How to set the current year during setup

Hi Tuck,

We want to help you with your concern about the starting balances. However, we need more information about the issue.

Can you share where in QuickBooks it's showing the year 2022 on your starting balances? Are you referring to your chart of accounts? I recommend sharing some screenshots for some visual reference to the problem.

We'll keep an eye on your response regarding the starting balances in QuickBooks. Have a great day. 

When adding a Starting Date and Opening Balance in the Edit Account Form, If I select Beginning of this year, it sets the date to Account Balance at end of day 06/30/2022 (our fiscal year run 7/1 to 6/30).

I have been selecting Other Date and entering 7/1/2023, which sets it correctly to 06/30/2023. 

However, I am concerned the system believes my current year is 2022, not 2023. 

Thanks for following up with the Community, tuck1. I appreciate your screenshot.

Since the date is off when you select Beginning of this year while editing an account's opening balance, I'd recommend checking your Accounting settings to confirm an accurate first month of the fiscal year is set.

Here's how:
 

1. Use the Gear icon, then go to Account and settings.
2. Access your Advanced tab.
3. In the Accounting section, click your Pencil icon.
4. From the First month of fiscal year ▼ drop-down list, specify a month where you start your fiscal year.
5. If any changes were made, select Save, then Done.

I've also included a couple detailed resources about working with accounting settings and opening balances which may come in handy moving forward:
 

• Year-end guide
• Enter & manage opening balances

I'll be here to help if there's any additional questions. Have an awesome day!

Yes... I know, But QBO only allows you to pick the month, so ours is set to July with is how we are getting the Balance forwards to set as of 6/30.... what's missing is telling QBO that the current year is 2023 not 2022... I have now spent hour entering... accounts and balances... because the Chart of Account upload is so incredibly inadequate 4 columns, no parents, and its value set are different than the ones online... and no balances. (Okay venting done.) 

I am now concerned with trying to Close 2022, some it may roll zeros forward and replace the Balances I have entered.  

Hello there, @tuck1.

I can see the necessity of maintaining accurate records on tracking business profitability. Let me share information about the tracking period when entering the account balance.

When setting up your accounts in QuickBooks Online, it tracks the start of the year upon selecting the Beginning of the year option. If it still shows an incorrect year, choose other options for the exact period.

Since you've already set up the correct month from your accounts and settings, I recommend contacting our support to further check why it shows 2022 instead of 2023.

Here's how:

1. Sign into your QuickBooks Online account.
2. Select Help (?).
3. Go to the Search tab and select Contact Us.
4. Pick the topic you need help with or tap on Ask about something else, then type in your concern.
5. Click on Continue.
6. Decide how you would like to connect with our support.

On the other hand, closing the previous year will not replace the balance you've entered as long as you choose the correct period for the opening balance when creating the account. After closing your book, the net income will automatically be added to your balance sheets as Retained earnings.

Moreover, consider running year-end reports to identify issues and check for discrepancies in your financial data before closing your books.

Don't hesitate to click the Reply button if you require further assistance setting up balances or other related concerns in QuickBooks Online. We're always here to help.

Thanks for all who replied, and here is the Bug and the solution proposed work-around from a nice but somewhat unuse support agent. 

Bug: Since we just purchased QBO and it came already loaded with the first accounting period set to January for a Calendar Year, the current year was set to 2023, and the prior year to 2022. Had it remained a Calendar accounting year, the GL Balances would have loaded for the Current Year as of 12/31/2022. Which would have been correct. However, when I corrected the starting period to July, it only corrected the Month/Day... not the accounting year... so the system still thinks the Beginning Balances for the Current Year are as of 6/20/2022... instead of 6/30/2023. 

I used the Other Date option to enter 7/1/2023 and it became as of 6/30/2023... but then it began to bother me that it may still believe the current year to be 2023 not 2024. So I opened this conversation and then a support query. 

After teaching the agent about Fiscal Years, and explaining the Bug of them not adjusting the year when the period is changed, only the month and day, she said to try closing the year ending 6/30/2023... which I have not tried since I have not entered the Payable Balance forward yet. 

She refused to call this a bug, because there was a work-around... I asked a supervisor to call, which has not happened, and didn't the last time I asked for one to call. 

Tasl