Changing Fiscal Year

Hope you're doing well today, JWhansen. I'm here to share some insights about the changing fiscal year in QuickBooks Online (QBO).

QuickBooks automatically sets the fiscal year from January 1st to December 31st, but you can adjust it at any time to best fit your business needs.

You don't need to wait until July. You can proceed following the steps you provided to make the change. Just make sure you record all data with the correct dates so that when you generate reports, they align with the fiscal year you've set. 

If you need to access financial data that dates back to before July 1, you can generate reports that include the relevant data and customize the dates to match your needs. 

Here are some articles that can help you in closing your previous fiscal year: 

• Year-end guide for QuickBooks Online
• Learn how to close your books and prevent changes to past transactions.

In case you have any further queries or concerns related to QuickBooks Online, feel free to post again.

Just going through an amalgamation and a new year-end will occurs June 30. Previously the year end was Feb 28. If I change the year end from Feb 28 to June 30th will the old year end data remain Feb 28 for past years and the new year end going forward will be June 30? Just don’t want to change all historical year ends to the new year end.

Congratulations on your new journey, Hugo818. I'm here to provide details about closing your books so you're prepared to start the new one seamlessly.

Setting a closing date for your books ensures accuracy and prevents unwanted changes that could affect your financial reports. With this, if your year-end date is changed from February 28 to June 30, previous years' data will still reflect the old year-end date of February 28, while the new year-end date of June 30 will apply going forward.

For more information about closing your books and a guide on updating your Closing date, please see this article: Close your books in QuickBooks Online.

Furthermore, you might want to check out our year-end guide to ensure all your financial activities are reconciled and to prepare your business for the upcoming year.

Let me know if you have any other concerns about closing your books in QuickBooks Online (QBO). I'd be happy to make sure you get the assistance you need. 

I see no Gear Icon on my Quickbooks page.

I've tried to change the accounting and fiscal years:

First month of Financial year April

Tax Year 1st April

I then save the changes but Quickbooks goes back to the original settings of January and 6 April

Also why aren't there any standard reports for the tax year?

Thank you for joining the thread, Scarlette.

We can perform some troubleshooting steps to ensure that your QuickBooks Online (QBO) account displays the correct data for the fiscal year starting in April.

Begin by logging out of your QBO account and then logging back in to refresh the session and resolve any temporary glitches. If the problem persists, consider switching to a supported browser like Google Chrome, Microsoft Edge, or Safari, as unsupported or outdated browsers can prevent some features from working correctly.

Regarding the missing standard reports for the tax year, could you clarify which specific tax report you're trying to generate? Keep in mind that QBO offers various tax reports, which can be customized to filter and display data for the desired tax year.

Here's how you can find the report:

1. Go to the Reports menu.
2. Select Standard reports.
3. Search for the taxable report in the search bar.
4. Once you open the report, apply the tax year filter to show the accurate details.

Feel free to refer to this article to discover how to maximize the benefits of your financial reports: Customize reports.

Please don't hesitate to drop a comment below if you have any other questions.