What do i need to do to prepare for the end of financial year? what needs to be done to drop all expenses and sales to zero? I want all to drop to zero come 1 July 2020.
Hi there, rickmason2410.
Let me share some information about the things that should need to be done before closing the book.
Closing the book is a very important part of maintaining accurate reports in your book. We'll have to ensure that we've done reconciling your bank and credit card statements. Also, we'll need to review reports and make any corrections if needed.
We can drop all the expenses and sales transactions to zero by closing the book. To guide you further, please follow these recommended things to do.
Once done, close the book by following these steps. Here's how:
Once done, go to the Gear icon.
Select Account and Settings under Your Company.
In the Advanced tab, click the Edit in the Accounting section.
Tick the Close the books box.
Enter the closing date.
Select the actions you want QuickBooks to follow when someone attempts to modify a transaction impacting the closed period. Choose either Allow changes after viewing a warning or Allow changes after viewing a warning and entering password.
Click Save. Then, Done.
Here are some articles that you can check out to get more details about the closed book: