I officially launched my business on 1st Dec 2013, so strictly speaking my business/financial year ended on 30th Nov 2014. That said, and like many sole trader operations, I was guided to keep the books in line with the tax/fiscal year and did my first year-end close at 31/3/14 in QF.
If I look at Account settings==>year end process, the year-ending date currently reads 31/3/15. On first glance that seems fine, but it is not the end of the tax year. Then when I check the tax summary page, it quite clearly and correctly shows the start and end dates for the 14/15 tax year (6th April '14 to 5th April '15) - making the end date 5 days beyond 31st March!
The obvious question here is - will sales dated 1st to 5th April '15 be included or excluded in the year-end close of 31/3/15? I am confused!! Can anyone clarify the situation for me?
If you go into Account Settings >> Company Settings you should see a year end date here, I suspect it is set to 31/03/2015. If you change this to 5/4/2015 that will align all your reports to the fiscal year. Some self employed individuals use there own accounting periods that don’t necessarily align with the fiscal year so this has been left configurable.