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T
tuck1
December 20, 2023
Question

How to set the current year during setup

  • December 20, 2023
  • 1 reply
  • 15 views
When entering the starting balances, QBO thinks I am in 2022? Rather than 2023? 

    1 reply

    AlcaeusF
    AlcaeusF
    Level 14
    December 20, 2023

    Hi Tuck,

     

    We want to help you with your concern about the starting balances. However, we need more information about the issue.

     

    Can you share where in QuickBooks it's showing the year 2022 on your starting balances? Are you referring to your chart of accounts? I recommend sharing some screenshots for some visual reference to the problem.

     

    We'll keep an eye on your response regarding the starting balances in QuickBooks. Have a great day. 

    T
    tuck1Author
    December 21, 2023

    When adding a Starting Date and Opening Balance in the Edit Account Form, If I select Beginning of this year, it sets the date to Account Balance at end of day 06/30/2022 (our fiscal year run 7/1 to 6/30).

    I have been selecting Other Date and entering 7/1/2023, which sets it correctly to 06/30/2023. 

     

    However, I am concerned the system believes my current year is 2022, not 2023. 

     

     

     

    Z
    ZackE_Moderator
    Moderator
    December 21, 2023

    Thanks for following up with the Community, tuck1. I appreciate your screenshot.

     

    Since the date is off when you select Beginning of this year while editing an account's opening balance, I'd recommend checking your Accounting settings to confirm an accurate first month of the fiscal year is set.

     

    Here's how:
     

    1. Use the Gear icon, then go to Account and settings.
    2. Access your Advanced tab.
    3. In the Accounting section, click your Pencil icon.
    4. From the First month of fiscal year ▼ drop-down list, specify a month where you start your fiscal year.
    5. If any changes were made, select Save, then Done.

     

    I've also included a couple detailed resources about working with accounting settings and opening balances which may come in handy moving forward:
     

     

    I'll be here to help if there's any additional questions. Have an awesome day!

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