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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! Go to Solution.
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):
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:
Lastly, you can undo the reconciliation to zero out the beginning balance.
Here's how:
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.
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.
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):
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:
Lastly, you can undo the reconciliation to zero out the beginning balance.
Here's how:
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.
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.
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.
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.
thanks for your warmly help~~~
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