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Level 2

How to close book and accrue expense in QuickBooks online simple start?

Dear All,

I am using Quick Book Online simple start version, now I run some problems, would you kindly help me?

1. I want to close year 2019 book, but i cannot find close tab.  Now I need to fill Year2020 journal, how I ensure the opening equity balance is right?

2. How could I use accrue basis in QBO simple start version? For example, the company need pay utility fee in December , how I input this below journal into QBO simple start? Dr: utility fee 1000, Cr: other payable? 

3.  For the account reconcilation, assume the opening balance is 0 for A bank, after I ran one reconcilation,  I noted I need to split a journal into 2 different expenses not only 1 type expense. But when I run account reconcilation the second time,  the beginning balance has changed, not 0, and reminding the begining amount is wrong. How could I cancell all reconcilations and make the beginning balance for this bank to 0 again? Thanks for your warmly help! 

Solved
Best answer March 06, 2020

Best Answers
Highlighted
Moderator

How to close book and accrue expense in QuickBooks online simple start?

Thanks for coming here with us, lin84_sky1.

 

For your first question, let me show you the steps on how to close books in QuickBooks Online (QBO):

 

  1. Go to the Gear icon.
  2. Select Account and Settings.
  3. Click the Advanced tab,
  4. Select Edit  in the Accounting section.
  5. Check the box for Close the books.
  6. Enter the Closing date.
  7. Set whether or not a password is needed to change closed transactions.
  8. Click Save.

To become more familiar with the whole process of closing books, here's an article for you: Close the books.
 

Also, to ensure the opening equity balance is accurate, you can check your account's opening balance through the register.

 

Regarding your second question, you can create a bill to record the utility fee in QBO.

 

Here's how:

  1. Go to the +New icon.
  2. Under Vendors, choose Expense.
  3. Fill in the necessary information.
  4. Click Save and close.

Lastly, you can undo the reconciliation to zero out the beginning balance.

 

Here's how:

 

  1. Go to the Accounting menu.
  2. Then select Chart of Accounts.
  3. Find the account and select View register
  4. Select the transaction you want to unreconcile.
  5. Click the box and keep clicking it until the box is blank. This removes the transaction from the reconciliation.
  6. Select Save.

Feel free to read through this article for the entire process on how to undo reconciliation: How to Unreconcile a Transaction or Undo a Reconciliation

 

Should you have anything else you'd like to go over, feel free to reach out to us again. I'm always here to assist you further.

View solution in original post

Highlighted
QuickBooks Team

How to close book and accrue expense in QuickBooks online simple start?

Hi there, @lin84_sky1.

 

Thank you for coming back here in the Community. I want to make sure you're able to close your books in QuickBooks Online.

 

The possible reason you're unable to see the Advanced button is that your QuickBooks Subscription is inactive. To close your books, you'll need to reactivate the subscription. Go back to the Gear icon, then complete the Billing address information. And follow the on-screen instructions to accomplish the process.

 

Also, make sure the address in QuickBooks is the same as the one in your credit card statement. For the detailed steps about reactivating the account, please visit this article: How to resubscribe or reactivate QuickBooks Online.

 

Once done, you now follow the steps provided by my colleague above on how to close the books.

 

You can always run a Profit and Loss or Balance Sheet reports from the Reports menu. Customize the Report period and the Accounting method to show the specific transactions. For more information about customizing, check out this article: How to Customize Financial Reports.

 

Feel free to leave a comment below if you have follow-up questions. I'm always here to help. Take good care. 

View solution in original post

5 Comments
Highlighted
Moderator

How to close book and accrue expense in QuickBooks online simple start?

Thanks for coming here with us, lin84_sky1.

 

For your first question, let me show you the steps on how to close books in QuickBooks Online (QBO):

 

  1. Go to the Gear icon.
  2. Select Account and Settings.
  3. Click the Advanced tab,
  4. Select Edit  in the Accounting section.
  5. Check the box for Close the books.
  6. Enter the Closing date.
  7. Set whether or not a password is needed to change closed transactions.
  8. Click Save.

To become more familiar with the whole process of closing books, here's an article for you: Close the books.
 

Also, to ensure the opening equity balance is accurate, you can check your account's opening balance through the register.

 

Regarding your second question, you can create a bill to record the utility fee in QBO.

 

Here's how:

  1. Go to the +New icon.
  2. Under Vendors, choose Expense.
  3. Fill in the necessary information.
  4. Click Save and close.

Lastly, you can undo the reconciliation to zero out the beginning balance.

 

Here's how:

 

  1. Go to the Accounting menu.
  2. Then select Chart of Accounts.
  3. Find the account and select View register
  4. Select the transaction you want to unreconcile.
  5. Click the box and keep clicking it until the box is blank. This removes the transaction from the reconciliation.
  6. Select Save.

Feel free to read through this article for the entire process on how to undo reconciliation: How to Unreconcile a Transaction or Undo a Reconciliation

 

Should you have anything else you'd like to go over, feel free to reach out to us again. I'm always here to assist you further.

View solution in original post

Highlighted
Level 2

How to close book and accrue expense in QuickBooks online simple start?

Hi Charies, thanks for detailed instructions.

But for question 1 about year-end closing book, I could not find "advanced tab" in DBO Smart Start, as attached picture. Are there any tool or tab could be found for DBO Smart Start? Thanks.

Highlighted
Level 2

How to close book and accrue expense in QuickBooks online simple start?

Hi Charies, thanks for your detailed instructions.

But for question 1 about the year-end book closing, I still could not find the "advanced" tab in QBO Simple Start, please find the attached picture. Could there be any other way to find this tab? Thanks.

Highlighted
QuickBooks Team

How to close book and accrue expense in QuickBooks online simple start?

Hi there, @lin84_sky1.

 

Thank you for coming back here in the Community. I want to make sure you're able to close your books in QuickBooks Online.

 

The possible reason you're unable to see the Advanced button is that your QuickBooks Subscription is inactive. To close your books, you'll need to reactivate the subscription. Go back to the Gear icon, then complete the Billing address information. And follow the on-screen instructions to accomplish the process.

 

Also, make sure the address in QuickBooks is the same as the one in your credit card statement. For the detailed steps about reactivating the account, please visit this article: How to resubscribe or reactivate QuickBooks Online.

 

Once done, you now follow the steps provided by my colleague above on how to close the books.

 

You can always run a Profit and Loss or Balance Sheet reports from the Reports menu. Customize the Report period and the Accounting method to show the specific transactions. For more information about customizing, check out this article: How to Customize Financial Reports.

 

Feel free to leave a comment below if you have follow-up questions. I'm always here to help. Take good care. 

View solution in original post

Highlighted
Level 2

How to close book and accrue expense in QuickBooks online simple start?

thanks for your warmly help~~~

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