Month-end closing and reports for QB Desktop 2020

Hey there, @beckellh. 

Thanks for taking the time to reach out to the QuickBooks Community for support. I hope you're enjoying the day so far. 

There are many things that you need to ensure you have completed before closing your month-end books. Such as:

• Reconciling the general ledger 
• Review your reports:

  • Bank reconciliation (after the bank reconciliation has been completed)

  • Accounts receivable aging detail total = the Balance Sheet Accounts Receivable GL account

  • Accounts payable aging detail total = the Balance Sheet Accounts Payable GL account

  • Inventory valuation total = the Balance Sheet Inventory account

  • Payroll Month to date earnings report look at gross wages. If the fiscal month is calendar = the total gross wages expense account

Once you've reviewed and cleared all your data, you can close the books. Here's how:

1. Go to the Edit menu, then choose Preferences. 
2. From the left pane menu, click on Accounting. 
3. Tap on the Edit icon. Then, check the box labeled Close the books. 
4. Enter a closing date. Transactions dated on or before the closing date cannot be changed without warning.
5. After you've entered your changes, tap Save then Done. 

Please know that it's always best to consult with your certified accountant before making any changes to your books. Your accountant will know which accounts to review and they will know if any balances seem off. If you don't have an accountant, don't sweat. You can find one here in our Resource Center. 

Please let me know if you have any questions or concerns about this process. I'm always here to lend a hand. Take care!