You can change the last month of your financial year when you close a financial year. However, changing your last month will result in a shorter or longer current financial year (it's usually a six or eighteen month financial year depending on what month you're moving from and to). Check with your accountant about reporting requirements for a short or long financial year. Also note that you only should change the month after the end of your financial year which you are moving to. For example, if you want to change from a July-June financial year to a January-December financial year, you should change the last month after 31 December. Moving to the January-December financial year before the end of December will prevent you from being able to enter transactions until the start of the next year (that is, 1 January). You can change the last month of your financial year in step 2 of the Close a Financial Year assistant. Change the Last month of the next financial year to the month of your choosing. Image Added Make a backup before you make this change. Image Removed |