How to set fiscal year in quickbooks 2016

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 company settings option there is a advance option where you can change the fiscal year in accounts related preferences also. The accounting budget in quickbooks help in calculating the sums and the transactions accordingly.
To change last month of the fiscal year, there are certain things that you need to know.

  • Click on Setup –> now, on the top of screen, see company information.
  • Now, either write down or keep check on Current Fiscal Year and the Last Month.
  • Now, write down the Last Month and New Fiscal Year and you want your report to be on.

Once you know last Month and New Fiscal Year. You need to report you to determine when short year is going to be over soon. Here, you need to ensure that it is full 12-month period in the new year.

Start a New Fiscal Year Procedure

  • You need to back of the company file.
  • Click on Setup –> now, on the top of screen, see company information.
  • Now, either write down or keep check on 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 fiscal year for 12 months or less than that)
  • 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 up the process in the proper year.

Let’s take an instance that will help you in understanding this Instance

The September is your new Last Month and 2015 is your fiscal year (2014 October to 2015 September). You want the December 2015 as current year of the Last Month. Now, it means that the period should be closed from October 2014 to December 2014.

  • Take the backup your company file
  • Go to Setup –> from the top of menu bar of your screen, 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 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 last month.
  • Enter 2014 as new fiscal year.
  • Here starts a New Year process (you can contact us for further information.)
  • Here, you need to take the back up 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.

The topic of course contains so much technicalities, you may need to have Quickbooks error support team around you to make this topic understandable. Call our Expert support team on Chat now or have live chat with them to get your problem on changing fiscal year sorted out or if you face any error.

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