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Established Member

How to lock closed periods?

My company has set up an integration between QBO and Bill.com. If we process an invoice dated from earlier in the year (a financial period that has been closed), the expense will post to that corresponding month in QBO. This issue forces us to constantly restate our financial reporting. Is it possible to lock a period so no entries can be posted after it has been closed? 

10 Comments
QuickBooks Team

Re: How to lock closed periods?

I've got you covered, @JSuelto.

 

QuickBooks Online (QBO) offers the option to Close the Books by finalizing financial statements for a specified period and then password protecting any changes to that information. Follow these simple steps to get started:

 

Close the Books in QBO

  1. From QuickBooks Online, click the Gear icon (⚙) and select Account and Settings.
  2. Select the Advanced tab and click the Accounting section. Check the box to Close the books.
  3. Enter a closing date and select Allow changes after viewing a warning and entering a password.
  4. You'll be prompted to create a password. Once finished, select Save and then Done.

This information is also available in our detailed guide on closing the books here. Check out this awesome video tutorial on the process for a visual demonstration:

 


This allows you to lock whichever periods you need and avoid entries after that period is closed. Please feel free to keep in touch with me here with anything else you need, the Community always has your back. Thanks for bringing your question here, I hope you have a safe and relaxing holiday season.

Established Member

Re: How to lock closed periods?

This is exactly what I was looking for @MichaelDL. Thank you!

 

As a follow up, how does QBO handle prior month expenses posted from a sync with integrated software (Bill.com or Expensify for instance)? Is it possible to force the expenses to post in the current fiscal period? 

Established Member

Re: How to lock closed periods?

We want to set 12 periods.  In other words, we want to lock each calendar month.  Can QBO handle this function for multiple periods vs closing one year?

QuickBooks Team

Re: How to lock closed periods?

Hello there, @Niki Schoggen.

 

I’d be glad to share some information with you on how closing the books works in QuickBooks Online.

 

Closing your books monthly allows you to review the transactions recorded into the system to ensure they are accurate.  This is also to make sure all the adjustments made properly reflects in the business’ activity for the month. 

 

The ability to set QuickBooks to close your books per month automatically is currently not available. What you can do is to change the closing date each month, from November 30 to December 31 (As of Date closing). Please refer to the screenshot below:Slide2.PNG

 To set the closing date of your books “As of Date”, here’s how:

  1. Click the Gear Icon.
  2. Select Account and Settings.Slide1.PNG
  3. Go to the Advanced tab.
  4. Under the Accounting section, put a check mark in the Close the books box.
  5. Enter the Closing date.
  6. Set whether a password is needed to change closed transactions.
  7. Click Save.
  8. Click Done.

Once your books are closed for November, all the books from January will also be closed.

 

On the other hand, I can see how this specific feature is beneficial to you and your business. I’d be delighted to forward this to our Product Developer for future considerations. You can directly share your suggestions and feature requests for product improvements.

 

Here’s how:

  1. Go to the Gear icon.
  2. Choose Feedback from the drop-down.
  3. Enter your Comments, Suggestions or Feedbacks.
  4. Click Next.
  5. Select a category.
  6. Click Send message.

You can be sure we’ll continue enhancing this program so it grows alongside your business. Stay tuned to our blog: https://intuit.me/2L2zqTv.

 

Don’t hesitate to visit the Community page if there are any app features you’d like to get more familiar with. I’m always here to help.

Experienced Member

Re: How to lock closed periods?

Hi,

 

I followed all the steps. However, I did not see the Close the books checkbox for me to click. Could you advise? Thank you!

QuickBooks Team

Re: How to lock closed periods?

It's possible you're a standard user, Abby7700.

 

Only the master and company administrators have the capability of closing the books and setting a password.

 

You can refer to this article for more information: How to close the books.

 

If you have more questions, just drop a comment below. We'll get back to you as soon as we can. 

Experienced Member

Re: How to lock closed periods?

Hi Kristine-

Thank you for your reply. But I am the master for the company account. In other words, the registered account is under my email. Is there any way to solve this? Thanks!

QuickBooks Team

Re: How to lock closed periods?

Good day, @Abby7700.

 

Allow me to step into this conversation and help you with closing your books in QuickBooks Online.

 

The master admin of the company file should be able to close the books. To better isolate this issue, you can try accessing your QuickBooks on a private browser. This is to test if the issue has something to do with your browser.

 

Here are the different keyboard shortcuts to open a private browser:

  • Google Chrome: press Ctrl + Shift + N.
  • Mozilla Firefox: press Ctrl + Shift + P.
  • Internet Explorer: press Ctrl + Shift + P.
  •  Safari: press Command + Shift + N.

If it works fine, you can go back to your regular browser and clear its cache. Please follow the outlined steps in this article depending on the browser you're using:  Delete or disable cache and temporary internet files in your web browser.

 

However, if the issue persists after trying these steps, I'd suggest reaching out to our Customer Care Team. They have the tools to check on your account securely and can do a screen-sharing that can help verify what's causing the issue.

 

This should get you on the right track.

 

Keep me posted how it goes. I'm just a reply away if you need further assistance with closing your books or any concerns with QuickBooks. Have a nice day!

Experienced Member

Re: How to lock closed periods?

This is the message I get when trying to close the books:

You can't close the books when any product has a quantity-on-hand of less than zero as-of the prospective close date. Products with negative quantity-on-hand: 1162

Anyone know a workaround?

QuickBooks Team

Re: How to lock closed periods?

That error message pops up because of your product item, ydweiss.

 

When your product has less than zero quantity on hand, it stops you from closing the book. To resolve this, you'll have to make sure that you don't have products that the quantity is less than zero.

 

Here's how to check:

  1. Click Sales, then select Products and Services.
  2. Look for the item that has a negative quantity on hand.
  3. Click the Edit drop-down, then select Adjust quantity.
  4. Modify the NEW QTY.
  5. Then, click Save and close.

This should now allow you to close the books. 

 

I'm just a post away if you have other concerns with QuickBooks. Have a good day!