My LTD company incorporation date was 8th May 2012, and my "year end" according to Companies house is 31st May 2013 (makes sence)
During my company interview in QB, i set my financial year as May (as started in may last year) and the Start Date as 8th May.
I have noticed that within QB, reports such as Balance sheet, when set to run for year end only go upto April? This has me confused.
Also, when I try to add my share capital for 8th May 2012, it warns me this is an old transaction and not a good idea, however, I want it to show on my Balance shhet for year ending 31st May 2013 this year???
One last thing, as I never paid my £1 share certificate, I credited my share capital account and debited the Directors Loan Account, is this correct. My balance sheet sows a negative amount of £1, is this because I tecknically owe the business £1.00, and if this is the case, what are the transactions I make whn I come to pay that pound (soon as I open my business account)
During my company interview in QB, i set my financial year as May (as started in may last year) and the Start Date as 8th May.
I have noticed that within QB, reports such as Balance sheet, when set to run for year end only go upto April? This has me confused.
I don't use Quickbooks myself but it sounds like the software wanted you to tell it the month in which the company's financial year would normally start, i.e. June. Then, when you ran a report, the year end would be May.
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Pearce & Co - Chartered Accountant and Chartered Tax Adviser
My start date (or date of incorporation) is 8th May, and my year end date, and the date to which my annual accounts will be drawn up to is 31 May 2013, and then the 31 May each year.
I have confirmed this with Companies House, so therefore it is anual, or 12 months.
So, if I set the start date to May, why would the software have the year end to June and not May ?
So, if I set the start date to May, why would the software have the year end to June and not May ?
I said that the first month that the company's financial year would normally start is June. Software typically deals with twelve month periods so you need to get Quickbooks to see June as month 1 so that it then sees month 12 as being May, which is the company's financial year end.
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Pearce & Co - Chartered Accountant and Chartered Tax Adviser
So if my incorporation date is the 8th of May 2012, I need to set my start date as June so that my year end would be 31st of May? Is that correct?
If that is the case, QB asks for two dates during the start up interview.
1. The company Financial Year (Would this be where I chose June, there is no option to pick a day, just the month)
2. My Quick Books start date, where I can pick an exact date... Would this be where I would put 8th May 2012, as this was the EXACT company start date?
Thank you very much again for your help. I appreciate it. Steve
