Setting up a fiscal year in QuickBooks 2022 is really essential for your QB software to begin the account-keeping process. Do you know why? Because it’s the time when you have a lot of loads while filing taxes. When a fiscal year brings too many consequences, in the end, it needs to be correct.
This article post is going to help you in configuring a fiscal year in the QuickBooks application within a blink of an eye. Let’s chime in.
Why Setting up Fiscal Year In Intuit QuickBooks Make Sense?
Every year, a fiscal year begins and ends on a different day. And that’s why a fiscal year brings in a plethora of consequences. For example, you need to prepare and file your tax returns, draw financial statements, set up HST/GST returns, and a lot more things.
In case the ending date of a fiscal year doesn’t suit your business, then the best way to resolve this issue is to set up a fiscal year in QuickBooks Desktop or the QuickBooks Online version 2022.
When it comes to configuring the fiscal year in different versions of QuickBook, then there is a little variation in the process. So, to make things easy for you, we are going to tell you all the possible processes. Please scroll down the cursor to learn more about it.
How to Configure Fiscal Year in Various Versions of QuickBooks?
For QuickBooks Online 2022
In order to activate the fiscal year in the QuickBooks Online account, you’ll require to check the first month of the fiscal year. Suppose the details are not up to the mark, then you can rectify them after doing some changes in the first month of the fiscal year. You can do it by navigating to the QuickBooks online 2022 settings. Here is how.
- Launch the QuickBooks Online 2022 in your computer system.
- Later on, go to the “Gear Icon” on the top.
- Next, choose the “Accounts and Settings” option and then tap on “Advanced” section.
- After getting into the “Accounting” section, verify the settings. In case, the first month of the financial year is incorrect, hit on the Edit button.
- Furthermore, do the required changes for adding the correct first month of the fiscal year.
- In the final step, hold the “Save” button and hit “Done.”
For QuickBooks Desktop 2022
Not using QuickBooks Online version but QuickBooks Desktop? Well, you can set up a financial year in QuickBooks 2022 desktop version too. Check how.
- First of all, log in to the “QuickBooks Desktop” account.
- Afterwards, select the “Company” menu.
- Moving further, make sure you are clicking on the “My Company” option.
- Proceeding forward, visit the “Company Information” window and hit “Pencil” icon for editing the details.
- Now, after switching to the “Report Information” tab, you need to tap on the first month of the “Fiscal year.”
What Steps To Follow For Closing the Fiscal Year in QuickBooks Desktop 2022?
Finally, when you set up the fiscal year, the next step is to close it as well. Here is how can close it.
- To begin with, go to the “Edit” menu.
- Once done, hit on the “Preferences” option and then choose the “Accounting” menu.
- Going forward, you need to switch to the “Company Preferences” tab and go to the “Closing Date” section.
- Later on, choose the “Set Date/Password” option.
- Finally, remove the delete from the “Closing Date” field and press OK.
FAQs (Frequently Asked Questions)
Ques 1) How will I set the Fiscal Year in the 2020 version of QuickBooks?
In order to configure the fiscal year in QB 2020, you can verify the fiscal year in the setting of the QuickBooks application. Suppose you find the information to be incorrect, then rectify them after editing the first month of the fiscal year.
Ques 2) How do the fiscal year and financial year differ from each other?
Businesses adopt a financial year for the purpose of accounting for their business operations whereas the fiscal year is for paying taxes to the government.
Wrapping it up:
Indeed, after going through this blog post you can effortlessly configure the fiscal year in QuickBooks 2022. All you need to do is to follow the aforementioned steps sincerely. However, our QuickBooks experts aren’t away in case you feel any difficulty doing it. Give them a call and they will give you genuine technical assistance regarding the QuickBooks application.