Set up and edit your financial year in QuickBooks Online

Learn how to set up and edit your financial year in QuickBooks Online. 

Setting up your financial year in QuickBooks Online is a crucial step for accurate financial tracking and reporting. Your financial year is the 12-month period you use for accounting and tax purposes. 

Set up your first month of financial year:

1. Go to Settings and select Account and settings.
2. Select Advanced.
3. In the Accounting section, select the pencil icon ✎.
4. Select the First month of financial year ▼ dropdown, then select the month where you start your financial year. 
5. Select Save, then select Done.

Set up your first month of tax year:

6. Go to Settings and select Account and settings.
7. Select Advanced.
8. In the Accounting section, select the pencil icon ✎.
9. Select the First month of tax year ▼ dropdown. If your this is the same as your financial year, select Same as financial year
10. Select Save, then select Done.

Once you’re you're ready to close out the year, you can close your books to prevent unwanted changes before filing your taxes.Need help? Talk to an accountant about your financial year, accounting methods, and closing your books. For more information, visit ​​find an Accountant.