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najahlowe
Level 1

Set a fiscal year end date

Hello All:

 

I set my closing date, and (I thought) I set my fiscal year start date in the opening information, but somehow all of my reports are defaulting to the calendar year. My fiscal year is July 1- June 30, but I cannot seem to figure out how to change the default setting so that I don't have to revise my reports every single time.  Does anyone know how to do this?  I went under Company but don't see where to change it.  Thank you.

 

Najah

Solved
Best answer October 12, 2020

Best Answers
Rebecca R
QuickBooks Team

Set a fiscal year end date

Hi Najah,

 

Not only does selecting the correct month to start your fiscal year ensure that your reports will default to the correct dates, but it also lets QuickBooks clear accounting ledgers while you work on other things. You were on the right track when navigating to the Company menu, but there are just a few extra steps to take.

 

Here's how you can change the first month of your fiscal year:

 

  1. Under the Company menu, select My Company.
  2. Choose the Pencil icon to edit.
  3. Navigate to Report Information. Here you'll be able to check on and make changes to the first month of your fiscal year to make sure it's correct.

 

If there's anything else you need help with, I'll be on standby. Enjoy your day!

View solution in original post

17 Comments 17
Rebecca R
QuickBooks Team

Set a fiscal year end date

Hi Najah,

 

Not only does selecting the correct month to start your fiscal year ensure that your reports will default to the correct dates, but it also lets QuickBooks clear accounting ledgers while you work on other things. You were on the right track when navigating to the Company menu, but there are just a few extra steps to take.

 

Here's how you can change the first month of your fiscal year:

 

  1. Under the Company menu, select My Company.
  2. Choose the Pencil icon to edit.
  3. Navigate to Report Information. Here you'll be able to check on and make changes to the first month of your fiscal year to make sure it's correct.

 

If there's anything else you need help with, I'll be on standby. Enjoy your day!

Bob W
Level 1

Set a fiscal year end date

There is no My Company under the Company

 

JamesM4
QuickBooks Team

Set a fiscal year end date

Hi BobW. Thanks for messaging on this thread. I'll be happy to help you going forward. To get started, are you using QuickBooks Online, Desktop, or Self-Employed? 

2021SA
Level 1

Set a fiscal year end date

I'm using desktop and don't have my company in drop down.

JamesM4
QuickBooks Team

Set a fiscal year end date

Hi 2021SA.  Glad to have you connect with us here. I'd like to make sure you get the support you need with navigating the program. I recommend contacting our specialists so they can assist you further with this. You can reach out to our support team by dialing 1-833-317-2226. One of our specialists will be happy to assist you by sharing your screen and help you navigate the program. To find out more about our hours and other contact methods, please follow this link here. Feel free to keep me posted on how you make out, I'll be on standby. 

djshibli
Level 1

Set a fiscal year end date

If I have multiple companies (QB Ent 2019), does this change all of my companies or just the one that is open?

Alex M
QuickBooks Team

Set a fiscal year end date

Hi there djshibli,

 

It's important that your fiscal settings be correct so that your yearly financial totals balance well. QuickBooks Enterprise is a great tool able to keep track of all the transactions of your business in order to be able to show you various reports about your business financials. I can provide some information about changing your fiscal year.

 

Changing the fiscal year should only affect the company file that is currently opened on your QuickBooks Enterprise program. 

 

If you have any other questions, feel free to reach out here.

Bookeeping101
Level 2

Set a fiscal year end date

Was there ever a solution to this?  I am also on desktop and don't have a "My Company" option, just a "Company Snapshot" or "Company Information...".  This seems to be common feedback on a few of the help posts I've read so far.  

 

My fiscal year end isn't at the start of the month, it's Dec 27 and I can't seem to find how to set it appropriately.  The program has assumed Dec is the first month, therefore Nov 30 is my year end and it's already calculated retained earnings.  How do I correct this?  

 

Alex M
QuickBooks Team

Set a fiscal year end date

Hi there Bookeeping101,

 

It's vital your information be entered correctly in your books in order for them to be accurate. QuickBooks Desktop is a great tool able to help you keep track of all your company's finances in order to help you make all your business decisions. I can provide some information about fiscal year settings.

 

In order to modify your beginning of the fiscal year, navigate to the Company menu, then Company Information. You'll see the option to modify the first month of your Fiscal year and Tax year. The only option for the beginning of the fiscal period or tax period in QuickBooks Desktop is at the start of the month. I can see how having it at a different time in the middle of the month would be a feature that could help you keep track of your books more easily. I recommend you leave feedback in the system by clicking the Help menu in the top bar, then Submit feedback online. Comments made in that section are taken into consideration when creating new functions for QuickBooks Desktop. I'll pass along your feedback on my end as well.

 

If you have any other questions, feel free to reach out here.

KimV7
Level 1

Set a fiscal year end date

Hi,

 

I can set the month for my Y.E. in he desktop version so I'm wondering if my books run May 1-April 30, do I make the settings May - April? or May-May? Just want to confirm how the systems interprets it (mainly because my accountant has be questioning what I thought I knew).

 

Thanks.

Trish_T
QuickBooks Team

Set a fiscal year end date

Hi KimV7,

 

Thanks for joining us here.  Welcome!  I'd be happy to provide more information so you're on the right track with your QuickBooks goals!

 

QuickBooks Desktop understands when your fiscal year ends based on the first month that it starts.  From what you've shared, when your fiscal year ends in April, you'll want to pick May for the first month of your fiscal year.  To learn more, click on Help and then Search to bring up the search bar and then enter 'fiscal year' to bring up associated articles.

 

If you have other questions or concerns, feel free to reach back out.  We're here for you!

KimV7
Level 1

Set a fiscal year end date

Hello,

 

Thanks. I will pick May for the starting month but what do I pick for the ending month?

 

Kim

Amanda-B
QuickBooks Team

Set a fiscal year end date

Once you select a starting date for your fiscal year, QuickBooks Desktop will understand and select the end date that is appropriate.

FD999
Level 1

Set a fiscal year end date

Hello,

 

Is it possible to set a start date after the 1st of any month? my year starts from 5th April to align with UK Tax periods.

 

Thanks

Alex M
QuickBooks Team

Set a fiscal year end date

Hi there FD,

 

It's important that your company information be correct so that your yearly financial totals balance well. QuickBooks Desktop is a great tool able to keep track of sales and expenses so you can see the profit of your company. I can provide some information about changing your fiscal year.

 

Within QuickBooks Desktop, only the first of a month can be set as the start of a fiscal year. I can see how this would be a feature you'd like to see to align with the UK tax year. I recommend leaving feedback in the system by clicking on the Help menu, then Submit Feedback Online. The Comments made in that section are taken into consideration when designing new features for future updates of the software.

 

If you have any other questions, feel free to reach out here.

FD999
Level 1

Set a fiscal year end date

Hi Alex,

 

Thanks for you reply:

 

"It's important that your company information be correct so that your yearly financial totals balance well."

Absolutely agree, hence me desire to be able to set the correct date. It's good to see QuickBooks acknowledge the importance of accuracy.

 

"Within QuickBooks Desktop, only the first of a month can be set as the start of a fiscal year"

Hang on a minute..... Please read your above comment...Then could someone from QuickBooks please explain why this really important user setting is not available???

JamesM4
QuickBooks Team

Set a fiscal year end date

Thanks for getting back to us FD99. I see the importance of having this setting available. Sending feedback to our engineers is the best way to request for this feature so it's included in future updates. In the meantime, feel free to ask other questions, I've got your back. 

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