Calendar Year vs FY Reporting

JR5019 · ‎March 16, 2021

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.

JessT · ‎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.

JR5019 · ‎March 16, 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 · ‎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:

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

Please see this sample screenshot for a visual guide:

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

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!

chengli · ‎August 24, 2023

If I update the reporting period from FY to CY, will this affect the previous reports?

Nicole_N · ‎August 24, 2023

Yes, changing the reporting period from Fiscal Year (FY) to Calendar Year (YC) in QuickBooks Online can potentially affect your previous reports, Chengli. Allow me to elaborate and explain things to you.

When you change the reporting period, the way data is categorized and displayed in your financial reports will be impacted. You may consider a few things like data alignment, comparative analysis, tax implications, and custom reports.

Your financial data will be realigned to match the new reporting periods. This could lead to changes in how transactions are categorized and how they appear in historical reports. If you had custom reports or financial statements set up based on the previous reporting period, you might need to adjust them to match the new Calendar Year format.

With that, it's best to make a backup or copy of your QuickBooks Online data before making any significant changes. If you're unsure about the implications, consider consulting an accountant or financial professional to understand how the change might impact your business's financial analysis, tax reporting, and other aspects.

Remember that the impact of the change will depend on the complexity of your financial data, how you use your reports, and the specific requirements of your business. Always exercise caution when making significant changes to financial settings in accounting software.

To learn more about reports in QuickBooks, refer to this link: Run reports in QuickBooks Online.

I appreciate the opportunity to help you today. Should you require additional information or have any other inquiries, please don't hesitate to get in touch.

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Calendar Year vs FY Reporting