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JA20
Level 1

if first time submitting tax after incorporation on 10/24/2018 can year end be 10/31/2019

Hi,

If first time submitting tax after incorporation on 10/24/2018 can year end be 10/31/2019 and how to overcome the issue as QB uses just a monht (not date) as fiscal year start. 

 

1 Comment 1
AndréB
Level 7

if first time submitting tax after incorporation on 10/24/2018 can year end be 10/31/2019

Hey JA20,

 

I'm glad to see you're taking advantage of the awesome features QuickBooks Online offers to make your fiscal year-end hassle-free. Recently incorporated businesses often have a strange first fiscal period. Accurately recording this in QuickBooks goes a long way towards keeping your books organized, and taking full advantage of the product's powerful year-end features. I'm here to help you sort this out.

 

Note: The Workpapers feature available to accountants is currently designed for full months. Similarly, reports run for a fiscal will start on the first day of the first month, and end on the last day of the last month.

 

You can set a custom date for your fiscal year-end while closing books in just a couple easy steps: 

  1. Click on the Gear icon, then select Account and Settings.
  2. Head to the Advanced tab and click in the Accounting section.
  3. Check Close the books and enter a Closing date.
  4. Select Save then Done.

Here's a couple articles with some extra details regarding closing books:

Let me know if you have any additional questions I can help with.

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