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J
JR5019
March 16, 2021
Question

Calendar Year vs FY Reporting

  • March 16, 2021
  • 1 reply
  • 23 views

I need to be able to produce a trial balance for the calendar year  (CY) and for an Apr-Mar FY.  The FY calculates not problem but when I try to produce a CY report it does not include figures between Jan and Mar. Can someone confirm my thoughts?

 

Up until now I have been running two separate books but thought using this program I would no longer have to do that.

1 reply

JessT
JessTModerator
Moderator
March 16, 2021

Hi JR5019,

 

When running the report, you can also consider changing the Accounting Method you use. You can switch from Cash to Accrual or the other way around, and then click on Run Report to refresh the data.

 

You may also set the date range to January to March 2021 to isolate the case. Then, toggle the accounting method.

 

Feel free to share an update after doing the steps above.

J
JR5019Author
March 17, 2021

HI JessT,

 

Thanks for replying.  The problem does not relate to accounting method but rather accounting periods.  I need to be able to generate a set of accounts for a calendar year and  financial year as tax returns need to be filed in two difference countries which have different accounting periods.   I want to be able to generate this information from within the one data set. 

 

Do i need to change the account period in set up every time I wish to generate reports on a different accounting period?

RenjolynC
RenjolynC
Level 9
March 17, 2021

Thank you for your prompt reply, JR5019.

 

You can either set the Report period to custom date or change the financial reporting period in the settings. When changing the fiscal year, it does not change any data. Only the report dates are affected.

 

To modify the reporting period, simply follow these steps:

 

  1. Go to the Gear icon > Account and settings.
  2. On the left panel, click the Advanced tab.
  3. In the Accounting section, select the month from the First month of fiscal year drop-down menu.
  4. Hit Save and then Done.

 

Please see this sample screenshot for a visual guide:

 

financialreporting.JPG

 

Once done, try running a report, and you will see the date underneath the report name. Here's a sample screenshot for reference:

 

fiscalreport.JPG

 

To modify the settings, you can read this article: Edit company settings in QuickBooks Online.

 

Should you need any further information, please don't hesitate to reach out to us. Me and my colleagues are always here to help. Stay safe!

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