How to Set Fiscal Year in QuickBooks Online and Desktop 2022

Thinking about the setup of the fiscal year in QuickBooks? Be relaxed, we will help you to set up the fiscal year in QuickBooks through this article. In this article, we will discuss what is a fiscal year, how to set up, close, and create a new budget fiscal year in both QuickBooks Online and QuickBooks Desktop. Meanwhile, you can get instant QuickBooks support by dropping a call through this toll-free number +1-818-295-3510.

What is Fiscal Year

Every business sets its fiscal year or a financial year. It is a period of one year but not importantly starting at the beginning of the calendar year. It may be any 12 month period that the company and government use for financial reporting. As per the Internal revenue service (IRS), a fiscal year is one year or 12 consecutive months ending on the last day of any month except December. The end of the financial year may have many effects. Hence, it should be appropriate and suitable for your company.

Set Up Fiscal Year in QuickBooks Online

It is very easy to set the fiscal year in QuickBooks Online. If you are a QuickBooks Online user and want to set up a fiscal year then follow the procedure;

Primary Set Up for Fiscal Year

Here is the step to set up the fiscal year at the primary level;

  • First of login to QuickBooks Online.
  • Click on the Setting icon ⚙️located in the upper right corner.
  • Select the ‘Account and Setting‘ option.
Account and settings in QuickBooks Online
Account and settings in QuickBooks Online
  • And choose the ‘Advanced‘ tab.  
  • Move to the ‘Accounting’ section. 
  • To enter the first month hit the Edit and enter the month.
  • Once done, hit the Save button.
  • Click the Done button.

How to Close Fiscal Year

Follow the steps to close the fiscal year in QuickBooks Online;

  • Go to Setting ⚙️ icon from the top.
  • Select the ‘Account and Setting‘ option, then the ‘Advanced‘ tab.
  • Click on the Edit ✎ icon in the Accounting Section.
  • Select the Close the books checkbox.
  • Enter a closing date, then click on the ‘Save’ option.

Set Up Fiscal Year in QuickBooks Desktop

If you are a QuickBooks Desktop user and want to set up the fiscal year then follow the below procedure;

Primary Set Up for Fiscal Year

Follow the steps to set up the primary fiscal year in the QuickBooks Desktop;

  • Login to QuickBooks Desktop account.
  • Go to the Company menu.
  • Hit on the  My Company option.
  • After that go to the Company Information window and click on the Edit ✎ icon
  • Choose the Accounting option.
  • Once it is done, go to the Report Information tab
  • Click on the first month of the Fiscal year.

To Close Fiscal Year

If you want to close the fiscal year in QuickBooks Desktop then follow the below procedure

  • Go to the Edit menu.
  • Click on the Preference option.
  • Choose the Accounting menu.
  • Go to the Company Preference tab.
  • Click on the Closing Date section and choose the Set Date/ Password option.
  • Remove the date from the closing date field.
  • Hit the OK button.

Set Up New Budget for New Fiscal Year in QuickBooks Desktop

You can easily set up a new budget with a new Fiscal year in QuickBooks. Once you ensure you have mentioned the correct Financial year when creating a new budget, you can follow the given steps to proceed.

  • Click to the Company tab from the top menu bar.
  • Select Planning and Budgeting.
  • Choose Set up Budgets.
Set Up Budget in QuickBooks
Set Up Budget in QuickBooks
  • Ensure to specify the year and type for your new budget.
  • Click Next.
  • Hit the OK button.

It’s all about the setting up of the fiscal year in QuickBooks Online, and QuickBooks Desktop. You can talk to the certified QuickBooks ProAdvisor through the toll-free number +1-818-295-3510 to get assisted support.

CLOSE
Call Now