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bjkristan
Level 1

How do you correct the fiscal year for a fiscal year company

It appears that my fiscal year company was set up as a calendar year company because the net income shown in the equity section is not the year to date income for my fiscal year which ends on 3/31

1 Comment 1
Ivan_G
Moderator

How do you correct the fiscal year for a fiscal year company

We can change your fiscal year from the Account and settings menu, bjkrist. I'll share the steps below.

 

Please know that modifying your fiscal year or the starting point of your financial year will also change the dates in your report. However, this will not impact your existing data. Thus, you can safely enter the dates of those entries from the previous fiscal year by customizing your report.

 

To correct the start of your fiscal year, refer to these steps:

 

  1. Go to the Gear icon, then Account and settings.
  2. Select the Advanced tab and click the Accounting section.
  3. Modify your fiscal year accordingly.
  4. Once finished, hit Save, then Done.
    Change fiscal year.png

 

You may also check this resource: Year-end guide for QuickBooks Online. It can help you close your previous fiscal year and prepare for the new one on the platform.

 

Drop by again to this thread should you have follow-up queries about your fiscal year in QuickBooks. The Community always has your back.

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