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:
