How do you handle moving subsidiaries to a new fiscal year?

AI generated answer (using internal Slack threads):

****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ****** When moving subsidiaries to a new fiscal year, you would need to create a "stump year". This is a shortened fiscal year that allows you to transition from the old fiscal year to the new one. Here are the steps to follow: 1. Navigate to Setup > Company > Fiscal Calendar. 2. Click on the 'New Fiscal Year' button. 3. Enter the start date of the new fiscal year. 4. The end date will automatically populate based on the start date. Adjust this if necessary to create the stump year. 5. Click 'Save'. Please note that changing the fiscal year will impact financial reports for that subsidiary. The reports will show the new fiscal year end date, and retained earnings will roll based on that date. When integrating a newly acquired company's financials, the decision to create a new subsidiary or a department largely depends on the legal and leadership considerations. If the new company is to be an independent legal entity, then a new subsidiary should be created. If the intent is to integrate the new company under one legal entity, then it should be added under an existing subsidiary. Remember, it's always advisable to avoid making these changes at the start of the year, as it's often a busy period. Consider making the changes in February or March and backfilling the history. For more detailed information, you can refer to this NetSuite Help Center article: https://netsuite.custhelp.com/app/answers/detail/a_id/64431/kw/change%20fiscal%20year