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regan-kevin1
February 10, 2020
Question

How do I close out prior years and start afresh in 2020?

  • February 10, 2020
  • 10 replies
  • 78 views
No text available

10 replies

Angelyn_T
Angelyn_TModerator
Moderator
February 10, 2020

Thank you for taking the time to reach out to us here on the Community page, @regan-kevin1.

 

If you wish to close your books to lock past transactions, you can do this by following these steps:

 

  1. Click on the Gear icon at the upper-right corner of the page, then select Account and Settings under Your Company.
  2. Go to the Advanced tab at the left pane. 
  3. Under the Accounting section, put a check-mark on the box beside Close books and enter the Closing Date.
  4. Set whether or not a password is needed to change closed transactions.
  5. Tap Save, then Done.

 

For additional information about closing books in QuickBooks Online (QBO), read this article: Close your books to lock past transactions.

 

On the other hand, if you wish to delete your data and start over fresh in 2020, check this link as your reference depending on how old your transactions are.

 

Keep me posted if you have any other questions. I'm always here to help however I can. Have a great day!

Rustler
Rustler
Level 15
February 10, 2020

@regan-kevin1 

 

You can not, QB is perpetual so you can not start fresh.  To start fresh would require a new subscription

V27
December 23, 2020

If you are using QBS Desktop; you can start a new company file and when setting up your Chart of Accounts; enter beginning balances OR do a JE to enter beginning balances of your Balance Sheet and put to Retained Earnings.

 

bank acct   dr - beg bal    cr - retained earnings

loans   cr - beg. bal.   dr. - retained earnings

 

I have done this many times for clients as they have done so many transactions wrong in their QBs file that it to messy to fix.  You will always have your old file for historical purposes.  If you are using QBS Online; I recommend downloading all your data into another software such as Excel and then starting a new company so you are not paying for two company files. 

    Quckbooks concerns
    March 21, 2021

    I dont have a messy file issue, however after reconciling every month, the following month is always a mess. Things that where checked for reconciliation are no longer, is this a common issue with QBs

    MichelleBh
    MichelleBh
    Level 8
    March 21, 2021

    Thanks for joining on this thread, @Quckbooks concerns.

     

    I've checked our reports about reconciling accounts in QuickBooks Online (QBO) but I didn't see any related to this. Let me give you some troubleshooting steps to resolve the reconciliation issue. 

     

    First, I'd recommend checking your Bank register to check if the transaction status is C. If it's, then the transaction should have checked on the reconciliation page. 

     

    See the sample screenshot below for your guidance:

     

     

    Once confirmed and the issue persists, I'd advise logging in to your account through incognito. This way, we can check if it's a browser-related issue. 

     

    Here are the keyboard shortcuts:

     

    • Google Chrome: Ctrl + Shift + N
    • Safari 11 or newer: ⌘ + Shift + N
    • Mozilla Firefox: Ctrl + Shift + P
    • Microsoft Edge: Ctrl + Shift + P

     

    Once logged in, re-check the transaction if it's already checked to verify if it's now operating properly. If it's, please go back to your usual browser and clear the cache. So, it will speed up your overall browsing experience and fix other issues. Using other supported browsers is a good alternative too.

     

    Additionally, you can always access Reconciliation Report to review all the reconcile data. Then customize it to show precise information. 

     

     

    I've also encouraged you to access these articles about fixing reconciliation errors and other related topics. 

     

     

    Feel free to leave a message if you have further questions about reconciling in QBO. I'm glad to help you. Take care.

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