From the course: QuickBooks Pro 2020 Essential Training
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Close the books - QuickBooks Pro Tutorial
From the course: QuickBooks Pro 2020 Essential Training
Close the books
- Closing your books refers to the act of transferring all of your balances from your income and expense accounts, into retained earnings. Giving you your net income for that fiscal year. Once your books are closed, you can set passwords on those closed records, in case you have to go back and edit transactions before that close date. Though of course, it's not recommended that you go back and make changes once the books are closed. The first thing that you need to do, is make sure that your business is in good standing order in QuickBooks before closing your books. So go into your chart of accounts, and make sure all of your accounts that contain balances are in good standing order. I'll close out of this. To close your books, select company from the top menu and choose set closing date. This is going to bring up the preferences dialogue box in the accounting area, under company preferences. At the very bottom,…
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