How to Set a Fiscal Year in QuickBooks 2016
The fiscal year is referred to as the financial year where all the transaction, billing, and other information is calculated annually. For accounting business, the fiscal year is calculated in QuickBooks online. In the company settings option, there is an advance option where you can change the fiscal year in accounts-related preferences. The accounting budget in QuickBooks helps in calculating the sums and the transactions accordingly. To change the last month of the fiscal year, there are certain things that you need to know.- Click on Setup --> now, on the top of the screen, see company information.
- Now, either write down or keep a check on the Current Fiscal Year and the Last Month.
- Now, write down the Last Month and New Fiscal Year and what you want your report to be on.
Once you know last Month and the New Fiscal Year. You need to report to determine when the short year is going to be over soon. Here, you need to ensure that it is a full 12-month period in the new year.
Start a New Fiscal Year Procedure
- You need to back off the company file.
- Click on Setup --> now, on the top of the screen, see company information.
- Now, either write down or keep a check on the Current Fiscal Year and the Last Month.
- Now, write down the Last Month and New Fiscal Year you want your report to be on.
- Now, click on File --> click on New Year --> now, click on New Fiscal Year
- Now, select Next and then click on Next again.
- Now, enter the last month as it is.
- Now, either the previous Fiscal Year or the current Fiscal Year (now, select the fiscal year for 12 months or less)
- Here, you need to Start a New Fiscal Year and other information.
- If it is necessary, you need to start a New Fiscal Year once again to end the process in the proper year.
Let's take an instance that will help you in understanding this Instance
September is your new Last Month and 2015 is your fiscal year (2014 October to 2015 September). You want December 2015 as the current year of the Last Month. Now, it means that the period should be closed from October 2014 to December 2014.- Take the backup of your company file
- Go to Setup --> from the top of the menu bar of your screen, and open company information.
- September is the Current Last Month and 2015 is your Current Fiscal Year.
- December is the new last month and 2015 is the new fiscal year.
- Now, open File --> Click on the New Year --> click on New Fiscal Year
- Now, select Next and then select Next again.
- Enter December as the last month.
- Enter 2014 as the new fiscal year.
- Here starts a New Year process (you can contact us for further information.)
- Here, you need to take the backup of your company file again
- Now, start a New Fiscal Year, and this time, leave the Last Month as it is (this will be December) and make 2015 as new fiscal year.
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