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zmaleki51
Level 3

Month end closing

Hello, My question is since we have twelve months in a year, I want to close each month. Is there any possibility to close monthly.

3 Comments
Anna S
QuickBooks Team

Month end closing

Hi there, @zmaleki51.

 

I hope all is well. You can close your books at the end of every fiscal year or every month. If you choose to close monthly, you can create a closing date and password. This will allow you to set up restricted access for the file, and no changes can be made to your transactions within that month. You'll also want to run the Closing Data Exception report to show all the current and past closing dates and what user closed them. I've included some articles that you'll find helpful in the process:

 

 

Feel free to reach back out to me here if you have any further questions. I'm always here to help.

nannuge9
Level 1

Month end closing

Do I have to go into the settings each month and change the closing date?

 

jamespaul
QuickBooks Team

Month end closing

Hello, nannuge9. 

 

Yes, you'll want to go into the settings at the end of the month to change the closing date. Although, this isn't actually needed. It just secures your transactions and data prior to the closing date. I'll gladly provide the steps to help you set a closing date: 

 

  1. Open the Company menu, click the Set Closing Date button.
  2. Select Set Date/Password.
  3. Enter a Closing Date and Closing Date Password.
  4. Select OK to close the window.

 

closing1.PNG

 

The best part of manually setting a closing date is that you'll have ample of time to correct your books. Plus, you can also check your records to see if there are transactions that weren't record yet. 

 

A brief reference about the steps can be found here

 

Additionally, QuickBooks Desktop automatically creates an adjustment at the end of your fiscal year (not the closing date). A detailed explanation can be found in this article: Close your books in QuickBooks Desktop.

 

Need to reconcile your books before setting a closing date? A guide for the workflow can be found here. If there are other transactions you need to record or if you want to run a report, you can check other articles in this page

 

It's going to be a busy month ahead, so please let me know if there's anything else I can do for you. Here to offer guides and pointers to make your tax-related tasks easier. 

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