End of fiscal year explained
Tax deadlines are coming up. Get your finances in order so an accurate tax return can be prepared.
What is a fiscal year?
It’s an accounting period over 12 consecutive months, ending the last day of any month except December.
Why is the fiscal year important?
The fiscal year determines the timeline for when a company reviews financial documents.
Can the fiscal year be adjusted?
Yes, to reflect seasonality. For example, retail fiscal year can be Feb 1–Jan 31 due to holiday shopping.
EOFY for accountants and bookkeepers
It pays to be organized for the end of fiscal year. Use Xero HQ and Xero Practice Manager to boost efficiency.Learn how to work smarter, not harder this tax season
More about EOFY and Xero
You don’t need to do a formal year-end close or roll up journal in Xero, but you can follow a simple process to check your accounts are up-to-date before the fiscal year ends.See how to do a year end in Xero
Prepare for EOFY with Xero
Xero has all the features you need to manage the end of the fiscal year effortlessly.
Simple bank reconciliation
Keep track of your cash flow with daily bank reconciliation. Save time and stay current on your business.
Up-to-date accounting reports
Track your finances with accurate accounting reports and collaborate with your advisor online in real time.