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jessebutler907
Level 1

How do i perform a month-end close?

 
Solved
Best answer October 15, 2018

Best Answers
Kristine Mae
QuickBooks Team

How do i perform a month-end close?

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

22 Comments
Kristine Mae
QuickBooks Team

How do i perform a month-end close?

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

Julie10
Level 1

How do i perform a month-end close?

Hi sorry i am new to qb this is exactly what i need but what or where is the gear icon?
Julie10
Level 1

How do i perform a month-end close?

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

How do i perform a month-end close?

Hello Julie,

The Gear icon is at the upper right corner of the screen, beside the Help option.
Julie10
Level 1

How do i perform a month-end close?

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

How do i perform a month-end close?

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 perform a month-end close?

How do I re-open the books in case I have to make huge adjustments?
trishaf
Level 1

How do i perform a month-end close?

I guess my version is different, I do not have a gear icon next to my help option. Where can I go?
rafnad
Level 1

How do i perform a month-end close?

At the top corner there you can see a gear icon 

stryker17859
Level 2

How do i perform a month-end close?

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.

FritzF
Moderator

How do i perform a month-end close?

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.

Capermartin
Level 1

How do i perform a month-end close?

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

ShallyMarR
QuickBooks Team

How do i perform a month-end close?

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.

Capermartin
Level 1

How do i perform a month-end close?

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

vpcontroller
Level 11

How do i perform a month-end close?


@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.

abeach41S
Level 1

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

Kristine Mae
QuickBooks Team

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. 

jstraub
Level 2

How do i perform a month-end close?

Can I lock prior period transactions monthly without "closing the books", i.e. zeroing out my income & expenses every month?

jstraub
Level 2

How do i perform a month-end close?

Can I lock down transactions monthly without "closing the books", i.e. zeroing out the income & expenses monthly?  I just want to prevent changes after a specific date in the following month and in QB terms "close the books" once at the end of the fiscal year.

jamespaul
QuickBooks Team

How do i perform a month-end close?

Hello, jstraub.

 

I'll share an overview about locking prior periods in QuickBooks. I'll also throw in some extras to help you manage the changes to your old transactions. 

 

At this time, we can only "close the books" to lock prior period transactions in QuickBooks. 

 

If ever there are changes to your old transactions, you can view the Audit Log report. It lists all the details when creating or editing a transaction.

 

Click the Gear icon, then select Audit Log to pull it up. 

 

Also, you can look for a third-party app that lets you close a specific period without affecting your reports or financials. Simply go to the Apps tab, then search for an app. 

 

Our developers are working to introduce new features and improve existing ones. They might change the way how you would close or lock your transactions. For now, I suggest checking out our QuickBooks Blog for periodic updates. 

 

Need help managing your financials such as reconciliation? Check this article for a guide: Reconcile an account in QuickBooks Online

 

I'll give out some guides or important information about QuickBooks' features again. Just let me know if you have other questions about the program. Here to help. 

Robnewton
Level 1

How do i perform a month-end close?

Having set the month end in settings what is the process for then actually doing a month end ?

Mich_S
QuickBooks Team

How do i perform a month-end close?

Good day,@Robnewton.

 

Thank you for posting in the Community. Let me help you with how to close your books at the end of the month.

 

 

After setting up a date when to close your books you can review it by checking out our Year-end guide and checklist in QuickBooks Online. This way, you'll be ready for year-end.

 

 

You can also review this article for detailed steps in closing your books: Close your books in QuickBooks Online.

 

 

Please let me know if I can be of any additional help. Have a great rest of the week and stay safe!

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