Short Years Tab
Follow the guidelines provided below to complete the Short Years tab of the New Organization window or Edit Organization window.
You need to use the Short Years tab only if you are entering an organization's past history, or if you are editing an organization setup and want to enter the dates of current or future short years. An initial short year is completed automatically if you complete the Book Defaults tab and indicate that the first year of operation is less than 12 months.
You can enter up to twenty different short years for each book. If the first year of operation was a short year, its fiscal year-end date appears in the window and is disabled. All fields on this tab are date fields. Enter dates in MM/YYYY format, or use the calendar to select the fiscal year-end. For information on entering dates, see Entering Dates in Date Fields.
Year 1
When setting up an organization that has a first year of less than 12 months duration based on the Start Date, this field is completed automatically based on the entries you made in the Organization Information fields. If the first year of operation is not a short year, this field is available for use in the future. See the explanation for Years 2-20, below.
Years 2-20
Use the fields in each row to enter the month and year of the new fiscal year-end for each book listed at the top of the column.
The application assumes
Note: Ideally, you should enter a short year before you calculate depreciation for the given year. However, if you need to enter a short year after you've initially calculated depreciation for the year, or if you need to change a short-year date you've entered (including a short first year of operation), you must clear all previously calculated depreciation figures by resetting depreciation. You do not need to reset depreciation if you are adding a short-year date later than the date(s) through which you have calculated current depreciation for all assets.
Example: