A Quick Guide on How to Close Books in QuickBooks

 

Close books in QuickBooks


QuickBooks keeps your business's yearly financial records by providing many features that help you organize the documents such as employee records, wages, taxes, etc. QuickBooks creates new books every year for a fresh start. It is up to you if you want to close the previous yearbooks. If you want your books to close every year automatically, QuickBooks has a feature that closes your books automatically at the end of every year. All you have to do is adjust the QuickBooks settings to close the previous year's book automatically. If you don’t know how to close books in QuickBooks, then continue reading the below article.
You can dial 1.800.579.0391 if you want to avoid reading and get a short and straightforward answer from a QuickBooks professional

Advantages to closing the book in QuickBooks 

  1. Password protection: if you opt on closing the books in QuickBooks, you are provided with the feature of restricting access to the data registered in the previous years by putting password protection.
  2. Closing date exception report: when you make any changes to the previous year's transactions' data after closing the book, it will be displayed as the closing date Exception report in accounting data. The books in QuickBooks will be safe and secure from any mistakes which are made after closing the books in QuickBooks. 

Steps to close the books in QuickBooks

Note: Before you close the book in QuickBooks, make sure you have reviewed your accounting data, and it doesn’t require any changes or corrections. 

Steps to review your accounts:

  1. Login to your QuickBooks account as a company admin or master admin
  2.  Go through every detail of your account to confirm it is correct to the best of your knowledge.
Follow the steps to close the books in QuickBooks mentioned below:
  1.  Open the settings tab
  2. Then click on Company settings option
  3.  Now, click the Edit tab in the accounting section
  4. Checkmark the close the books check-box
  5. Type a closing date to give yourself a suitable deadline.
  6. Next, click on the Allow changes after viewing a warning and entering a password from the drop-down menu and if you want a password for editing your closed books.
  7. At last, click on the Save button, then click Done.
We hope the instructions provided in the article above were helpful to you to understand how to close books in QuickBooks. You can also dial 1.800.579.0391 to discuss your any doubts about QuickBooks application.


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