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A
ajtss
April 30, 2024
Question

Closing Periods

  • April 30, 2024
  • 1 reply
  • 0 views

Hi, I would like to start closing my months end periods. I'm assuming that this will not roll up my I&E to Retained Earnings during the year (only at year end). Just wanted to check to make certain before going ahead.

Thanks for any help in advance.

1 reply

R
RhoiceW
April 30, 2024

Yes. I agree with you, ajtss. When closing your books, QuickBooks Online (QBO) will roll up your net income only by the end of the year into your balance sheet as Retained Earnings, not during the year.

 

If you're ready to close your books, I can assist you in how to close them.

 

Here's how: 

 

  1. Go to the Gear icon, then select Account and settings.
  2. Click the Advanced tab.
  3. In the Accounting section, click the pencil icon to edit.
  4. Turn on the Close the books switch.
  5. You can choose any closing date you want.
  6. On the dropdown button, choose Allow changes after viewing a warning and entering a password menu if you want to require a password before editing your books.
  7. Select Save, then Done.

 

Furthermore, visit our article when you want to review your books after you close them: View Retained Earnings account details in QBO

 

Additionally, feel free to view our articles so you'll be guided in closing your books and preparing for a new fiscal year in QBO: Year-end guide for QuickBooks Online

 

Don't hesitate to comment if you still have concerns about closing your books. I'm always here to help.

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