Fiscal Year End Field

The system uses this field on the Book Defaults tab to display the last month of the company's current fiscal year. The end of the fiscal year may be different in different books. This field is for display purposes only. The default fiscal year-end is December.

Note: If the end of the fiscal year has changed since the company's first year, the Short Years tab displays the change(s) there. Thereafter, the fiscal year-end field will reflect the current fiscal year-end.

If the company's first year of business was less than 12 months and you later need to correct the original fiscal year-end date, you must first clear all the short years. The best way to do this is to select the Short Years tab and click the Clear Short Years button. The system clears the short years entered in Years 2 to 20 (if any). You can now return to the Book Defaults tab and enter the correct year-end dates for the company’s first year in the Fiscal Year-End field. If you have already calculated depreciation, you must also reset depreciation. See Resetting Depreciation.