Set the closing date

Hello there, @Frieaza. 

Closing your books in QuickBooks will prevent accidental changes affecting your business reports. The system follows the closing date set  in the Company Preferences window. To do it manually, you can remove and reopen the closed accounting period.

1. Go to the Edit menu.
2. Select Preferences.
3. Choose the Accounting menu.
4. Select the Company Preferences tab.
5. In the Closing Date section, click the Set Date/Password button.
6. Delete the date in the Closing Date field.
7. Hit OK.

Once you're ready, you can close your books. Then, run the Closing Data Exception Report to view the current and past closing dates.

If you want to change the closing date or forgot the password you used to lock your books, you can easily edit them by performing the steps in this article: Edit your closed books. It also contains information on how to track any changes made after you close your books.

Please let me know if you have other concerns about your books. I'm just around to help. Take care.

Ok. But is it mandatory to set the closing date?

Thanks 

Thanks for the quick response, @Frieaza.

Let me discuss this further with you about setting a closing date in QuickBooks Desktop.

It is not required to have a closing date. However, the QuickBooks file must remain unchanged once you send it to your accountant. Thus, we need to set a closing date to safeguard and prevent users from accidentally changing closed periods. 

Furthermore, follow this article for an additional guide to closing your books in QuickBooks Desktop.

You can always come to this thread if you still need assistance with managing your books. Have a pleasant day.

@ChristineJoieR   RE: It is not required to have a closing date. However, the QuickBooks file must remain unchanged once you send it to your accountant. Thus, we need to set a closing date to safeguard and prevent users from accidentally changing closed periods. 

What?

1) The OP never mentioned sending their file to their accountant and so bringing up accountants isn't helpful.  Which you should know.

2) If they did, then neither local users or the accountant couldn't change data before the closing date without the password, and they both could with the password. So, nothing at all is solved by adding the password. Which you should know.

3) If the OP does use the Accountant Review feature, which I assume you're referring to, it has its own way to solve the problem of both the accountant and the client making changes to the same data. However, there is no password involved in that solution. Which you should know.