Why does Quicken display FY based on year end?
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BrendaP
Member ✭
According to the IRS, the Fiscal Year is the year in which it starts, not when it ends. I'm Treasurer for a small non-profit which was set up to start the fiscal year (FY) in November. The previous FY ended on 10/31/2019. When I start to create a new budget, Quicken displays it as "2020 (FY)". Shouldn't it be named "2019 (FY)"?
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Best Answer
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I suspect you may be confusing Tax Year with Fiscal Year.
From https://www.investopedia.com/terms/f/fiscalyear.asp:
Fiscal years are referenced by their end date or end year. For example, to reference a nonprofit organization's fiscal year-end, you may say, "FY 2020" or "fiscal year ending Jun 30, 2020." Similarly, if you referred to government spending that occurred on Nov 15, 2019, you would label that as an expenditure for the fiscal year 2020.
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Answers
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I suspect you may be confusing Tax Year with Fiscal Year.
From https://www.investopedia.com/terms/f/fiscalyear.asp:
Fiscal years are referenced by their end date or end year. For example, to reference a nonprofit organization's fiscal year-end, you may say, "FY 2020" or "fiscal year ending Jun 30, 2020." Similarly, if you referred to government spending that occurred on Nov 15, 2019, you would label that as an expenditure for the fiscal year 2020.
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Thank you for the clarification, Sherlock!1
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