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Graham Light
February 28, 2022
Question

Hi All, Can someone please advise me if I should leave my Quickbooks Online on until after midnight as it is my financial year end 28/02/2022

  • February 28, 2022
  • 1 reply
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1 reply

T
TirzahC
February 28, 2022

Hi, Graham Light.

 

It would really depend on how you'd like to manage your books. Most of the time, small businesses close their books at the end of the year to prevent unwanted changes that could affect their financial reports before filing the taxes. Although, you can also your books on a monthly or weekly basis to easily track and monitor all their business activities within that period. Whether you’re closing the books at the end of the month or year, the process is the same. If you don't want QuickBooks after Year end, you can cancel your subscription, if not, leave as it is. 

 

Before you cancel your QuickBooks Online subscription, there are a few things you need to know:

  • You'll have a read-only access to your account once you cancel the subscription.
  • You can access your data for a year before it will be deleted completely.

Here's how to cancel: 

  1. Sign in as an Admin to QuickBooks Online.
  2. Select the Gear icon, and choose Account and Settings.
  3. Click Billing and Subscription.
  4. In the QuickBooks section, select Cancel (paid subscription) or Cancel Trial (if you’re using a trial).
  5. Select Continue to Cancel, then Continue to Cancel again.
  6. Finally, answer the exit survey questions (to help us make QuickBooks better), then scroll down and select Confirm Cancel.

Also, this article is a good reference:  Cancel your QuickBooks subscription.

 

Once canceled, we keep your data for a year. To learn more about it, I'd recommend checking out this article: What happens to my QuickBooks Online data after I cancel?. Also, you can pick up where you left off if you decide to come back in the future. Thus, I recommend re-subscribing within the specified period.  

 

If there's anything else that you need help with your payroll, let us know so we can get back to you.

T
Talos-Cyber
March 3, 2022

Good day

I also have a question on financial year end please. Our company's year end was also February 2022, can we continue to raise customer invoices in March 2022, although we haven't closed off financial year end yet? We still have a few entries that we have to record before we can close the financial year end.

 

Regards

Desiree

 

JoesemM
JoesemM
March 3, 2022

Welcome to the Community space, @Desiree11_2. I'm to help share information about your financial year-end concern.

 

Yes, you can still create those invoices since you haven't closed your books even if your company's year-end is February. Please note that you can enter a closing date, so you'll have a comfortable deadline.

 

Once you're done reviewing accounts, you can now close your books. Just follow the steps below on how to do it:

 

  1. Go to the Gear icon ⚙ and then select Accounts and settings.
  2. Click the Advanced tab.
  3. Tap Edit ✎ in the Accounting section.
  4. Select the Close the books checkbox.
  5. Enter a closing date. 
  6. Select the Allow changes after viewing a warning and entering a password option from the drop-down menu if you want to require a password before editing your closed books.
  7. Select Save and then Done.

 

For more details, see this article: Close your books in QuickBooks Online.

 

I've also collected these articles that will guide you to complete your tasks and to change your closing date and password:

 

 

Keep me posted on how it goes. I'm just a reply away if you need further assistance with closing your books or any concerns with QuickBooks. Have a nice day, @Desiree11_2.

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