Tax years

A tax year is the container for everything else: accounts, imports, transactions, reconciliation, the wealth statement and the export. Nothing crosses between years, deliberately — FBR revises the return forms by SRO nearly every year, so a number that was right on one year's form is not automatically right on another's.

Pakistan's tax year runs 1 July to 30 June and is named for the year it ends in. The year ending 30 June 2026 is TY2026.

Full years and skeleton years

A full year is one you are actually preparing: statements imported, transactions categorized, reconciled to zero.

A skeleton year holds only what a later year needs from it — chiefly closing balances and assets held. You create skeleton years when your records start mid-history and you still need the opening position of the year you care about. They cost you minutes rather than an afternoon of statements.

The year-chaining rule

One year's closing balance is the next year's opening balance. That is what makes the balance chain work across years rather than just within one, and it is why the app will not let you set an opening figure that contradicts the year before it.

Which year the picker defaults to

The most recently closed year, not the one in progress. In July 2026 you are filing TY2026, not TY2027.