Fiscal Years can be reopened at any time as needed. In R365, there are two ways a Fiscal Year can be reopened: the Legal Entity Record or the Fiscal Year Maintenance Screen. All Users are able to update their Fiscal Years via the Legal Entity record, but the Fiscal Year Maintenance Screen can only be accessed when the Advanced Close feature is enabled. Click here to learn more about Advanced Close.
Legal Entity Record
The Closed Date represents the date that the Legal Entity will be closed through, so if you need to make changes to a certain transaction, the Closed Date should be updated to the date before the date listed on that transaction. The Closed Date of a Fiscal Year can be accessed through the Legal Entity listing as well as the individual Legal Entity record.
Legal Entity Listing
Open the Legal Entity listing by clicking 'Legal Entities' under 'Administration' in the Accounting module. Select the desired Legal Entity and then click 'Closed Date' in the 'Edit Selected' menu above the Legal Entities grid.
This will open a prompt where you can easily select and save a new Closed Date. Once any necessary transactions are updated, repeat these steps to set the Closed Date back to the correct date.
Legal Entity Record
Double-click the desired Legal Entity from the Legal Entity listing to open its record. When it opens, navigate to the 'Closed Date' field and select a new date by clicking the calendar iconand choosing the updated date. Save and Close the record.
After making any necessary transaction updates, return to the Legal Entity record and repeat this process to set the Closed Date back to the correct date.
Fiscal Year Maintenance Screen
Navigate to the Fiscal Year Maintenance screen by hovering over 'Account' in the top ribbon and then 'Fiscal Year' and clicking 'Maintenance'. When the screen opens, you will see a listing of all User-created Fiscal Years.
When a Fiscal Year is expanded, the User is able to view the periods that make up that year, including details about their period names, the quarter that the period takes place in, and the date range.
The entire Fiscal Year and individual periods are editable and can be marked as 'Open' or 'Closed' by clicking the current Status and selecting the other option in its drop-down menu.
The Payables and General Ledger Modules are also editable by clicking the green dot in the specific period row and selecting one of the options in its drop-down menu. This will then update that period's information and that module's number in the Fiscal Year line. After updating any necessary transactions, return to the Fiscal Year Maintenance Screen and repeat these steps to mark the necessary Fiscal Year or period as 'Closed'. Click here to learn more about Advanced Close.