Glad to have you here, @Mj24.
Having a correct year-end is important for keeping an accurate reports and business snapshot. I'd be delighted to make sure you're able to update the accounting period of your company file in QuickBooks.
To eliminate any confusion on what accounting period you're using, the calendar year will specifically state the beginning and end dates covered by the report or financial statement you generate. QuickBooks Desktop uses the calendar year beginning in January as the default fiscal year or accounting period for your records unless you enter a different starting month. Just make sure to select January as your starting month for the reporting schedule and December 31 as the last day of reporting.
Here's how you can update your QuickBooks reporting information:
Once completed, you can run reports to show data for Calendar year (from January1 - to December 31).
Let me know how it works on your end. I'm always here to help you customize the year-end reporting calendar in your account.
I have a client switching from a June 30 fiscal year to a Dec. 31 calendar year. WHEN should they change Fiscal Year/Tax Year months to January? They will have a short year (July1 - Dec. 31). Should they do it in July or wait until December 2019/January 2020?
Thank you for joining in the discussion, @SegCpa.
Allow me to step in and help share a few things about changing Fiscal Year in QuickBooks.
Your client's data will remain intact even if they change the Fiscal Year End date. However, the reports in QuickBooks will display transactions between the dates you've chosen. If you need to see reports using the previous Fiscal Year End date, the date must be entered manually.
Ideally, most users prefer waiting until December 2019 instead of doing it in July. You may check out this helpful article if you need to know more about choosing a fiscal or calendar year for your client's business: Should You Adopt a Fiscal or Calendar Year for Your Small Business?
You can also check our site should you need other helpful references in the future: Help articles for QuickBooks Desktop.
Let me know if you need anything else or if you have other questions about setting Fiscal Year End. I'll be here to help.