Problem: How to change the Fiscal (Financial) Year Starts?
Solution: Set up needful Entity's fiscal year starts in Accounting Parameters.
The fiscal (financial) year is the main reporting period in accounting.
The annual accounting statements reflect all the facts of the organization's business life that occurred during the financial year: the movement of assets, equity and liabilities, cash flows, the accumulation of income and expenses, and the formation of financial results.
Usually financial year = calendar year, that starts from January.
Example:
Via Statement of financial position (Balance Sheet) report is needed to analyse May 2024:
Trial balance shows results from January 2024 to May 2024 (fiscal year):
In order to change Fiscal Year Start follow the steps:
1. Go to Accounting > Entities:
2. Select the needful Entity:
3. At Accounting Parameters tab, change the Fiscal Year Starts to June and save changes:
After applied changes, Statement of financial position (Balance Sheet) and Trial Balance show period from June 2023 to May 2024:
