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Senior Explorer *

QB auto generated closing entries

I'm panicking.  I just noticed QB generated end of the year closing entries automatically.  I didn't want to close my books yet.  Now the closing entry shows in my reports and in transaction detail reports.

 

Please tell me there's an easy way to remove all the closing entries that have been entered and a box to uncheck somewhere that stops QB from automatically generating end of the year closing entries.

 

Thanks for your help.

Solved
Best answer 02-28-2019

Accepted Solutions
QuickBooks Team

Re: QB auto generated closing entries

Hi there, 2robertc.

 

I'd like to add to this discussion and provide additional clarification.

 

At this time, there isn't an option in QuickBooks to stop this from happening. However, there is a way to filter the report to not include the Retained Earnings. Here's how you can do it:

  1. In the report window, click the Customize Report button.
  2. Make the necessary changes in the Display tab.
  3. Go to the Filters tab.
  4. In the Filter menu, search and select the Account option.
  5. From the Account drop-down menu, choose Multiple accounts.
  6. In the Select Account window, click the Select All button. Then, in the search field, enter Retained Earnings.
  7. Uncheck the Retained Earnings account.
  8. Click OK twice, then hit the Refresh button on the report.

Lastly, I can see how having an option to specify the exact details you want to see on the report before opening it could work well with QuickBooks. Rest assured, I'll be sending feedback to our Product Development Team based on this interaction. After all, enhancements to QuickBooks functionalities are largely the results of feedback provided by users, such as yourself.

 

I hope this response finds you with a smile today. Keep in touch if there's anything else I can help you with, I've always got your back. Have a great day!

31 Comments
QuickBooks Team

Re: QB auto generated closing entries

Hey there, 2robertc.

 

We do have an option where you can un.check the box for the closing of books. 

 

Here are the steps:

  1. Click Edit located at the top.
  2. Choose Preferences, and click Accounting.
  3. Click the Company Preferences tab.
  4. Under Closing Date, click the Set Date/Password button.
  5. Remove the Closing Date and Password.
  6. Click OK.

You can also check this article for your reference: Set, Change or Remove Closing Date and Closing Date Password.

 

If you require further information about QuickBooks, I'll be around to help you some more. Thanks.

BRC
Established Community Backer ***

Re: QB auto generated closing entries

QuickBooks does not add any data to your books to 'close' them.  It does not even have a closing process.

 

It does shift current earnings to retained earnings on your balance sheet using your fiscal year setting, but that's all and it's only at report time. 

 

So, you can continue to work on last year without issue.

 

@RenjolynC 

The closing date has nothing to do with how reports work.  It's just a date that prompts for the closing password if you try to edit transactions before that date.  Resetting the date or removing it does not change the data file in any other way.

Senior Explorer *

Re: QB auto generated closing entries

Thanks for the reply, but I never entered a closing date or a password in this option.  I figured out that selecting "All" in the report filter date range allows me to display details for the entire Account but when I select a custom date range that spans two years (i.e. 10/1/18-2/28/19), I get a "Retained Earnings" total at the top of the report for the period 10/1/18-12/31/18 and then the detail for 1/1/19-2/28/19 (See attached snip).  Is there a way to stop this from happening?  I want to be able to run report detail for specific periods across years and not have to look at "ALL" the transactions in order to see the detail for a particular date range.  I hope that made sense.

Thanks for your help

Senior Explorer *

Re: QB auto generated closing entries

Thanks for the information.  Is there a way to stop the shifting and reverse what's already been shifted?

 

I figured out that selecting "All" in the report filter date range allows me to display details for the entire Account but when I select a custom date range that spans two years (i.e. 10/1/18-2/28/19), I get a "Retained Earnings" total at the top of the report for the period 10/1/18-12/31/18 and then the detail for 1/1/19-2/28/19 (See attached snip).  Is there a way to stop this from happening?  I want to be able to run report detail for specific periods across years and not have to look at "ALL" the transactions in order to see the detail for a particular date range.  I hope that made sense.

Thanks for your help

QuickBooks Team

Re: QB auto generated closing entries

Hi there, 2robertc.

 

I'd like to add to this discussion and provide additional clarification.

 

At this time, there isn't an option in QuickBooks to stop this from happening. However, there is a way to filter the report to not include the Retained Earnings. Here's how you can do it:

  1. In the report window, click the Customize Report button.
  2. Make the necessary changes in the Display tab.
  3. Go to the Filters tab.
  4. In the Filter menu, search and select the Account option.
  5. From the Account drop-down menu, choose Multiple accounts.
  6. In the Select Account window, click the Select All button. Then, in the search field, enter Retained Earnings.
  7. Uncheck the Retained Earnings account.
  8. Click OK twice, then hit the Refresh button on the report.

Lastly, I can see how having an option to specify the exact details you want to see on the report before opening it could work well with QuickBooks. Rest assured, I'll be sending feedback to our Product Development Team based on this interaction. After all, enhancements to QuickBooks functionalities are largely the results of feedback provided by users, such as yourself.

 

I hope this response finds you with a smile today. Keep in touch if there's anything else I can help you with, I've always got your back. Have a great day!

