY ends" in database RE within configuration/general. We set up some gift lists in NXT for that anomaly of a 6-month fiscal year. Other than that, it was pretty seamless but I cannot speak to how easy it was for the finance department!