It's also a good idea to check that you have up-to-date information on all of your accounts. Now that you've set the first month of the fiscal year, let's see how you can review balances and send statements. Reviewing Balances and Sending Statements Now, click the Save button to finish setting up the first month of the fiscal year. Then, set the First Month of Fiscal Year field to January from the dropdown menu, if it isn't already set to that. To change values, click on the pencil-shaped icon. You can also choose to close the books, which prevents any changes to transactions before the closing date. In the Accounting section, you are able to change the first month of the fiscal year, the first month of income tax year, and the accounting method. From there, go the Advanced tab and find the Accounting section, which should be at the top. QuickBooks Online will clear accounting ledgers based on this month.įirst, click on the gear-shaped Settings icon and go to Account and Settings under the Your Company heading. Let's start by confirming which month you use to start the fiscal year. Upon finishing this lesson, you should have a good grasp on how to prepare yourself for a new year.Ĭonfirming the First Month of the Fiscal Year Review vendor account balances, pay bills, or write checks.Reviewing balances and sending statements.Confirming first month of the fiscal year.In this lesson, we will look at many of the various tasks you need to do at the end of the year.
Properly handling these tasks will ensure that you can transition from one year to the next smoothly.
You need to close the books on the current year and prepare for the next. The end of a year is a busy time for accounting.
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