BRC
Established Community Backer ***

Re: QB auto generated closing entries

@2robertc 

RE: "Thanks for the information. Is there a way to stop the shifting and reverse what's already been shifted?"

 

No, it happens at report time.  It's needed fro a proper balance sheet.  Why do you want to stop it?

Senior Explorer *

Re: QB auto generated closing entries

Hi AldrinS-  Thanks for confirming there is no option and for the recommended workaround.  I'm embarrassed to admit, I'm still using QB Pro 2013 (Desktop).  As a result, I'm assuming this is the reason my Select Account window doesn't have a Select All button.  Regardless, I selected all the Accounts (manually) and unchecked Retained Earning and I got the details for date range I was looking albeit for ALL my accounts not just the one I was interested in.  I appreciate you passing along the feedback to your Product Development Team.  Confirming there is no option in QB to stop this from happening for a specific account is the second best answer.  At least I now know it's not something I did in the set-up.  Enjoy the weekend.

QuickBooks Team

Re: QB auto generated closing entries

Hello there, @2robertc.

 

Yes, you’re right about the Select All button not being available in your QuickBooks Desktop 2013. Changes and enhancements have been added to QuickBooks making some options unavailable to the older versions.


You might want to consider purchasing the latest QuickBooks Desktop product to use the feature. If so, please take a look at this link to see the updated pricing and exciting features: https://quickbooks.intuit.com/desktop/.


That’s it. Reach out to us if you need anything else. The Community is here to help. Thanks for dropping by, and take care!

Senior Explorer *

Re: QB auto generated closing entries

Hi BRC- I want to be able to run report detail for specific periods across years and not have to look at "ALL" the transactions in order to see the detail for a particular date range.  I was actually more interested to know that I didn't do anything in the set-up to cause this to happen.  Thank you for taking the time to share your knowledge with the community.  Have a nice weekend.

Rob

PH
Community Contributor *

Re: QB auto generated closing entries

Hi, I have the similar issue, but the answer seems not applied to me.

I have been using QB for a while, and this "Auto closing entries" only appear within this few months, wondering Is there any way to close this "Auto closing entries", is this an software update from QB?

  

I can not make an expense report within certain period of time due to this issue.

Thank you!

PH
Community Contributor *

Re: QB auto generated closing entries

 

@2robertc I can not make an expense report within certain period of time due to this issue.

Thank you!

 

Same problem.

I am using 2019 QB Premiere desktop


 

QuickBooks Team

Re: QB auto generated closing entries

Hi there, PH.

 

Thanks for coming back. I'd like this to be taken care of.

 

Auto closing entries are important for it use to transfer the balance from the Income and Expense accounts to Retained Earnings.

 

As suggested by my colleague AldrinS, you can customize and filter the expense report if you wish to disallow the Retained Earnings from showing in the report. The detailed steps are already provided above.

 

To learn more about customizing reports, here's an article that you can refer: Customize reports in QuickBooks Desktop.

 

In case you'd like to know more about Closing Entries, please refer to this article: Close your books in QuickBooks Desktop.

 

If there's anything else you need, don't hesitate to reach back to me and I'd be happy to help.

Established Community Backer ***

Re: QB auto generated closing entries

Can you upload a picture of the report you are talking about?  I can't duplicate your issue.  I am also using Quickbooks Premier 2019 Desktop and don't have a problem with the retained earnings showing up on the report.  Perhaps I don't quite understand what the problem is, without seeing it.

Experienced Member

Re: QB auto generated closing entries

I am having this exact same problem and NOTHING changes the behavior.

 

Using QB desktop 2016

There is no closing date set and there never has been.
It doesn't matter how many accounts are selected or not selected. If all the accounts EXCEPT 3900 are selected, SAME PROBLEM.

Trying to run detail reports for utility accounts + Subaccounts for the last 12 months - crossing over new years.

If I set the dates for last year, then the details of every transaction in the accounts show, but when I set it for any dates that include 12/31 - it ONLY shows retained earnings.
This is absurd.

No changes to the dates, or using any options in the account selections has changed this.
There are no options in the reports, I can't find any custom reports that won't do this.

Once again, a simple thing that makes using QB a PITA.. And yet we are forced to upgrade every three years.

Please tell me there is a way to solve this?

 

Sepp

BRC
Established Community Backer ***

Re: QB auto generated closing entries

@Sepp 

RE: I am having this exact same problem and NOTHING changes the behavior.

 

You're having the exact same problem as who?  What problem are you seeing?

 

After reviewing this thread I see only misunderstandings on how QB works (correctly) to create a valid balance sheet.

Experienced Member

Re: QB auto generated closing entries

This is not about a balance sheet. This is about reports on any given account.

 

I want to see ALL the transaction detail for an account & sub-accounts for a given range of dates that include 12/31. IE: 3/1/2018 to 3/1/2019

When I do this all I get is the retained earnings account + two transactions in 2019.

 

I have tried EVERY version of report I can find, every detailed option setting.

 

If I select to show ALL then I get transactions going back years + I it will not sort it by account.

If I choose to sort the all list by account (a possible option) then nothing is in date order.

