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Zero out accounts and begin entries for expenses for 2019?

I use QB to enter expenses; ex. marketing costs, fuel, office expenses, etc.  How do I zero these out, close for 2018 and begin to enter 2019 expenses?

 

PLEASE HELP!! 

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QuickBooks Team

Re: Zero out accounts and begin entries for expenses for 2019?

Welcome to the QuickBooks Community, macasst1.


I can help zero out your 2018 accounts, so you're able to start entering 2019 expenses.


QuickBooks has the option to allow you to close your books at the end of the year. The software adjusts the income and expense accounts at year-end to zero them out. This is to ensure you start the new fiscal year with a zero net income.

 

You can set a password to restrict access to data from the prior accounting period, including the details of every transaction. That said, transactions can't be changed without your knowledge.

 

Here’s how:

 

  1. Go to Edit at the top menu bar, then select Preferences.
  2. Choose Accounting.
  3. Under Company Preferences, click on Set Date/Password.
  4. Enter the closing date.
  5. In the Closing Date and Password window, enter the date.
  6. Confirm your password by entering it in the field box.
  7. Click on OK.

To give more insight about closing books, check out the Close your books in QuickBooks Desktop article.


If you have any clarifications about the process, leave me a comment. I’ll be around to answer them.