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Join nowI'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! Go to Solution.
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.
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:
Once you set a closing date and password, a notification appears when you void a check that has:
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!
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.
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