This article addresses how to update your business accounting financial reporting period settings in QuickBooks Online.

There are two basic accounting reporting periods for businesses: Fiscal and Income Tax. Most of the times both the fiscal and income tax reporting periods will simply coincide with a calendar year, much like for your personal tax returns. Note: Both Fiscal and Income Tax periods are typically 12 months in duration.

However, some businesses (and government entities), mainly for budgetary and financial reporting purposes, will choose a different 12-month fiscal year period. Keep in mind, that this new fiscal year period can ALSO be the same period for their income tax reporting periods as well. In other words, it is a 12-month year that does NOT end in December.

When you are processing financial reports from your bookkeeping software, be sure you have already pre-set both your fiscal and income tax reporting periods in your accounting settings, that way your financial reports from your bookkeeping software can correctly calculate your final numbers based on your company’s fiscal and/or income tax years.

So, to verify (and change) these reporting period settings using QuickBooks Online:

1. Go to the gear icon in the upper right-side corner.
2. Now choose “Account and settings” underneath “Your Company”.
3. Click on the “Advanced” tab.
4. Within the “Accounting” section, click on the pencil icon to edit here.
5. Now choose your first month of fiscal year.
6. Now choose your first month of income tax year.
7. Click Save.
8. Click Done if applicable.
9. Process a fiscal year based financial report to verify your settings.

Note: AccuraBooks is a bookkeeping firm only, so please consult with your C.P.A. for verification and clarification about the contents of this article.