QuickBooks is, of course, a very important software tool for organizations as it makes conducting organizational functions easier. What is important is to consider the proper handling of the software. When it comes to the properly dealing with the data, closing the books is an important matter. This is because the closing of your books will maintain the integrity of the financial reports and transactions that are being carried out in your organization from time to time.
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Schedule a MeetingWith Fastfix247 experts, you get excellent support and thereby get assisted with all the queries relating to the closing of the books.
Why is Closing Books required?
There are scenarios that make it mandatory for users to close the books without failure. Some of the instances include:
- There are cases when you enter QuickBooks transactions for a month and then reconcile them. Based on the reports developed, you take important decisions for your business. Isn’t it? However, when you change the transactions in the report, it appears to look different. As a result, relying on those reports is doubtful.
- In a few cases, the tax returns are prepared based on a set of transactional data stored in the software. However, you mistakenly make the changes in the transactions once the tax return as already started. But now the reports are not the same. As a result, the tax return computed becomes incorrect.
Steps to Close Books
To maintain the integrity and make sure the data considered to take important business decisions are correct, you must know how to close the books in QuickBooks. The closing of the books is the process that is divided into two distinct stages – setting a closing date and having a password in QuickBooks.
How to set a Closing Date
- Go to Gear icon present on the top
- Choose Account and Settings or Company Settings
- Click Advanced
- Select Accounting option
- Choose Pencil and edit
- Tick Close the books checkbox
- Type the closing date. Once set, you will not be allowed to change transactions on or before that date
- Select a suitable message you want to be displayed to users who try to save transactions beyond the date mentioned
- Choose Allow changes after viewing a warning if you want a warning message to appear
- Opt for Allow changes after viewing a warning and entering a password alternative to allow users to enter a valid password.
- Click Save
- Click Done
Creating a password is an important step as you will require making sure not everybody who comes in could change the entry. If not entered or handled properly, even after the warning, anyone who enters the stage will be allowed to make the changes. Hence, you need to be very careful.
How to view changed transactions after the closing date?
- Select Reports from the list of options in the left menu
- Select Exceptions to Closing Date report
- In case the Close the Books option is disabled, you may not get this option
If you face any difficulty in following the above-mentioned steps to close the books, you can connect with Fastfix247 professionals and ensure implementing the accurate solution.
QuickBooks, though useful, may lead to severe issues in case not handled properly. In that case, Fastfix247 experts will appear to be of great help. They are highly skilled and hence you just need to brief them about your issue and they will help you with the best solutions possible. They are available 24/7 to guide and support you. You can call on to QuickBooks support number 855 481 5335 for consultation.