 

It's just odd that there is not a way to toggle this especially when trying to do an analysis of monthly values when they cross over a year.... 

SO it is the same problem - it's just a different report.

and If  read the replys correctly - the OP didn't care that all the transactions showed up.

 

SO any advice on how to run reports that allow me to show year over year comparisons with dates that cross-over the yearly dates?

 

Thanks

 

 

Established Community Backer ***

Re: QB auto generated closing entries


@Sepp wrote:

This is not about a balance sheet. This is about reports on any given account.

 

I want to see ALL the transaction detail for an account & sub-accounts for a given range of dates that include 12/31. IE: 3/1/2018 to 3/1/2019

When I do this all I get is the retained earnings account + two transactions in 2019.

 

I have tried EVERY version of report I can find, every detailed option setting.

 

If I select to show ALL then I get transactions going back years + I it will not sort it by account.

If I choose to sort the all list by account (a possible option) then nothing is in date order.

 

It's just odd that there is not a way to toggle this especially when trying to do an analysis of monthly values when they cross over a year.... 

SO it is the same problem - it's just a different report.

and If  read the replys correctly - the OP didn't care that all the transactions showed up.

 

SO any advice on how to run reports that allow me to show year over year comparisons with dates that cross-over the yearly dates?

 

Thanks

 

 


I was able to replicate a report of only closing entries and nothing more  by running a quick report across date range of a single account from the COA. Don't do that! There is a reason that income and expense accounts do not display any numbers when you view the COA as they are all date driven.

 

Same date range, however (I actually went across 3 mid years) using P&L Standard. Pick out the account you want detail on or filter for a single account and then drill down to open up detail. Works as it should.

Experienced Member

Re: QB auto generated closing entries

Thank you!

 

Such a simple problem with no direct way to find an answer!

 

Hours was spent on this - seems exactly backwards to how we think about the data.

If I'm looking at an account, I'm not looking at P&L or Balance Sheet - I'm looking at account data.

 

Thank you for solving this.

 

Regards.

Sepp

PH
Community Contributor *

Re: QB auto generated closing entries

 
QuickBooks Team

Re: QB auto generated closing entries

Welcome and thanks for joining this thread, @PH.

 

I appreciate you sharing a screenshot. Allow me to chime in and help walk you through getting the details not just the amount of the closing entry on the account quickreport in QuickBooks Desktop (QBDT).

 

This can be done by double-clicking the amount that you've encircled on the screenshot. This will route you to the transaction with its detailed information.

 

79.PNG

 

That should do it. Please let me know how it goes or if you're referring to something else. I'm always here to help you out. Have a good one.

Experienced Member

Re: QB auto generated closing entries

Just to follow up - double clicking to show the 'detail' of the consolidated retained earnings numbers might work for the OP, but if the problem is trying to run reports that you NEED the detail on for all the months, then as john-pero mentioned, you need to filter a P&L report for the accounts in question for the needed dates and not try to use the Chart Of Accounts "QuickReport" function.
A P&L report should display all the transactions for the given dates without auto-creating the retained earnings totals.

As I also mentioned, this is counter-intuitive to the workflow thinking - if I am running a detail transaction report on an account - I'm not looking for yearly closing entries. At least I should be given the OPTION to use/see that data. But logically,  if I am manually selecting dates that cross over the imaginary 'closing date' then chances are I am not looking to hide transactions from that report before a given date.
AND I would also suggest that in these reports where a 'retained earnings' line is AUTOGENERATED - this information is reflected DIRECTLY in the report. This would prevent HOURS of research into why the reports are showing an 'imaginary' closing date entry - when no such entry was created yet.
Some engineer somewhere thought they were being smart... when they really just cause headaches for those of us who want to see information in a way that they can't understand would be valuable to small business owner who doesn't study the books 40 hours a week.


Moderator

Re: QB auto generated closing entries

We appreciate your suggestions about QuickBooks, Sepp.  

 

This will definitely help us improve our services. I'll surely pass along this to our engineers. Keep them coming, and we'll be right if there's anything else that you need. 

 

PH
Community Contributor *

Re: QB auto generated closing entries

Unfortunately, double clicking doesn't work for me , it just lead me to a transaction, not an other report which showing the detail.
So frustrated, I don't have this issue months ago,  it just suddenly pop up one day.

Moderator

Re: QB auto generated closing entries

Hello there, @PH.

 

Thank you for getting back to this thread and trying the recommendation provided by my colleague. Let me help share additional ways to get the information that you need.

 

You can run the QuickReport for Retained Earnings and customize it to see the details that you need. Then, from there, you can also double click each closing entry to see more details. The report displays any user-created transactions affecting the Retained Earnings account figure. 

 

Here's how:

  1. From the Lists menu, select Chart of Accounts
  2. Under the Look for account name or number field, enter "retained", then click Search.
  3. Right-click Retained Earnings, select QuickReport.
  4. Click the Customize Report button and change the available columns and filters you wish to see in the report.  

Capture1.PNG

Feel free to drop a comment below how this turns out or ask any follow-up questions about this. I'll be happy to help you further. Have a wonderful day.