Managing the finances could be difficult, but with QuickBooks it has become easy. In this article we are going to talk about starting the new fiscal year.
Starting the New Fiscal Year
When the taxes are filed at the year end then CRA just want to see the current year’s financial information. So, starting the fresh fiscal year does make sense no matter what accounting package is used by you. Year-end function is included in QuickBooks that helps in separating the financial transactions done between one year and another.
Before beginning the new financial year and ending up the previous one, ensure that you have entered all the financial transactions, along with the bank accounts’ reconciling, invoicing the services and products that were sold during the previous fiscal year ad entering the supplier invoices.
Entering A Fiscal Year in QuickBooks
Correct fiscal year is of vital importance because it is very helpful in keeping the graphs and reports accurate. January will be used as the beginning of the calendar as default by program, for the records you have entered, until and unless a different month of starting is mentioned by you.
In case you are looking forward to getting the fiscal year changed then, go to the program settings to edit it, anytime.
To do that:
- Get the QuickBooks opened and then go to company menu. After that tap on Company Information
- Now from the drop down of Fiscal Year, choose the correct month
- As soon as you click on OK button, fiscal year’s new start will get recorded
Closing The Year-End in QuickBooks
Getting the year closed in QuickBooks is the important most step, that should be followed without falling short. This step should be completed at the year-end and once the files have been sent to CPA. You would like to have the surety that data is not getting changed and the most important part is to ensure that data is not entered in the wrong period.
There are the chances of this error happening frequently, so be careful because it may overburden your CPA for the upcoming year by creating more work.
Read This: How to close year-end in QuickBooks?
If the period is not closed properly then there are chances that employees or anybody else can change or delete the entries made by you. As you know that QuickBooks work on dates entered by you and if you are entering the date on first day which is 1/1/11 but you actually mean to enter 1/1/12, then the entry will appear in the previous year now. In order to resolve this issue, you can use the option of Set Closing Date and Password within the Company Preferences. With this option you can get the previous year’s information locked and nobody other than you can change it, because it becomes password protected.
Issues/ Problems that users face while changing dates in QuickBooks
- Issue Type one: If say, you are trying to change the company’s Fiscal Year End date and while doing so reporting of the previous fiscal years is also getting affected.
- Issue Type two: How to prevent the changing of closing date to other date format when the file is opened in another computer?.
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