Hi there, @Amycao. Let me provide insights about the fiscal year-end date in QuickBooks Online (QBO).
Changing the fiscal year-end date to November doesn't have a big impact on your data. It's not retroactive. However, it'll affect your report dates when generating new sets of reports or budgets.
The first month of the fiscal year is the beginning month an organization uses to report its finances. It doesn't need to correspond to the calendar year, businesses are generally free to choose when their fiscal years begin and end.
On the other hand, the first month of the income tax year is the starting period for reporting your income and expenses that are used to calculate your taxes. Most individual taxpayers set their tax year to January 1 through December 31.
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It's my pleasure to share these details with you today. If you have follow-up questions, let me know by adding a comment below. I'm always here to help. Keep safe!
