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 and 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'.
From the Fiscal Year Maintenance Screen, Users can select the 'Years' view and open the entire year by clicking into its listed 'Status' and selecting 'Open'. If only certain periods need to be opened, view the grid by 'Periods' and update the necessary periods' Statuses.
- Note: Any changes made to this screen will be automatically saved. Click here to learn more about the Advanced Close feature.