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CarolB
May 22, 2023
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Change of Year End

  • May 22, 2023
  • 1 reply
  • 0 views

Hi due to changing tax reporting changes in 2024 I need to change my year end to 31 March 2024 instead of 30 April as my accountant has said this is the easiest way to report having your year end in line with the new reporting dates. I presume QB is aware of these changes so what I need to know is can I change my year end so my current year with be 11 months but also so all the reports will still work if I pick last financial year etc. Thank you

Best answer by GeorgiaC

Hi CarolB, QuickBooks only allows 12 month periods for the financial and tax years. The first month of financial year is solely used for reporting purposes in QuickBooks as this is the month that business reports will run from by default. You can change this setting at any time (e.g. back to May to view previous years reports), or instead leave this as April after changing and then enter a custom date period when running reports.

1 reply

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emmam6
May 22, 2023

Hello CarolB,  Thank you for your question. If you change in the settings the financial year it will also impact the reports for the last financial year. Your options would be, changing the financial year for the current year and using custom dates when you want to look at previous financial year or going back into the settings to change financial year back to April from May when you want to look at last financial year reports which we see is not ideal, so the former option is the best one.

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CarolBAuthor
May 23, 2023

Sorry to be a pain but can you tell me the exact things I have to do to change it as do not want to mess it up. We have just had a year end on 30th April 2023 and I am about to close the books. Because of tax changes coming in my next year end will only be 11 months ending on 31st March 2024. So if I change first month of financial year from May to April  will that mess it all up as I have already included April 2023 in my last years accounts. I need my current year to be 1st May 2023 to 31st March 2024. Thank you

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GeorgiaCAnswer
May 23, 2023

Hi CarolB, QuickBooks only allows 12 month periods for the financial and tax years. The first month of financial year is solely used for reporting purposes in QuickBooks as this is the month that business reports will run from by default. You can change this setting at any time (e.g. back to May to view previous years reports), or instead leave this as April after changing and then enter a custom date period when running reports.

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