What if you want to know about closing the books to lock the previous transactions? Closing your books signifies when everything entered gets locked up before the closing date. This is much important concern to ensure that every single accounting should remain the same as you require it. Closing your books stops any random changes which will affect your reports. In this blog post we will discuss about how to do it:
Before you get started
- You can simply Sign in to QuickBooks Online as a master admin or company admin.
- Go through your books and make sure that everything looks fine. Here are few tips that you can go through:
- Type any invoices, expenses, and payments which are pending.
- Match up your accounts with the closing date.
You can simply call QuickBooks Support if you are facing any issue related to closing the past transactions.
Close your books
- Move on to Settings tab and then click on Accounts and Settings.
- Click on the Advanced tab.
- Choose Edit in the Accounting section.
- Click on the Close the books checkbox.
- Type a closing date. Assign a tentative deadline so that you can perform the accounting accordingly. You need not to modify any transactions before this date. Your new bookkeeping transactions will be started from here.
- Click on the Allow changes after viewing a warning and entering a password option in the drop-down menu if you need a password before editing your closed books.
- Click on Save and then Done.
Last step is to finally go through your closed books
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