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JWhansen
May 7, 2024
Question

Changing Fiscal Year

  • May 7, 2024
  • 6 replies
  • 191 views

Hello! We are using QuickBooks Plus and QuickBooks Bill Pay Basic.

Our current fiscal year runs Jan 1 to Dec 31, we want to change this to July 1 to June 30. This will take place in just a couple months. I located to change the fiscal year (see below), but when do I make this change? Do I wait until July 1st? We need to prepare and enter budgets either before or right after July 1st. What things need to happen between now and July 1st to make this a seamless transition? Also, we need our June financials have the YTD (Jan - June) amounts correct. Thank you.

 

  1. Go to the Gear icon.
  2. Under YOUR COMPANY, select Accounts and Settings.
  3. Select Advanced.
  4. On the Accounting section, select the Pencil icon.
  5. Choose July on the First month of fiscal year selection.
  6. Select Save.
  7. Click Done.

6 replies

SarahannC
Level 9
May 7, 2024

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: 

 

 

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

Scarlettefever
January 1, 2026

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?

 

JoelESQuickBooks Team
QuickBooks Team
January 1, 2026

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.

ZTC1
November 8, 2025

I see no Gear Icon on my Quickbooks page. 😶

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