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4/4/5 Accounting but File Taxes based on Fiscal Year

  • 2 November 2023
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Hi Everyone, 

 

We are looking to have our calendar year set to the 4/4/5 method but the taxes are filed based on a Fiscal Year. 

 

Is it possible to get Trail balances and Financial statements based on a Fiscal year while the Financial year setup in the system is 4/4/5?

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Best answer by Laura02 2 November 2023, 21:23

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Hello @Lhouldsworth ,

It’s possible to report taxes by calendar year, 12 monthly tax reports, or on another schedule like once annually, every quarter etc. while separately, having Fiscal Year set to 4/4/5 weeks.

If the fiscal year is defined as periods of length 4/4/5 weeks, then the Trial Balance reports and financial reports (Balance Sheet, Income Statement) will follow the fiscal periods defined in the Fiscal Year.

Laura

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