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RickRoen
Level 1

Bill in closed financial year

Using QuickBooks Online.

I recently closed a financial year-end by setting a password in Settings->Accounts and Settings->Accounting->Close the books. Only one person has the password. The year ended on 6/30/2020.

We have several vendor invoices entered with a bill date prior to the year-end.  Many are international shipments which have a long transit time so we mark the bills due 12/31/2020 until they arrive so they are not accidentally paid.  Then, after receipt, we correct the due date. An example would be an invoice date of 6/15/2020 with an initial due date of 12/31/2020.  Then, when we try to change the due date to 11/1/2020, we get the message "Double-check the transaction date" and it requests the password. We are not changing anything in the closed year. 

 

I want to keep control of the password so no entries affect the prior year balances, but I expected that changes like this, and maybe actually paying the bill would not be affected by the Close the Books setting.

 

Is this expected when I Close the Books?

1 Comment 1
MaryLandT
QuickBooks Team

Bill in closed financial year

Yes, it's expected to receive a warning message, RickRoen.

 

QuickBooks will remind you of any changes or even additional information to a transaction in a closed book. You can continue with correcting the date by selecting Yes when you see the Double-check the transaction date window.

closebook.PNG

 

If you need to change the closing date and password, feel free to read through this article: Edit your closed books.

 

Your next step is to review your closed books and get ready for the year-end. Check out the guide and checklist in QuickBooks Online.

 

Let me know if you have follow-up questions by commenting below. Just tag my name, and I'll get back to you.

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