Trial Balance by "Tax Reporting Year" for those with Fiscal Year <> Tax Year
The issue we face is the tax year may differ from fiscal year of company. The Trial Balance report does not have an option to run the TB for the "Prior Tax Reporting Year". Currently, I have to manually create a trial balance by running the calendar year and the period of prior fiscal year that rolled into retained earnings, so I can back it out of the BS and manually build a TB for the 12/31 period.
Ideally one would align these reporting years, but many do not and I think this feature is important to have in QBO.
Sidenote - Why isn't reporting a drop down option? Is Other Transactions the correct category for reporting issues?
Rita Shires
shared this idea
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Alex Morgan commented
This would definitely be a valuable improvement for businesses working with different fiscal and tax reporting years. Manually adjusting retained earnings and rebuilding the Trial Balance for tax reporting periods can become very time-consuming, especially for accountants handling multiple entities.
Having a dedicated “Tax Reporting Year” option directly within Trial Balance reporting would simplify workflows and reduce manual adjustments significantly.
I’ve also been exploring lightweight online utility platforms recently that focus on simplifying administrative and calculation workflows, including https://cfcalcolo.com for browser-based fiscal code related tools and digital processes.
A dedicated reporting feedback category would also make feature requests like this easier to organize and track.