Month-end closing and reports for QB Desktop 2020

Hey there, @beckellh. 

Thanks for taking the time to reach out to the QuickBooks Community for support. I hope you're enjoying the day so far. 

There are many things that you need to ensure you have completed before closing your month-end books. Such as:

• Reconciling the general ledger 
• Review your reports:

  • Bank reconciliation (after the bank reconciliation has been completed)

  • Accounts receivable aging detail total = the Balance Sheet Accounts Receivable GL account

  • Accounts payable aging detail total = the Balance Sheet Accounts Payable GL account

  • Inventory valuation total = the Balance Sheet Inventory account

  • Payroll Month to date earnings report look at gross wages. If the fiscal month is calendar = the total gross wages expense account

Once you've reviewed and cleared all your data, you can close the books. Here's how:

1. Go to the Edit menu, then choose Preferences. 
2. From the left pane menu, click on Accounting. 
3. Tap on the Edit icon. Then, check the box labeled Close the books. 
4. Enter a closing date. Transactions dated on or before the closing date cannot be changed without warning.
5. After you've entered your changes, tap Save then Done. 

Please know that it's always best to consult with your certified accountant before making any changes to your books. Your accountant will know which accounts to review and they will know if any balances seem off. If you don't have an accountant, don't sweat. You can find one here in our Resource Center. 

Please let me know if you have any questions or concerns about this process. I'm always here to lend a hand. Take care! 

Thanks, I realize that I'm not ready/close to closing January yet.  I realized there were other issues that needed solved before I can proceed.  Thanks for your help.

HI,

I am not sure if anybody here have the same issue as I do. I want to know, why I closed a month in QB, but other users can still enter older date transactions? This is really bothering me and I do not know how to fix it. I clearly closed the month under Edit - Preference - Accounting - Company Preferences - Closing Date. Any help here is greatly appreciated. 

Hello, Carolqian.

I’d be glad to provide some details on how closing the books works. 

In QuickBooks, setting a closing date and a closing date password prevents others from making changes to previous periods after the closing date has passed.

If ever there are any changes made after the closing date to transactions dated on or before the closing date will appear in the Closing Date Exception Report. 

• To run the report, go to the Reports menu select Accountant & Taxes and then Closing Data Exception Report.
• The Closing Date History shows current and past closing dates and the user who set the closing date.

You can also review this article for detailed guidance in closing your books: Close your books in QuickBooks Desktop.

If you run into any trouble or have additional questions, don't hesitate to ask. The Community is always here to have your back.