The 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 Financial year starts

Example: from June to May

Solution: Set up needful Entity's fiscal year starts

Go Accounting - Entities:

Select the needful Entity:

Result: