What do you mean by Closing Books in QuickBooks?
Closing the books usually refers to the accounting process where Income and Expense accounts are brought to zero amount and recording the company’s Net Profit or Loss onto the Balance Sheet. At the year end, QuickBooks Online version closes out your Income and Expense accounts automatically and rolls up your net profit or loss into your Retained Earnings account.
Not only the normal accounting process, but also there is an additional feature known as closing the Books. The sole aim of closing the books officially is to safeguard the transactions made in prior periods from being changed. This is accomplished by setting up and requiring a password to edit transactions past a particular date.
The Master and Company Administrators, both can set the closing date and passwords. Follow the steps to set the passwords:
• Select the Gear icon -> Company Settings/Account and Settings.
• Choose Advanced.
• Click on the Edit icon in the accounting section.
• Click to mark the Closing the Books.
• Enter a closing date.
Note: Transactions dated on or before the closing date cannot be changed without warning.
• Ensure what you want your users to view if they try to save a transaction that is dated prior to the closing date:
o Select -> Allow changes after viewing a warning to make a warning message appear.
o 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 given below.
• Click Save then Done.
How to view the transactions that are changed after the closing date?
After you close your books certainly you would like to track the changes that anyone makes despite of the closing date warning. The exceptions to Closing Date report tracks such changes on the Audit Trail page. Follow the steps below:
• Go to Reports from the menu.
• Select Accountant Reports.
• Click Exceptions to Closing Date
• View the reports.
In case you fail to execute the above mentioned steps, in such scenario immediately Dial QuickBooks Technical .They are approachable and provide right solutions in a short time.
Alternatively you can contact reliable QuickBooks consulting agencies like Businessaccountings.com to fetch expert resolution services from our in-house trained technicians who are available round the clock. We consider the time of our customers and assist their needs and requirements from our esteemed customers. Round the clock support service is accorded and that too in a minimum time frame. You can connect with through QuickBooks toll free number 1-800-993-4190 and converse with our customer support team who will diagnose the cause of your issue and provide feasible solution.
Read More Blogs : How To Upgrade QuickBooks To A Multi User License?