Most businesses end their financial year on January 1 every year. It is also the finalization of the tax year and the beginning of a new one. It helps in calculating the company’s Net Profit or Loss and zeroing out your income. All businesses have to pay taxes on all the profits made and capital gains for the last year. You can swiftly close your accounting records for the fiscal year from QuickBooks. Read this article to understand how to close the books for the end of the year in QuickBooks. Connect with Intuit certified QuickBooks ProAdvisors to learn more about this. Call on USA QuickBooks Customer Support Number +1888-477-0210 to get instant help and support services.
QuickBooks Online automatically closes your accounting year and provides you a report of your Income, Expenses, net profit or loss. You can check that out in your Retained Earnings Account.
You can easily close your books by setting up a close date which is protected from a password. If you set the previous year as the date, no one will be able to make any changes in the records until they log in from your password. Now, this is not a mandatory step. QuickBooks desktop also carries out all the calculations for you to provide you with the year-end report and set you up for the next year. If you set a password-protected closing data, your records from the last year will be safe from any accidental changes.
How To Set A Closing Date In QuickBooks?
To set a closing date:
- Go to the toolbar and click on the Gear icon.
- Now, go to Your Company and select Account and Settings or Company Settings.
- Look to the left side of the menu and click on
- Now, for editing the accounts, go to Accounting and click on the pencil icon.
- You will be able to edit the fields now.
- Click on the Close the Books box to mark it.
- Enter a Closing Date. Remember, you won’t be able to make any changes to the records which dated on or before this date without a warning.
- You will have two options to choose from which are: Allow changes after viewing a warning or Allow changes after viewing a warning and entering a password. Select any one of them according to your preference.
- If you choose to Allow changes after viewing a warning and entering a password, you will need the password to make any changes to the records.
- Type in a closing date password. Confirm the password and click o Save.
- Click on Done.
How To View Transactions Changed After The Closing Date?
If you want to track the changes that were made post the closing date warning, follow these steps:
- Open your QuickBooks and click on the Reports button in the left menu.
- Click on the search field and type in Exceptions to Closing Date and press enter.
- You must turn on the Close the Books option to view this report.
Get Help & Support For QuickBooks
We hope that you were able to understand the principle behind the closing date password and were also able to implement it on your computer. However, if you want to talk to us about the procedure or if you need assistance with any feature of the QuickBooks, dial our QuickBooks Support Phone Number +1888-477-0210 immediately. Our QuickBooks Support Services are available 24×7, so do not hesitate in dialing our number.