Nonprofit with two different Fiscal Years

GinaC2 · ‎November 01, 2021

Our Nonprofit has two fiscal years. One is Jun-Jul for our County grants and Oct-Sep for our Federal/State Grants. We are wanting to enter budgets by class, our Fiscal Year in QBDT is set for Jun-Jul. I can enter my County Grant budgets by class. To enter the Fed/State Budgets, can I change the Fiscal Year to Oct-Sep, then change it back to Jun-Jul? Then run my reports using the appropriate date depending on the Grant funding?

jamespaul · ‎November 03, 2021

Hello, Gina.

Good to have you back. I'm here to clarify about the fiscal year changes for your budget.

Yes, that's correct. To elaborate, the months on the budget sheet creation screen is tied with the fiscal year you've set in QuickBooks.

So, you would have to keep changing the fiscal year as you create different grant budgets for each period.

When running reports (budgets or any financial reports), you'll simply want to change the date range (the Dates drop-down menu) according to the fiscal year data you want to see.

Though, you can still toggle and change the fiscal year settings if you prefer it that way.

If you need help running reports or creating your budgets, feel free to check out these articles:

Are you ready to reconcile your books? This article can guide you through the process: Reconcile an account in QuickBooks Desktop.

Feel free to reply here if you have more questions about managing your budget or running other reports. I'm always here to help.

View solution in original post

katherinejoyceO · ‎November 01, 2021

Hi there, @GinaC2.

Thanks for visiting the Community today. Yes, you can change the fiscal year to Oct-Sep. Please note that changing it doesn't affect any data, and only the report dates are affected.

You can check out this link to learn more about closing your books at the end of the fiscal year on QuickBooks Desktop.

Feel free to message again if you need further assistance in updating your account's fiscal year. Take care!

GinaC2 · ‎November 03, 2021

Just so I am clear. To enter my Fed/State Grants budget I change the FY to Oct-Sep, for the County Grant Budgets I change it to Jul-Jun. Then do the same thing when I need to run my various Grant Reports. Thank you for your help!

jamespaul · ‎November 03, 2021

Hello, Gina.

Good to have you back. I'm here to clarify about the fiscal year changes for your budget.

Yes, that's correct. To elaborate, the months on the budget sheet creation screen is tied with the fiscal year you've set in QuickBooks.

So, you would have to keep changing the fiscal year as you create different grant budgets for each period.

When running reports (budgets or any financial reports), you'll simply want to change the date range (the Dates drop-down menu) according to the fiscal year data you want to see.

Though, you can still toggle and change the fiscal year settings if you prefer it that way.

If you need help running reports or creating your budgets, feel free to check out these articles:

Are you ready to reconcile your books? This article can guide you through the process: Reconcile an account in QuickBooks Desktop.

Feel free to reply here if you have more questions about managing your budget or running other reports. I'm always here to help.

ExianNYC

Hi Jamespaul

It is SUPER HELPFUL to know that I can change the fiscal year so that I can set up budgets that run from July through June, or May through April, or January through December. I have contract budgets that do all those things.

Is it also possible to do that in Quickbooks Online also? I am hoping that if I change the fiscal year to set up a budget, that won't change any other data, because our audited financial statements and our tax year are Jan-Dec. I'd like to change the fiscal year, set up a budget, and then change the fiscal year back to Jan-Dec, without messing up any other data. Obviously I would not do this during a year-end closing process.

Please LMK if I can do this without changing other data. THANK you.

JuliaMikkaelaQ

It's possible in QuickBooks Online (QBO), @ExianNYC. I'll provide details so you can perform the task without worries.

You could change the fiscal year without affecting the data on the budgets you've created in QBO. Since the old budget is saved, once you've modified the fiscal year in the Account and settings, the months on the new budget sheet screen will automatically equal the latest date set. With this, you don't have to worry about changing it multiple times. See the sample images below.

I've also included a reference to help you manage your funding within the program and even upload a budget using an Excel spreadsheet. Check it out here: Create budgets in QuickBooks Online.

This clarifies your concern about altering the fiscal year and its impact on budgets in QuickBooks Online. If you have other questions or concerns, the comment section is open. We'll ensure to provide the answer you need. Have a great day!

ExianNYC

Many thanks!

AdonL

Hi there, ExianNYC.

I'm glad to know that my colleague was able to provide the appropriate information about managing your budget in QuickBooks Online (QBO).

We're always here if there's anything else you need help with other concerns. Have a great day!

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Nonprofit with two different Fiscal Years