How can I change my year end to July 31 from Dec 31

Hello and thanks for joining us in the QuickBooks Community!

QuickBooks Online is designed to keep business accounting and bookkeeping as simple as possible. Luckily, changing your year end is also a simple task, and I'd be happy to show you how to do it so you can easily manage your reports and data.

Changing your year end dates is done through the settings of your QuickBooks Online account, regardless of which account package you have. These are the steps you can take to switch it.

1. Select the Gear icon.
2. Choose Account and settings.
3. Click the Advanced tab.
4. Click the Accounting section to edit.
5. Choose from the First month of fiscal year drop-down menu (Note: Since you want December to be your year end, choose January as the first month).
6. Click Save.

That's all it takes! You'll see that the option doesn't give you the option to choose a specific day of the month. Just in case your business ever shifts to a mid-month year end, to handle those situations, you'd still pick the first month of the fiscal year in the settings and then manually adjust any dates when running reports to see fiscal year information.

All the fiscal year feature does is help with making reporting more simple. Many reports include the date filter option Fiscal year, so when you have it set up in the settings, that's where the program references to know how to organize the data.

That should get you on your way, but feel free to ask more questions if you have them. I'm here to help!

Hello,

I have Quickbooks Self Employed. Once I am signed on and click my Gear I do  not have the account settings option. Am I in the correct spot?

Thank

ian

Hi JohnSmith4,

Thanks for joining us here.  In QuickBooks Self-Employed, the tax year is by calendar year.  However, I can see how beneficial it would be to set your fiscal year for accurate tax calculations and filings.  If you'd like to have the ability to set your accounting period based on the fiscal year, I recommend review our Plans and Pricing page to review which QuickBooks Online product best suits your business needs.  

If you'd like to see this option in QuickBooks Self-Employed moving forward, please don't hesitate to submit a suggestion to our Development Team.  You can do this by opening the Assistant in the upper right of your account, enter Feedback and follow the prompts.  Customer recommendations are greatly appreciated in assisting with future updates, to improve your overall customer experience with QuickBooks products.

If you have any other questions, reach back out.  We'd be happy to help!