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JWhansen
May 7, 2024
Question

Changing Fiscal Year

  • May 7, 2024
  • 1 reply
  • 0 views

Hello! We are using QuickBooks Plus and QuickBooks Bill Pay Basic.

Our current fiscal year runs Jan 1 to Dec 31, we want to change this to July 1 to June 30. This will take place in just a couple months. I located to change the fiscal year (see below), but when do I make this change? Do I wait until July 1st? We need to prepare and enter budgets either before or right after July 1st. What things need to happen between now and July 1st to make this a seamless transition? Also, we need our June financials have the YTD (Jan - June) amounts correct. Thank you.

 

  1. Go to the Gear icon.
  2. Under YOUR COMPANY, select Accounts and Settings.
  3. Select Advanced.
  4. On the Accounting section, select the Pencil icon.
  5. Choose July on the First month of fiscal year selection.
  6. Select Save.
  7. Click Done.

1 reply

S
SarahannC
May 7, 2024

Hope you're doing well today, JWhansen. I'm here to share some insights about the changing fiscal year in QuickBooks Online (QBO).

 

QuickBooks automatically sets the fiscal year from January 1st to December 31st, but you can adjust it at any time to best fit your business needs.

 

You don't need to wait until July. You can proceed following the steps you provided to make the change. Just make sure you record all data with the correct dates so that when you generate reports, they align with the fiscal year you've set. 

 

If you need to access financial data that dates back to before July 1, you can generate reports that include the relevant data and customize the dates to match your needs. 

 

Here are some articles that can help you in closing your previous fiscal year: 

 

 

In case you have any further queries or concerns related to QuickBooks Online, feel free to post again.

H
Hugo818
July 4, 2024

Just going through an amalgamation and a new year-end will occurs June 30. Previously the year end was Feb 28. If I change the year end from Feb 28 to June 30th will the old year end data remain Feb 28 for past years and the new year end going forward will be June 30? Just don’t want to change all historical year ends to the new year end.

R
Rea_M
July 5, 2024

Congratulations on your new journey, Hugo818. I'm here to provide details about closing your books so you're prepared to start the new one seamlessly.

 

Setting a closing date for your books ensures accuracy and prevents unwanted changes that could affect your financial reports. With this, if your year-end date is changed from February 28 to June 30, previous years' data will still reflect the old year-end date of February 28, while the new year-end date of June 30 will apply going forward.

 

For more information about closing your books and a guide on updating your Closing date, please see this article: Close your books in QuickBooks Online.

 

Furthermore, you might want to check out our year-end guide to ensure all your financial activities are reconciled and to prepare your business for the upcoming year.

 

Let me know if you have any other concerns about closing your books in QuickBooks Online (QBO). I'd be happy to make sure you get the assistance you need. 

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