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nycte
September 15, 2020
Question

Start Fiscal Year On Specific Date

  • September 15, 2020
  • 1 reply
  • 0 views

Hi everyone,

 

We are a restaurant company using a 13-period system for our fiscal year, so our fiscal year starts and ends on a different day each year. On Quickbooks online it appears that it is not possible to begin a fiscal year on a specific date (i.e. 12/29/19) - the only setting is to choose a beginning month, but the year will always begin on the first of that month (i.e. 12/1/19). I was told by a support rep that it IS possible to start the fiscal year on a specific date in Quickbooks Desktop, but from reading a few other threads it appears that may be incorrect. Can anyone tell me if it is possible to designate a specific date other than the first of a month to begin our fiscal year if we use Quickbooks Desktop?

 

Thank you,

Mike

1 reply

Kristine Mae
Kristine Mae
September 15, 2020

You can only select the first month of the fiscal year, Mike. You're unable to select a specific date.

 

Let me guide you with the steps:

  1. Click Company.
  2. Select My Company.
  3. Click the Pencil icon in the COMPANY INFORMATION section.
  4. Go to the Report Information tab, then select the first month of your Fiscal Year.

QuickBooks registers the first month that your fiscal year starts and it automatically understands when it ends. If you wish to change the financial year, the data will remain intact. 

 

If you have more questions, you can always leave a comment below. We're just around to answer you. 

 

N
nycteAuthor
September 16, 2020

Thanks Kristine - to be clear, you're saying that it is also not possible to have a fiscal year start on a specific day of the month in Quickbooks Desktop, as well as in QB Online?

LieraMarie_A
LieraMarie_A
September 16, 2020

Thanks for getting back to us, @nycte!

 

Yes, the Fiscal Year is a one-year period that starts on the first day of any month. This applies to QuickBooks Desktop, as well as in QuickBooks Online. 

 

Here's how to set your Fiscal Year in QuickBooks Online:

  1. Go to the Gear icon.
  2. Select Account and Settings.
  3. Select Advanced.
  4. In the Accounting section, verify that the setting in the First month of fiscal year field is correct, or select Edit ✎ to change the setting.
  5. Select Save.
  6. Click Done.

The screenshot below shows you the last four steps.


I'm also adding these articles for reference in case you need tips and related articles in the future:

I'm always around if you have other questions or concerns. Have a good one, @nycte.

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