my year end is June 30th. I am wondering when I run year end does it close out all accounts (Bank, PayPal and Credit card) or is it just the bank?
I'm happy to provide information about the closing of books, Noel!
All accounts will be affected when you close your books. However, you're still able to edit, add, or remove transactions even if your books are closed. It's your business after all. You'll only receive a popup warning that you're making changes to a closed period or be required to enter a password if you set one.
I suggest running through the year-end checklist and practicing using the QBO test drive before doing this on your QBO company. Close the books and make changes in the closed period.
I'm just a comment away if you need further assistance with your books. Have a good one!
Hi, I wonder if you can help? I started using QB online in September 2021. Only 4 transactions relate to that month, and my year end is 30/09/2021. Owing to inexperience, I omitted to run a year end on that date. My accountant has given me opening balances for 01/10/2021, which I am about to put in. I have run QB up to 30/09/2022, and everything seems to balance so far. Can I now go back and run a year end on 30/09/2021, add in my accountants' balances, and then run a year end this September 2022? Thank you.
Thanks for joining us here, Freda54.
Yes, you can go back to run your year-end for 30/09/2021. Please note that wen closing your books, QBO locks your books for that period to ensure everything stays the way you want it to.
It also prevents any accidental changes that could affect your financial reports. This means that you will need to type in a password anytime you will edit or make changes to any transactions dated before 30/09/2021.
Here's how to close your books:
Additional details about these processes are also discussed in these articles:
After that, put in all the transactions and balances for the next period. Once done, follow the same steps to do the year-end for September 2022.
Don't hesitate to let me know if you're able to close or complete the year-end process in QBO. I will also be glad to join you back in this thread if you need anything else.