Change Fiscal Year halfway into year

I have a client who would like to change their fiscal year halfway through.
They were operating April-Mar but would now like to begin their FY from Sep-Aug.
They have posted transactions from March until now (September) and have a large volume of data – mostly cash sales.

I have migrated all transactions into Mar21 as this will be their final period. Is this correct? Also, I am unsure how to set up the rest of the FY 2021 and FY 2022

Rookie Asked on September 6, 2021 in Accounting.
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1 Answer(s)
  1. Run a search on all transactions posted from 1st April to present
  2. Change all transaction posting periods to Mar 21
  3. Delete FY 22
  4. Extend FY21 to 31/8/21
  5. Move all transactions back to respective posting periods
  6. Create a new financial year from Sept 21- Aug 22.
Rookie Answered on September 6, 2021.
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