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Print this pageForward this document  Changing a fiscal year-end

  • Converting to a December 31 year-end

    1. Enter the business information for the first qualifying fiscal period.

    2. With the keyword Fisc-Period ,indicate Dec. 31 year-end method - first fiscal period.

    3. Calculate the client's return with [Alt+F9], and return to the keyword data with [F2].

    4. On the Right-hand side display drop-down menu, select C/F to stub period / post-bankruptcy.

    5. Verify the right-hand side data.

    6. Mark the data on the right-hand side with [F5]. Then, from the right-button menu of your mouse, select Copy to left-hand side.

    7. You are now ready to enter the data for the second fiscal period.

      The keyword Fisc-Period will indicate Dec. 31 year-end method - second fiscal period, and Year-End.bus will indicate 31-12-XX (where "XX" represents the relevant year). The business name, address, GST/PST number, and opening balances will also be indicated.

    8. DT Max will show the new UCC-Open in the CCA-Class group.

    9. DT Max will adjust the net income from the second fiscal period for CCA and farming OIA (optional inventory adjustment) to obtain the income eligible for the reserve known as December 31 income.

    10. The amounts entered under Addit-Income and BUS-RESERVE in the first period must be copied manually into the second one, then deleted from the first.

    11. DT Max will claim the maximum eligible business reserve of the December 31 income. You may limit the reserve claimed with the keyword BUS-RESERVE .

  • Electing the alternative method

    1. Enter the data for the business in the Business group in the usual manner.

    2. Do not change the Year-End.bus to December 31.

    3. With the keyword Fisc-Period , indicate Alternative method.

    4. You only have one business statement for this business.

    5. DT Max will calculate the estimated additional income amount based on the stub period: 

                              number of days during which the activity was carried out
                        between the end date of your fiscal period and January 1, 20XX
                        --------------------------------------------------------------
                        number of days in the fiscal period ending in 20XX

    6. You may override the additional income amount with the keyword Addit-Income .

    7. DT Max will adjust the additional income for CCA and farming OIA to obtain the income eligible for reserve, known as deemed December 31 income.

August 15, 2005