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T
TUSSU
October 7, 2022
Question

Question about year end

  • October 7, 2022
  • 1 reply
  • 2 views

Hi,

my year end is June 30th. I am wondering when I run year end does it close out all accounts (Bank, PayPal and Credit card) or is it just the bank?

Thanks,

Noel 

1 reply

JessT
JessTModerator
Moderator
October 7, 2022

I'm happy to provide information about the closing of books, Noel!

 

All accounts will be affected when you close your books. However, you're still able to edit, add, or remove transactions even if your books are closed. It's your business after all. You'll only receive a popup warning that you're making changes to a closed period or be required to enter a password if you set one.

 

I suggest running through the year-end checklist and practicing using the QBO test drive before doing this on your QBO company. Close the books and make changes in the closed period.

 

  1. Follow this link to open the test drive: https://qbo.intuit.com/redir/testdrive_uk
  2. Click on the Gear icon and choose Accounts and settings.
  3. Select the Advanced bar and click the Accounting section.
  4. Switch on the Close your books option.
  5. Enter a closing date.
  6. Choose between only giving a warning or requiring a password when making changes in a close period.
  7. Click Save and then Done.

 

I'm just a comment away if you need further assistance with your books. Have a good one!

F
Freda54
October 31, 2022

Hi, I wonder if you can help? I started using QB online in September 2021. Only 4 transactions relate to that month, and my year end is 30/09/2021. Owing to inexperience, I omitted to run a year end on that date. My accountant has given me opening balances for 01/10/2021, which I am about to put in. I have run QB up to 30/09/2022, and everything seems to balance so far. Can I now go back and run a year end on 30/09/2021, add in my accountants' balances, and then run a year end this September 2022? Thank you.

JenoP
JenoPQuickBooks Team
QuickBooks Team
October 31, 2022

Thanks for joining us here, Freda54.

 

Yes, you can go back to run your year-end for 30/09/2021. Please note that wen closing your books, QBO locks your books for that period to ensure everything stays the way you want it to.

 

It also prevents any accidental changes that could affect your financial reports. This means that you will need to type in a password anytime you will edit or make changes to any transactions dated before 30/09/2021.

 

Here's how to close your books: 

 

  1. Go to the Gear or Settings ⚙ icon and select Accounts and settings.
  2. Proceed to the Advanced tab.
  3. Click the Pencil or Edit ✎ icon in the Accounting section.
  4. Turn on the Close the books switch.
  5. Enter 30/09/2021 as a closing date. 
  6. Select the Allow changes after viewing a warning and entering a password option from the drop-down menu if you want to require a password before editing your closed books.
  7. Chose Save and then click Done.

 

 

 

Additional details about these processes are also discussed in these articles: 

 

 

After that, put in all the transactions and balances for the next period. Once done, follow the same steps to do the year-end for September 2022. 

 

Don't hesitate to let me know if you're able to close or complete the year-end process in QBO. I will also be glad to join you back in this thread if you need anything else. 

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