Setting Your Financial Year

The first thing you should do after you finish the QuickBooks Setup (besides celebrate) is to let QuickBooks know in what month your financial year and payroll tax year (if applicable) begins. QuickBooks needs this information to produce accurate financial reports, such as the profit and loss report for a financial year.

You do this by clicking Company:⇒Company Information. In the Report Information area of the Company Information window (see Figure 2-8), select the drop-down arrow next to the Financial Year field and choose the first month of your financial year. Next, click the down arrow next to the Tax Year field and select April. The Tax Year field refers to the payroll tax year which begins on 6 April of one year and ends on 5 April of the following year.