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Level 2

QBDT auto generated closing entry appears to be gone. How can I recover the entry?

I'm working with QB Accountant Desktop 2018 and it appears the auto generated closing entry has disappeared.  The balance sheet is out of balance by the prior year net income.

 

Does anyone know how to fix this challenge?

Solved
Best answer December 01, 2020

Best Answers
Level 2

QBDT auto generated closing entry appears to be gone. How can I recover the entry?

I have been able to find the problem.  For some reason one of the Retained Earnings accounts was not showing on the Balance Sheet.  This was the account that QB posts the closing entry to.  Therefore the closing entry was not lost.

 

Thank you for your help.

View solution in original post

2 Comments
QuickBooks Team

QBDT auto generated closing entry appears to be gone. How can I recover the entry?

Hi there, Drenda.

 

It could be the closing date and password were not set up in QuickBooks. That's why the auto-generated closing entry has disappeared. That said, I'd suggest setting up the said options above. Then, make sure to select Yes, so QuickBooks can create two journal entries for you.

 

Here's how:

 

  1. Click Edit located at the top.
  2. Choose Preferences, and click Accounting.
  3. Click the Company Preferences tab.
  4. Under Closing Date, click the Set Date/Password button.
  5. Enter a Closing Date and Closing Date Password.
  6. Hit OK.

 

 

 

 

 

Once you set a closing date and password, a notification appears when you void a check that has:

 

  • a transaction date before the closing date
  • an expense type of account

 

Choose Yes so QuickBooks can create 2 journal entries for you. This balances the accounts affected by the check.

 

 

For additional information, you can click this article: Set or change a closing date and closing date password.

 

However, if the Yes is already selected and the issue persists, I'd recommend  manually creating closing entries by making journal entry.

 

closing entry.

 

Please refer to this article to see information about the important points before you close your books: Close your books in QuickBooks Desktop.

 

Let me know if you still need help with QuickBooks. I'm here to help whenever you needed me. All the best!

Level 2

QBDT auto generated closing entry appears to be gone. How can I recover the entry?

I have been able to find the problem.  For some reason one of the Retained Earnings accounts was not showing on the Balance Sheet.  This was the account that QB posts the closing entry to.  Therefore the closing entry was not lost.

 

Thank you for your help.

View solution in original post

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