Performing The Month-End Close in QuickBooks

Perform the steps given below, to close the Books:

  • Choose the icon of Gear and then select the Company Settings
  • Select Advanced
  • Now in the section of Accounting, tap on the icon of Edit
  • Check box which is labelled as Close the books
  • Enter the closing date. Keep in mind that you cannot change the transaction which is dated on or before closing date, without warning
  • Finalize what your users will see if they are trying to get the transaction saved which is dated prior/before closing date
    • Select the, Allow changes after viewing a warning, in order to make sure that warning message pop-ups
    • Select Allow changes after viewing a warning and entering a password, to ensure that a user has to enter the password also.
  • Tap on Save and then Done

Closing a Financial Period in QuickBooks

Closing the company accounts of yours when the financial period ends, helps you in locking down the tax liabilities and accounting records for that particular fiscal period.

Accounts of some companies are also closed as the fiscal quarter end or also after years, the closing date depends upon the preferences and size of the company.

To do that:

  • Launch the QuickBooks
  • Go to main menu bar and click on Edit and after that from pull-down menu click on Preferences in order to get the Preferences window opened
  • Now from the list present in left select Accounting
  • Tap on the tab of Company Preferences
  • Scroll down to the section of Closing Date in the pane of Company Preferences
  • Tap on the button of Set Date/Password
  • Choose the date when you are willing to get the company books closed. Usually closing date is at the end of year, quarter or month
  • Tap to choose, “Exclude estimates, sales orders and purchase orders from closing date restrictions” in case you are willing to keep the non-posting financial transactions excluded from the restrictions of closing date. Or else you can also skip the step
  • Enter the password in Closing Date Password and also in Confirm Password Fields in order to ensure that access to the closed account of yours is restricted
  • Tap on OK in order to ensure that procedure gets complete

Closing a year in QuickBooks

When you close the books in QuickBooks you are allowed to set the password for the book which you closed. In order to make any changes in the records or to even open it of previous year, users should have the password. In order to get the year book closed you must set the date by Accounting Preferences dialog.

Steps to do that are listed below

  • Go to main menu and select Edit and Preferences in order to get the Preferences dialog opened
  • Choose Accounting present in list in order to get the Accounting opened
  • Select the tab of Company
  • Now from the dialog box’s bottom select the Closing Date
  • Tap on Set Password so that Password dialog gets open
  • add the new Password and then Confirm it in the field that is available
  • Tap on OK to get back to Accounting Preferences dialog
  • Tap on OK in order to accept the changes made by you and then get the dialog closed

Issues and Questions of Users

How to make the entries in the new fiscal year by not closing? Here, say you are willing to make entries in the previous fiscal year also, as the new fiscal year gets started?
How to start the new accounts for new year, is it possible to delete all and get started with the new file?
How QuickBooks is closed for year end?

Need Professional Help?

If you are facing any such issue or some other issues, then without thinking twice just get in touch with the SMB QuickBooks tech support helpdesk on

Related Topics

Further Reading