How do i Close the Book in QuickBooks Pro?
As you are interested to know about this, it is useful if you are using QuickBooks, you can organize your business.
Close the book “meaning they were finished working on those books and could open new books for the next month”.
In QB, there are so many features available, you can close the books is one of them but in this feature, you can close the books at the end of the year.
if you want to know more about the QuickBooks support system
- Restricted Access: if you want then you can create a closing date password to protect the transactions from closed accounting period. This will help to prevent any unintentional changes in transactions that alter account balances of the closed accounting period.
Not closing books:
- Detail: Easy access to last year’s data, including details of every transaction. read more: click
Closing the books related to accounting process of zeroing out your Income and Expense accounts and recording the company’s Net Profit or Loss onto the Balance Sheet.In traditional accounting (and traditional accounting software) you ‘close the books’ at the end of a year.
As normal accounting process, we also have an additional feature called Closing the Books. The main purpose of officially closing the books is to protect transactions in previous periods from being changed.
It is good Accounting practice to close past fiscal periods, not only the fiscal year. In QuickBooks Online, can individual fiscal periods (i.e. months) be closed?
The main purpose of officially closing the books is to protect transactions in previous periods from being changed. This is done by setting up and requiring a password to edit transactions past a particular date. Both Master and Company Administrators can set the closing date and password:
-go to Gear icon > Company Settings/ Account and Settings.
-go to Accounting section then, click on the Edit icon.
-select Closing The Books checkbox.
-Enter a closing date. Transactions dated on or before the closing date cannot be changed without warning.
-select Allow changes after viewing a warning to make a warning message appear.
-Select Allow changes after viewing a warning and entering a password to make the user also enter a password. Then enter the password in the two password fields below.
-Click Save then Done.
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