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, and starts from January.
Example: Via Statement of financial position (balance sheet) report is needed to analyse May 2024
Trial balance will show results from January 2024 to May 2024 (fiscal year):
Problem: How to change the fiscal year starts
Example: from June
Solution: Set up needful Entity's fiscal year starts
Go Accounting - Entities:
Select the needful Entity:
At Accounting Parameters tab, change the Fiscal Year Starts to June:
After applied changes, opened from May 2024 Statement of financial position (balance sheet) Trial Balance will show period from June 2023 to May 2024:
