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How to Close the Books in QuickBooks Online?

In this article, we will talk about how to close your books in QuickBooks Online. Many of us will be […]

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In this article, we will talk about how to close your books in QuickBooks Online. Many of us will be thinking about what it actually means to close the books in QuickBooks Online. Keep reading this post and you will get all the answers related to closing the books in QuickBooks Online.

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In the literal sense, closing the books mean that you have locked everything that you have added prior to the closing date. This is an important move since it makes sure that all is fine and there is no inconsistency in your bookkeeping.

Why it is Important to Close Your Books in QuickBooks Online?

It is highly important to close your books in QuickBooks Online. When you close your books, it will save you from unnecessary changes in your particular accounting data. It is quite obvious and frequent that users change something which impacts a prior period.

How to close the Books in QuickBooks Online?

Here is how you close the books in QuickBooks Online:

Step 1: On the upper-right corner, press the Company name.

Step 2: Press Account and Settings.

Step 3: Navigate to the advanced tab.

Step 4: In the Accounting section, add a checkmark in the particular Close the books box.

Step 5: Add a Closing date.

Step 6: Set if a password is required to edit the closed transactions.

Step 7: Press Save.

Step 8: Press Done.

When it is about year-end, there are certain things one should do in QuickBooks Online to close the year and then start a new one. Here are the specific tasks that are listed and should be done in QuickBooks Online:

Task 1: Verify the Starting Month of your Particular Financial Year in QuickBooks Online

In order to confirm or edit the financial year’s first month, complete the steps below:

Step 1: Navigate to the Settings icon.

Step 2: Choose Account and Settings.

Step 3: Choose Advanced.

Step 4: In the particular Accounting section, confirm that the setting of the particular first month of the financial year added in the field is right. You can also choose the particular pencil icon to edit the settings.

Step 5: Choose Save and Done.

Task 2: Review Customer Statements, Account Balances, and Clear all the Relevant Outstanding Deposits

In order to review customer account balances, follow the steps below:

Step 1: Choose Reports.

Step 2: In the given search bar, add Accounts Receivable Aging Details. You can also enter the Accounts Receivable Aging Summary. Choose the particular report you wish to review. Such reports are available in QuickBooks Plus and QuickBooks Online Essentials.

Step 3: Check the report to locate customers who have outstanding balances.

In order to send a particular statement, complete the steps below:

Step 1: Choose Sales. Next, choose Customers.

Step 2: Find the customer you wish to send a statement to.

Step 3: From the particular Action drop-down menu, choose Create statement.

Step 4: In the particular Create Statements screen, choose Print and Preview in order to print the statement or choose Save and then send to create and preview an email.

Note: It is important to confirm that all the deposits are clear, to make sure they are not added to the present year’s income.

Task 3: Verify the Account Balances of Suppliers, Write Checks and Pay Bills

By the end of the year, you must be paying all the outstanding bills that you particularly owe, while addressing any product, credit, or discounts that you owe from the suppliers.

In order to review all the outstanding bills, follow the steps below:

Step 1: Choose Reports.

Step 2: In the given search bar, add Accounts Payable Aging Detail or Accounts payable Aging summary. Now choose the report you wish to review. Such reports are there in QuickBooks Online Plus and Essentials.

Step 3: Check the report to locate any outstanding bills that you must pay prior to the year-end.

Task 4: Reconcile Credit Cards, Bank Accounts, and Petty Cash

In order to reconcile the credit card and bank accounts in QuickBooks Online, please follow the steps given below:

Step 1: Navigate to Settings.

Step 2: Choose Reconcile.

Step 3: Do as per the prompts in order to make sure the transactions in the credit card statement or bank are the same as transactions that are on the Reconcile page.

Task 5: Run Year-end Reports

In order to run year-end reports, you need to follow the steps below:

Step 1: Navigate to Reports.

Step 2: Find and then review the Balance Sheet and Profit and Loss report. Along with these, you need to review all the customized reports that you or your accounts may need.

Step 3: Ensure that the balance figure of the Profit and Loss report is the same as the Profit of the Year.

The steps and information given above will help you not only to understand the importance of closing books in QuickBooks but will also guide you about the right steps for it.

However, if you still think professional assistance will be great for you, then you can reach out to us.

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What are the tasks in QuickBooks that must be taken care with the Assistance of a Certified Accountant?

There are certain tasks that must be taken care of in QuickBooks with the assistance of a skilled accountant. Such tasks include:

Distribution of profits from the particular business
Categorize the transactions again
Create the year-end tax returns

What are the Things one must Consider Prior to Closing the Books in QuickBooks Online?

Before you start on how to close your books in QuickBooks, you must make sure of certain points mentioned below:

See if everything looks nice in the books and if there are zero irregularities
Add any invoice, payments or expenses that are outstanding
Sign in to the particular QuickBooks Online via the master admin with the right login details
Just ensure that the account is properly reconciled up to the given closing date.

What are the Disadvantages of Closing the Books?

You will not be able to use the transactions of the last year. If required then, the user will need the close date password along with the authority too.
In the absence of the permission of the user who fixes the closing dates, it will not be possible to compare the reports between the last year and the present year.

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How and What all can I Export in Dancing Numbers?

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You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


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How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

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What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

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Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

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