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July 12, 2022
Question

How do i end my march 31st accounts and start april ist 2022 as my new year?

  • July 12, 2022
  • 1 reply
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how can i draw a line under last years totals ?

1 reply

MJoy_D
July 12, 2022

I can help you with setting up your financial year from April 1st to March 31st and then closing your books in QuickBooks Online (QBO), @office-sngmechan

 

First, check your financial year. You can go to the Account and settings to set April as your First month of fiscal year

 

Follow the steps below:

 

  1. Go to the Gear icon () and proceed to the Account and settings.
  2. Click the Advanced tab and in the Accounting section, choose the pencil icon (✎) to change the month in the First month of financial year field.
  3. Select Save and then Done.

 

Then, you can close your books to prevent unwanted changes. This locks your books so no one can edit your accounting data before the closing date. After making sure to review your accounts and that everything looks good, refer to the guide below on how to close your books.

 

Here's how:

 

  1. Go to the Gear icon () and then select Accounts and settings.
  2. Select the Advanced tab and then go back to the Accounting section.
  3. Click the Close the books checkbox and set a closing date.
  4. Select the Allow changes after viewing a warning and entering a password option from the dropdown menu if you want to require a password before editing your closed books.
  5. Click on Save and then Done.

 

Refer to these articles for more information about what to do to prepare for the new financial year: QuickBooks Online year-end guide and checklist. It describes how to change the first month of your financial year and close your books to prevent changes to past transactions.

 

See this article for detailed guidance on how to submit your VAT returns online: Everything you need to know about Making Tax Digital (MTD) for VAT with QuickBooks Online.

 

Let me know if you need further help setting your financial year or anything else, by leaving a reply below. I'm always glad to help in any way I can. Have a great rest of the day!