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Level 1

Start date versus fiscal year

Confused about what to use for a start date.  We are a church plant who will be going autonomous from our mother church on July 1.  We have had a local bank account for two years, but it is under the FEIN of the mother church and all accounting has been done by them.  We intend to set up our own bank account in May with our own FEIN and begin to receive donations into this account. I would like to begin using QBO, get our chart of accounts set up ahead of time and possibly start recording the donations.  My question is, what do I use for a start date if we are not autonomous until July 1? Our fiscal year will start July 1 as well. 

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QuickBooks Team

Start date versus fiscal year

Hi there, @B71.

 

Since we're unable to advise on what you will use for a start date, I'd suggest consulting your accountant or accounting professional. They can guide you on what's the best way to handle this and provide more expert advice in dealing with this concern. 

 

I'm adding our handy articles, it provides topics in managing your sales transactions in QuickBooks:  Income and expenses.

 

If there's anything else I can help you with, don't hesitate to click the Reply button. I'm always around to help you out. Be safe.

 

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Level 15

Start date versus fiscal year


@B71 wrote:

Confused about what to use for a start date.  We are a church plant who will be going autonomous from our mother church on July 1.  We have had a local bank account for two years, but it is under the FEIN of the mother church and all accounting has been done by them.  We intend to set up our own bank account in May with our own FEIN and begin to receive donations into this account. I would like to begin using QBO, get our chart of accounts set up ahead of time and possibly start recording the donations.  My question is, what do I use for a start date if we are not autonomous until July 1? Our fiscal year will start July 1 as well. 


The start date is just a date that the file was started, I would use the earliest date you can.

 

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