QuickBooks closing books: How to close books as part of year end procedures?
QuickBooks desktop doesn’t require you to close the books, in the end of the fiscal year it automatically make all the preparation for the next year. Now you can look below that what adjustments you can made for QuickBooks closing book and not only this you can also see the advantages of closing and not closing books.
Automatic year end preparation from QuickBooks
- It usually creates on the fiscal year at the starting of your month, it will adjust all your income and expense account so that you can freely start your new fiscal year with the zero net income.
- On last day your balance sheet will show a line for the net income, QuickBooks increases retained earnings equity amount by the previous year net income and decreases the net income by the same amount. By seeing all these things you will just able to start the new fiscal year from the zero net income.
Advantages of closing books
- It has some restricted access.
- You can do the reporting that means you can review all the changes that has made to the transactions dated.
Advantages of not closing books
- You will get the detailed of every transaction.
- You can easily create comparative reports between this and lat year.
Need Professional Help?
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