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This is clearly a case for using two company codes and selling or transfer of assets from one to another, as per your terms of sale. A Balance sheet transfer would occur, whereby one company is zero balances before the transfer date, while the other is after the transfer date.
Thereafter, you exclude the second company from your consolidations, since you are just doing book-keeping for them before they transition it out of your system.
I have been there and done it in the past.
Sunil
| | | ---------------Original Message---------------
From: alimacg888
Sent: Wednesday, October 13, 2010 4:40 PM
Subject: Is two Fiscal Year Ends possible in the same calendar year?
The business has sold off one our our company codes. The normal fiscal year is Jan-Dec however I need to have a hard year end close at October 31, the sale date. The purchasing company will then use our SAP system with a fresh start in SAP for Nov & Dec, which will then be their year end close. Now I have 2 year end close in the same year. And if I resume with the purchasing company's accounting in SAP, their fiscal year is Jan-Dec - 2011 so back to a normal calendar year.
We have a 2 controlling areas and several companies all sharing the same Fiscal Year Variant.
I have read up on the Shortened Fiscal Year End and I get it if I wanted to shorten the current year end to October and then carry on with Nov 1 to Oct 31 and a new FYEnd but that is not the case here.
Question - how do I reflect two year end close in the same year? This company has Fixed Assets in SAP as well that need to come over as NBV as at Nov 1st to the new company.
So I need a 10 month year end for our current company and a 2 month year end for the purchasing company, then back to 12 months fiscal year. Can I create a new fiscal year variant for this one company code and assign it now even though they have been using a different one all year so far?
Eventually the books will be transitioned to the new company who I don't believe are using SAP.
If you have any ideas on how to proceed I would appreciate it.
Thanks
Alison |
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