Changing the fiscal year End date

Hi there, @Amycao. Let me provide insights about the fiscal year-end date in QuickBooks Online (QBO).

Changing the fiscal year-end date to November doesn't have a big impact on your data. It's not retroactive. However, it'll affect your report dates when generating new sets of reports or budgets.

The first month of the fiscal year is the beginning month an organization uses to report its finances. It doesn't need to correspond to the calendar year, businesses are generally free to choose when their fiscal years begin and end. 

On the other hand, the first month of the income tax year is the starting period for reporting your income and expenses that are used to calculate your taxes. Most individual taxpayers set their tax year to January 1 through December 31.

I'm adding these articles for more information:

• Tax Years
• Year-end guide for QuickBooks Online

It's my pleasure to share these details with you today. If you have follow-up questions, let me know by adding a comment below. I'm always here to help. Keep safe!

Our organization has a tax year end of 08/31. Our QB settings are Sept. for both First Month of Fiscal Year and First Month of Revenue Year.  We would like to prepare budgets based on a calendar year.  After reading your reply to the other questions, I'm assuming if we we change the First Month of Fiscal Year to January, we would be able to run budgets based on a calendar year?  What are the implications of this change?  Thank you.  

Welcome to the Community, @JaneEC. I understand that you want to change your Fiscal year date. Just a heads up, there are changes that you need to consider when modifying your fiscal year date.

Changing your fiscal year start month will affect your reports. Reports that are based on the fiscal year, such as profit and loss statements, will now align with the calendar year. It can impact year-to-year comparisons and historical data analysis. 

Also, this may not align with your tax reporting requirements. Therefore, It's crucial to consult with your accountant or tax advisor to ensure that the change will not create any issues with your tax filings. 

Furthermore, you can visit these articles to help you manage your reports:

• Customize reports in QuickBooks Online.
• Memorize reports in QuickBooks Online.

Leave a comment below if you have further questions about the fiscal year and other QuickBooks-related concerns. I'll be here to lend a helping hand.