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C
ctharinger
February 28, 2021
Question

How do we change from a Jul-Jun Fiscal Year to a Jan-Dec Fiscal Year in QB?

  • February 28, 2021
  • 2 replies
  • 0 views
Our nonprofit is switching our fiscal year to match the calendar year. How/when do we make the switch--and do it in a way that will still let us see reporting from past years, that were a Jul-Jun Fiscal Year? Thanks!!

2 replies

JessT
JessT
February 28, 2021

Welcome, and thank you for posting in the Community, ctharinger!

 

Changing your fiscal year or the start of your financial year will also change the dates in your report. However, your data will not change, so you can simply enter the dates (Jul-Jun) when you need to see the data in your previous financial year.

 

To change the start of your fiscal year in the settings:

  1. Click on the Gear icon and choose Accounts and Settings.
  2. Select the Advanced tab and click on the Accounting section.
  3. Choose January for the first month of fiscal year option.
  4. Click Save, and then Done.

 

 

You can also check about customizing and saving your customized reports. This will guide you to create reports for the previous FY and save them, so you won't have to customize again when you need the same report in the future.

 

If you need my help with reports, feel free to go back to this thread.

 

For more information on taxes, forms, filings, payroll and other Year End activities, make sure to check out our Year End Resources page.

C
ctharingerAuthor
March 4, 2021

Ok, great, thanks for the reply--I think that all makes sense.  

One follow-up question: how will the changing FY dates impact past Budgets set up in QB? I'm assuming those those previous years' Jul-Jun budgets will also be adjusted retroactively to match with other reports? i.e. we could still run Budget vs Actuals reports for previous year periods and have them sync up properly--either on the new Calendar Year cycle, or by entering custom dates to reflect the old Jul-Jun cycle?) 

IamjuViel
IamjuViel
March 4, 2021

Greetings, @ctharinger.

 

Let me share additional information on how updating the fiscal year of your account affects your reporting.

 

Modifying your Fiscal Year End Date does not change any data in your account. Also, the effect is not retroactive especially when viewing your previous years' Budget vs Actual Report. It will still display the specific date parameters you've previously used.

 

 

However, it will affect report dates when generating new sets of reports or budgets. 

 

 

For example, you've changed the Fiscal Year End date is changed from January to March. Moving forward, any report where a Fiscal Year End Date is requested, the report will display transactions between March 1, 2020 to February 28, 2021. If you wish to see reports using the previous Fiscal Year End Date, the date parameters must be entered manually (not using the Fiscal Year End option). 

 

You can read through these articles to help you manage your reports in QuickBooks:

 

Keep us posted here if you have other questions or concerns. I'm always here to help.

D
Dave Fitz 1
August 30, 2023

I just changed in 2017 - old version
Company
My Company

Pencil on Top of Company Information

Report Information
First Month of fiscal Year - Choose New first month
(I had a company with 4/30 year end and merged with another company with 5/31 year end)
I needed to run reports with new fiscal year

The Newer Versions - have a "GEAR" button which is much nicer

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