I run QBO International version in Kenya. My accountant has advised me to close the 2019 books by shutting down the accounts and reopening under a new name, so Company A becomes Company A 2020 and so on year on year. This way my balance sheet accounts start the year at zero. Is this possible on this version of QBO, and if so, how? Thanks in advance!
Yes, it is possible to close your books, @Sweetunda.
Thank you for joining us here in the Community. I'll be more than happy to help walk you through the steps on how to close your books in QuickBooks Online.
To close the books, it requires a master admin or company admin access. Please make sure to review any outstanding invoices, expenses, and payments. Also, you'll have to reconcile your accounts. This ensures everything is accurate before performing the steps below.
7. Hit Save and close.
Your company name represents your brand. It appears in your sales form and purchase order. With this, I suggest consulting your accounting. They can determine the proper company name you'll need to use for each financial year. Once verified, proceed with the steps below.
For more information about changing company information, please visit this article: Change your business name, contact info, or EIN in QuickBooks Online.
Please check out this article: Edit your closed books. This link guides you on how to change your closing date and password you use to lock the books. Also, you'll learn more about how to access reports to see any changes made after you close the books.
Feel free to leave a comment by clicking the Reply button below if you have follow-up questions. I'm always here to help.
Thanks so much @Michelle_b! This is the process I followed last year and now I think this is exactly what we need to do. My accountant is more familiar with QB desktop - maybe that has differently functionality around creating a separate database for each year. Thanks again.
You're most welcome, @Sweetunda.
Good to hear that you already know the process in closing the books.
Please know that you're free to post any concerns or questions regarding QuickBooks. I'm always here to help. Have a nice day ahead, Sweetunda.