I need to convert the company to correctly reflected fiscal year of April 1, 2005-Mar 31, 2007 from our original set up which was Jan 1 , 2005 - Dec 31 2006. I've rebuild a company by exporting and importing all the data into this new company with the updated fiscal year. After the conversion, I was able to enter transactions/make changes for fiscal year Apr 2005 to Mar 2007. However, I wasn't able to enter any payroll info for year 2007. The error says "only payroll checks with dates 2005 and 2006 are allowed". When I set up this new company, it asked me "What is the first year you will start entering your payroll?" And I answered 2005 because that was the year we started to have our payroll info originally. The new company currently displays the following: current open fiscal years Apr 1, 2005 -Mar 31, 2006 and April 1, 2006 to Mar 31, 2007. Current open payroll years Jan 1 - Dec 31, 2005 and Jan 1 - Dec 31, 2006. How can I open payroll year of 2007 and still keeping the fiscal year Apr 1, 2005 - Mar 31, 2007 open?
When I go to year end wizard, there are only 2 options available: (1) close fiscal and payroll tax years (2) close fiscal year Mar 1, 2005 - Apr 30, 2006.
What will happen when I need to close the fiscal year in Mar 31, 2007? Do I have to also close 2005 and 2006 payroll years at that time? Will I be able to view any payroll or financial data for year 2005 and 2006 after I close the fiscal year in Mar 31, 2007?