Hello there, Jims. Since your fiscal year is changing, you can set the first month of your fiscal year to January in QuickBooks. This will affect your future reporting periods going forward.
You can go to the Gear icon > Account and settings, then go to the Advanced tab and find the Accounting section where you can update the first month of fiscal year and set your closing date.
To close the books for both periods, first set the closing date to March 31, 2025 to protect the old fiscal year. Later, update the closing date to December 31, 2025 to protect the 9-month transition period.
Please note that you can close the books anytime as long as your transactions and records are finalized and accurate for each period. We also recommend consulting with your accountant to ensure proper tax filing for both periods.
Feel free to reply if you have any questions. We're here to help.
