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jessebutler907
October 16, 2018
Solved

How do i perform a month-end close?

  • October 16, 2018
  • 4 replies
  • 0 views
Original commenter did not share additional details
    Best answer by Kristine Mae

    Hello jessebutler907,

    I'd be pleased to help you out!

    Here's how to close the books:

    1. Choose the Gear icon and select Company Settings.
    2. Choose Advanced.
    3. In the Accounting section, click on the Edit icon.
    4. Check the box labeled Close the books.
    5. Enter a closing date. Transactions dated on or before the closing date cannot be changed without warning.
    6. Decide what you want users to see if they try to save a transaction that is dated prior to the closing date:
    • Choose Allow changes after viewing a warning to make a warning message appear.
    • Choose Allow changes after viewing a warning and entering a password to require the user to enter a password as well. Then enter the password in the fields below.

          7. Click Save, then Done.

    If you have other questions, don't hesitate to reach out!

     

    For more information on taxes, forms, filings, payroll and other Year End activities, make sure to check out our Year End Resources page.

    4 replies

    Kristine Mae
    Kristine MaeAnswer
    October 16, 2018

    Hello jessebutler907,

    I'd be pleased to help you out!

    Here's how to close the books:

    1. Choose the Gear icon and select Company Settings.
    2. Choose Advanced.
    3. In the Accounting section, click on the Edit icon.
    4. Check the box labeled Close the books.
    5. Enter a closing date. Transactions dated on or before the closing date cannot be changed without warning.
    6. Decide what you want users to see if they try to save a transaction that is dated prior to the closing date:
    • Choose Allow changes after viewing a warning to make a warning message appear.
    • Choose Allow changes after viewing a warning and entering a password to require the user to enter a password as well. Then enter the password in the fields below.

          7. Click Save, then Done.

    If you have other questions, don't hesitate to reach out!

     

    For more information on taxes, forms, filings, payroll and other Year End activities, make sure to check out our Year End Resources page.

      A
      arkvalleyinfo
      October 16, 2018
      Hi sorry i am new to qb this is exactly what i need but what or where is the gear icon?
        R
        rafnad
        November 16, 2018

        At the top corner there you can see a gear icon 

        A
        abeach41S
        September 18, 2019

        Good morning!

        We have QB online and our company has never done a year-end or a month-end close out in the past 5 years.  The company is on a calendar year basis.  

         

        The owner would like to start closing the month-end out starting with September.  Is this possible to begin in the middle of the calendar year?

         

        Thank you

        Kristine Mae
        Kristine Mae
        September 18, 2019

        Yes, you can close your books to lock old transactions, Abeach41S.

         

        Once you close it, our system will zero out your income and expenses and roll up your net profit/loss into the Retained Earnings account at the end of the year. 

         

        Although, I suggest conferring with your accountant if it's okay to close it in the middle of the calendar year. 

         

        If you've got a go signal from your tax adviser, you can follow my steps at the top. You can also check this reference for more details about closing your books. 

         

        If there's anything else we can do, please let us know. 

        J
        jstraub
        March 22, 2021

        Can I lock prior period transactions monthly without "closing the books", i.e. zeroing out my income & expenses every month?

        R
        Robnewton
        April 7, 2021

        Having set the month end in settings what is the process for then actually doing a month end ?

        M
        Mich_S
        April 7, 2021

        Good day,@Robnewton.

         

        Thank you for posting in the Community. Let me help you with how to close your books at the end of the month.

         

         

        After setting up a date when to close your books you can review it by checking out our Year-end guide and checklist in QuickBooks Online. This way, you'll be ready for year-end.

         

         

        You can also review this article for detailed steps in closing your books: Close your books in QuickBooks Online.

         

         

        Please let me know if I can be of any additional help. Have a great rest of the week and stay safe!

        C
        Calremy
        September 24, 2021

        Hello, 

         

        Our person who used to do month end closing is no longer with us and I am not sure how to closed the month-end on the Quick desktop of Premier 2021. I had not done it before and not where and how. Can you someone be so kind and walk me step by step on how to do this so I know for next time?

         

        Thank you 

        Candice C
        Candice C
        September 24, 2021

        Good morning, @Calremy. 

         

        Thanks for chiming in on this thread. Allow me to provide you with some information about month-end closing in QuickBooks Desktop. 

         

        QuickBooks Desktop doesn't have a feature allowing to close your books. However, we do it automatically for you so you're able to focus on your business. 

         

        Review this guide to learn more about closing your books in QuickBooks Desktop.  

         

        If you run into any trouble or have additional questions, don't hesitate to ask. The Community is always here to have your back. Happy Friday! 

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