The user should remember to shut down the year in QuickBooks Pro which is generally a “must do” step once the year-end is complete and you have sent the file to CPA. You need to make sure that data does not transform, and more essentially, the data should not be entered into the wrong period involuntarily.
Perform the following steps to close books in QuickBooks Pro:
- Use “Set Closing Date and password” option within Company Preferences. This step helps in locking the data from the previous period/year so it can’t be changed without entering the password
- Find out the closing date option by clicking on Edit and then Preferences. Choose the option, “Company Preferences” tab from Account Preferences which is on the left-hand side. You will come across an area called Closing Date
- Please make sure that the password that is used by the users should not be the similar as your login password. The password should be protected so that only the user and sometimes the CPA know this.
Consider the essential points for closing the books in QuickBooks Pro:
Closing Books
Controlled Access:
A closing date password will be created to safeguard the transactions from the closed Accounting period. It will help in preventing any unintentional changes or transactions that modify the account balances.
Reporting: The user can re-examine all the changes that are made to the transactions dated on or before the closing date in a Closing Date Exception report. Follow the process:
- You need to head to Reports menu and follow the process Accountant and taxes > Closing Data Exception Report
- Under Closing Date History, current and past closing dates will be shown as well as the user who will set the concluding date
Not Closing Books
Detail: The user has easy to last year’s data such as details of every transaction
Reporting: Comparative report can be created between the current and the previous year
The Scope of Services
If you have any query to close books in QuickBooks Pro, kindly feel free to contact us on our Toll-Free Number +1-800-796-0471. We are a pool of QuickBooks Pro technical professionals who strive to resolve your query as soon as and in the best possible manner.
- We are available 24X7 all 365 days
- 100% guaranteed solution
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