Issue with changing fiscal year end temporarily

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@tdmclennan wrote:

My current year-end is May 31, 2019, due to change in ownership I need to do a year-end on Dec. 31, 2018. After that, I would like to switch the year-end back to May 31, 2019.

My Accountant says this won't be a problem from an accounting perspective. My concern is the effect this will have on Quickbooks; as a result, I have a few questions:
1. a) After I change the year-end to Dec. 31st can I assume all the fiscal year reporting for 2018 will be from June 1, 2018, to Dec. 31, 2018?

No, Q does not do short year accounting, you will have to run reports and set the date range for each.
b) Will the financial reporting period for previous fiscal year-ends change as well?

yes the whole file will report on the fiscal year basis you set

 

2. When I switch the year-end back to May 31, 2019, will the report all revert back for the past and future fiscal year ends?

yes

 

3. Are there any other problems that I haven't thought of that will happen with the switching of year-ends, twice?

never can tell so make a back up before you make changes each time

 

4. Due to all the potential issues, I'm considering not changing the year-end date and doing the Dec. 31, 2018 entries manually. Is there any risk with this?

best way to do it in my opinion

 

I would appreciate any feedback on this discussion.
Thanks.

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Thanks, Rustler.

I spoke with my Accountant this morning and I going to do the entries manually.  I won't have to deal the QB train wreck that way.

Change in Ownership? Are you sure you are not describing Short Year for the old entity, and now you have a New Entity? Or, a Pro-rated year on the tax filings, and not a change in QB at all.

It is a pro-rated year on the tax filings only and according to my Accountant no changes to QB is required.