Closing date update

Tembo1 · ‎February 23, 2023

Hi,

I'm using Quickbooks desktop and after starting my company, I went back to change the closing date. However, my balance sheet reads the normal Jan to Dec yet I have set my closing date to 30th Jun.

How can I update so that as I create my budgets and run my balance report among others for a financial year, the period would end on 30th Jun as opposed to 31 Dec.

Kindly assist.

jamespaul · ‎February 23, 2023

Hello, Tembo1.

I'm dropping by to help you change the date periods in your reports.

Changing the closing date (in your Preferences) won't affect the report dates when running reports or creating a budget.

So aside from manually changing the period on your report, we'll want to change the Fiscal Year from the My Company settings. Here's how to do it:

Go to the Company menu, then select My Company.
Click the Pencil icon on the Company Information screen.
Go to Report Information.
Select the month under Fiscal Year (since you want it to end on June 30th, select July).
Once done, hit OK.

When you create a budget, the dates would show as July 1st to Jun 30th. The same would happen if you set Fiscal Year for the Dates drop-down menu when running reports such as the Balance Sheet.

If you need some supplemental details about the closing dates or closing your books, check out these articles:

If you're ready to create a budget sheet or reconcile your accounts for the current period, I'll add these articles:

Is there anything else you'd like me to assist you with? Let me know and I'll cover topics ranging from reports to your entries. I'm here to help.

View solution in original post

mawaisa · ‎February 23, 2023

Hello,

Following are the steps you can modfiy your reporting period

Go to the "Edit" menu and select "Preferences."

In the same window, click on the "Reporting" tab.

Change the "Report Date Range" to "Custom" and set the "From" date to July 1st of the previous year and the "To" date to June 30th of the current year.Click "OK" to save your changes

Keep in mind that changing your closing date may affect other areas of your QuickBooks Desktop file, such as the ability to modify or delete transactions prior to the closing date. Make sure to review the impact of this change on your specific situation before proceeding.

Please let me know if this does not worked...

Best Regards,

Director,

Muhammad Awais

AccuBookkeeper

jamespaul · ‎February 23, 2023

Hello, Tembo1.

I'm dropping by to help you change the date periods in your reports.

Changing the closing date (in your Preferences) won't affect the report dates when running reports or creating a budget.

So aside from manually changing the period on your report, we'll want to change the Fiscal Year from the My Company settings. Here's how to do it:

Go to the Company menu, then select My Company.
Click the Pencil icon on the Company Information screen.
Go to Report Information.
Select the month under Fiscal Year (since you want it to end on June 30th, select July).
Once done, hit OK.

When you create a budget, the dates would show as July 1st to Jun 30th. The same would happen if you set Fiscal Year for the Dates drop-down menu when running reports such as the Balance Sheet.

If you need some supplemental details about the closing dates or closing your books, check out these articles:

If you're ready to create a budget sheet or reconcile your accounts for the current period, I'll add these articles:

Is there anything else you'd like me to assist you with? Let me know and I'll cover topics ranging from reports to your entries. I'm here to help.

Tembo1 · ‎February 27, 2023

Hi

I couldn't follow through your answer. But the other solution worked for me. Thank you though.

Tembo1 · ‎February 27, 2023

If we stay here for a moment.

I have set my expenses billable and linked each expense account to an income account. However, my struggle is when I have to select the expenses to bill. It seems I have to select the whole amount and not a fraction of the amount. If the expense was USD 1000 and I would only like to bill USD 500, it will accept for me to set the amount but it then checks off the whole amount as billed.

I have to go back to the GJ and unbill/Uncheck the whole amount to use it/bill it again. How can it work as it works in the Pay bills section where you can dictate the amount you are settling but the invoice remains unpaid until you fully settle it?

Carneil_C · ‎February 27, 2023

I appreciate your response, @Tembo1.

Thanks for laying out the details of your concern about your billable expenses in QuickBooks Desktop. I'll join this thread and help you fix this issue.

When creating a bill, you'll want to create a separate line item for the billable and unbillable expenses. I've added a screenshot below for your visual reference:

From there, the Choose Billable Time and Costs window will show up when creating an invoice since you have unbilled expenses or charges. In your case, It should show Expenses (1) $500.00, which is billable to the customer. I'll show you how to do so:

Go to the Customers menu and select Create Invoice.
Click the Customer: Job dropdown icon and choose a customer.
Tap the Add Time/Costs, and the Choose Billable Time and Costs window will pop up.
From there, go to the Expenses tab.
Tick the box of the expense amount and click Save.

You can read this article to learn more about recording bills: Enter bills in QuickBooks Desktop.

For more hints while handling your income and expense transactions in QBDT in the future, you may review these resources:

Feel free to comment below if you have other concerns about expenses and other transactions in QBDT. I'll be happy to help you out. Keep safe.

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