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CurYr and PriorYr FCCS Application

in Financial Consolidation and Close 1 comment

Summary:

We currently have an application that begins with P12-FY20 and includes 13 periods.

Looking ahead, we’d like the current PROD application to contain data from FY23 to the present. I wanted to gather some feedback to ensure my approach is correct.

To achieve this, can I simply clear the data from P12-FY20 to P12-FY22, retaining only P13-FY22? Afterward, I would consolidate the data from P13-FY22 to the present.

My understanding is that P13-FY22 would roll forward into the opening balance for P1-FY23 to have correct data, ensuring all the data aligns correctly. Does this approach make sense, or is there anything I’m overlooking?

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