Can i do a monthly close in QB Online version?

I’d be glad to provide some details on how closing the books works, @rdeguzman-medsol. I’ll walk you through the steps on how to accomplish this.

In QuickBooks Online, closing your books on a monthly basis is possible. This will lock everything entered before the closing date.

I’d suggest reconciling your books  before doing this. This way, you can finalize financial statements for a specified period. You can then close your books to prevent any changes. You’ll have the option to change the closing date each month by doing the same process.

Here’s how:

1. Go to the Gear icon and select Accounts and Settings.
2. Navigate to the Accounting section, and click Edit.
3. Select the Close the Books checkbox and enter a closing date.
4. Choose the option to Allow changes after viewing a warning and entering a password if you want to require a password before making any changes to the closed period.
5. Tap Save, then Done.

I've added a snapshot for your reference:

If you need to close the entire year's data, you can edit the closing date. This allows you to update your books after you close them. You can then manage your reports to understand your business's financial status.

Also, here's an article you can open to guide you in completing your year-end tasks in QuickBooks.

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

Hello,

I have seen replies from QB reps that say if you do this type of close, it will clear everything out to your retained earnings.  That is essentially a year end close, not a month end close.  If we follow your instructions to close out the month end, will it clear out our P&L to retained earnings?  Please confirm as I don't want to close out my year until December which is our Fiscal Year End, but I would like to get on a schedule to clear out each month.  Thank you for your time.

Hi there, SifuentesFab.

As my colleague shared above, closing your books will prevent any changes. Thus, your Profit and loss will remain as is. QuickBooks ensures everything stays the way you want it to. It also prevents any accidental changes that could affect your financial reports.

If there's a need to edit the closing date, you can do it manually. The detailed steps are in this article: Edit your closed books.

Feel free to browse this reference for more resources in managing your books: Year-end guide for QuickBooks Online.

I'll be around whenever help is needed.