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How do i perform a month-end close?

 
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Best answer 10-15-2018

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QuickBooks Team

Hello jessebutler907, I'd be pleased to help you out! Her...

Hello jessebutler907,

I'd be pleased to help you out!

Here's how to close the books:

  1. Choose the Gear icon and select Company Settings.
  2. Choose Advanced.
  3. In the Accounting section, click on the Edit icon.
  4. Check the box labeled Close the books.
  5. Enter a closing date. Transactions dated on or before the closing date cannot be changed without warning.
  6. Decide what you want users to see if they try to save a transaction that is dated prior to the closing date:
  • Choose Allow changes after viewing a warning to make a warning message appear.
  • Choose Allow changes after viewing a warning and entering a password to require the user to enter a password as well. Then enter the password in the fields below.
      7. Click Save, then Done.

If you have other questions, don't hesitate to reach out!

View solution in original post

17 Comments
Highlighted
QuickBooks Team

Hello jessebutler907, I'd be pleased to help you out! Her...

Hello jessebutler907,

I'd be pleased to help you out!

Here's how to close the books:

  1. Choose the Gear icon and select Company Settings.
  2. Choose Advanced.
  3. In the Accounting section, click on the Edit icon.
  4. Check the box labeled Close the books.
  5. Enter a closing date. Transactions dated on or before the closing date cannot be changed without warning.
  6. Decide what you want users to see if they try to save a transaction that is dated prior to the closing date:
  • Choose Allow changes after viewing a warning to make a warning message appear.
  • Choose Allow changes after viewing a warning and entering a password to require the user to enter a password as well. Then enter the password in the fields below.
      7. Click Save, then Done.

If you have other questions, don't hesitate to reach out!

View solution in original post

Not applicable

Hi sorry i am new to qb this is exactly what i need but w...

Hi sorry i am new to qb this is exactly what i need but what or where is the gear icon?
Not applicable

Hi i am new to qb this is exactly what i need but where o...

Hi i am new to qb this is exactly what i need but where or what is a gear icon?
QuickBooks Team

Hello Julie, The Gear icon is at the upper right corner...

Hello Julie,

The Gear icon is at the upper right corner of the screen, beside the Help option.
Not applicable

Thank you i am using qb desktop so where can i find these...

Thank you i am using qb desktop so where can i find these settings on desktop? Thank you.
QuickBooks Team

Hello Julie, You'll have to go to the Accountant menu, a...

Hello Julie,

You'll have to go to the Accountant menu, and choose Set Closing Date. Under Closing Date, click Set Date/Password. Choose the closing date, then click OK.
Not applicable

How do I re-open the books in case I have to make huge ad...

How do I re-open the books in case I have to make huge adjustments?
Not applicable

I guess my version is different, I do not have a gear ico...

I guess my version is different, I do not have a gear icon next to my help option. Where can I go?
Not applicable

Re: Hi sorry i am new to qb this is exactly what i need but w...

At the top corner there you can see a gear icon 

Community Explorer **

Re: Hi sorry i am new to qb this is exactly what i need but w...

I'm not entirely sure but from what I've seen when working with Quick Books, I think the 'Gear icon' the person is referring to is a way to reach the preferences dialog box.  Click on the 'Edit' menu, then choose 'Preferences' to open the dialog box.

Moderator

Re: Hi sorry i am new to qb this is exactly what i need but w...

I appreciate you joining this thread and for sharing that information, @stryker17859.

 

The Gear icon that my colleague is referring to above is only available in QuickBooks Online (QBO). You can locate the Advanced Company Settings or the Preferences for that version by clicking this icon.

34.PNG

 

Just in case, I'm also including this article for additional information: How do I set my Advanced company settings?

 

This should point you in the right track. Please let me know if you have any follow-up questions in the comment section. I'll be happy to answer them. Have a great day.

Not applicable

Re: Hello jessebutler907, I'd be pleased to help you out! Her...

I am new to Quickbooks so apologies up front....

 

how do I set the date for each month.  I noticed there was only one field for the date

QuickBooks Team

Re: Hello jessebutler907, I'd be pleased to help you out! Her...

Welcome to the QuickBooks Community, @Capermartin.

 

Thank you for posting here in the Community.
 
In QuickBooks Online, there isn't an option to set the closing date for each month. Yes, your right, there's only one field to choose for the closing date. Let's figure it out by following the outlined steps.
 
Here's how to set a closing date:
 
1. Go to the Gear icon.
2. Under Your Company, click Account and Setting.
3. From the left panel, select Advanced.
4. Choose the pencil icon, from the Accounting section.
5. Select the Close the books checkbox, enter the Closing Date.
6. Choose either Allow changes after viewing a warning or Allow changes after viewing a warning and entering a password from the drop-down list.
7. Enter your closing date Password, then Confirm Password fields.
8. Click Save, once done.
 
closing date.PNG
 
Once completed, you can track changes made of the closing date warning in the Exceptions to Closing Date report.
 
You can check to this article for more detailed steps about changing the closing date or forgot the password: Edit your Closed Books.
 
You can watch this video for future reference in case you want to learn about setting up the dates and password protecting: What are the Closing Dates?: How to Enter Dates and Password Protecting.

 

Fill me in if you have other concerns and questions. I am always here to help.

Not applicable

Re: Hello jessebutler907, I'd be pleased to help you out! Her...

No I am referring to your steps above. You mention to enter in a date where a month is closed and gave us two options to allow for entry AFTER that date. My question is where we have twelve months in a year, I want to close each month, so how do I do that with only one field to enter

 

Month End.PNG

ProAdvisor

Re: Hello jessebutler907, I'd be pleased to help you out! Her...


@Capermartin wrote:

I am new to Quickbooks so apologies up front....

 

how do I set the date for each month.  I noticed there was only one field for the date


@Capermartin 

 

You can't. There is no way to automatically set-up to close the books for every month in QBO. The "Close the books" option is mainly for the fiscal year closing date only. It just prevents any changes to transactions dated earlier than the closing date.

Not applicable

Re: How do i perform a month-end close?

Good morning!

We have QB online and our company has never done a year-end or a month-end close out in the past 5 years.  The company is on a calendar year basis.  

 

The owner would like to start closing the month-end out starting with September.  Is this possible to begin in the middle of the calendar year?

 

Thank you

QuickBooks Team

Re: How do i perform a month-end close?

Yes, you can close your books to lock old transactions, Abeach41S.

 

Once you close it, our system will zero out your income and expenses and roll up your net profit/loss into the Retained Earnings account at the end of the year. 

 

Although, I suggest conferring with your accountant if it's okay to close it in the middle of the calendar year. 

 

If you've got a go signal from your tax adviser, you can follow my steps at the top. You can also check this reference for more details about closing your books

 

If there's anything else we can do, please let us know. 

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