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LakeEffect
December 13, 2023
Question

Switching to quickbooks from different accounting provider. Starting from new fiscal year

  • December 13, 2023
  • 1 reply
  • 0 views

Hi there,

 

We are switching over from a local tax and payroll company into QuickBooks starting the 1st of the year. We are finishing the 2023 year and having them do our taxes as to start fresh in QuickBooks. I've connected all of our bank accounts and started entering employee information. So there is all of the 2023 bank transactions in there. What do I need to know to begin the year? How do I "stop" or "clear" information so that the software knows that January 1st, 2024 is the beginning of our fiscal year? How do I reconcile for the year 2023 year to start fresh? I'm brand new to quick books so any help is appreciated!! How do I reconcile for the year 2023 year to start fresh?

 

To explain more about our business, we are a concrete epoxy flooring company. I will not be invoicing through quick books but I will be doing monthly banking reconciliations and payroll. This is to keep a closer eye on purchasing and then categorizing expenses for end of year. 

1 reply

JaeAnnC
JaeAnnC
December 13, 2023

I'm glad to have you here today, @LakeEffect. Let me assist you in closing your books for 2023 so you can start fresh in QuickBooks Online (QBO).

 

Closing your books for 2023 is a crucial step, as it freezes all transactions from the previous year and prepares your accounts for the upcoming one. Before doing so, reconcile your accounts up to your closing date. Here are some pointers to guide you through the process: 

 

When ready, refer to these steps to close your books:

 

  1. Go to the Gear icon and select Account and Settings.
  2. Click the Advanced tab.
  3. In the Accounting section, select Edit.
  4. Choose January for the First month of fiscal year.
  5. Set the First month of income tax year and the Accounting method.
  6. Turn on the Close the books switch.
  7. Enter a closing date. 
  8. Select the Allow changes after viewing a warning and entering a password option from the dropdown menu if you require a password before editing your closed books.
  9. Click Save, then Done.

 

Once done, you can start entering transactions for the next fiscal year. 

 

Furthermore, let me help you guide your way through paying your employees by sharing this article: Get started with QuickBooks Online Payroll.

 

Keep me updated on your future queries regarding starting a new financial year for your company. We're always on the lookout for your replies. Stay safe, and I wish you continued success in your business!

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