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S
Swild283
April 9, 2022
Question

New tax year for income tax

  • April 9, 2022
  • 1 reply
  • 0 views

Hi,

 

is anyone able to tell me if QuickBooks automatically changes to the new financial year or if not, what do I need to do.

 

just done some expenses that are dated after the fifth April but they have gone into the 21/22 tax year instead of 22/23.

 

thank you in advance.

1 reply

KlentB
KlentB
April 9, 2022

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

 

QuickBooks Online reports your transaction according to the tax/financial year you've set in the settings. You'll want to make sure that your tax year in the program runs from  April 6 to the following April 5. Here's how to check it:

 

  1. Click the Gear icon.
  2. Select Account and Settings.
  3. Go to the Advanced tab.
  4. Click the Pencil icon in the Accounting section.
  5. Select the correct month from the First month of financial year and First month of tax year drop-down menus.
  6. Click Save, then Done.

If you additional resources while working with your taxes, just browse a topic from our Help Article page.

 

Feel welcome to visit us if you have any other concerns. I'll be more than happy to work with you again.

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