How To Do Closing Entries In QuickBooks?
QuickBooks financial management software is accepted by business of all size and sectors. The advanced features and tools incorporated in the software makes it most accepted software as it saves time in abundance by automating the financial operations of the business. The saved time can be used for different business priorities. QuickBooks features are designed as they are supposed to meet the different requirements of businesses. The QuickBooks Desktop accounting program does not demand to close your books. It creates automatic adjustments at the end of fiscal year in preparation for next year.
QuickBooks does not have a proper closing process as followed in other accounting software packages. There are certain steps that can be followed to safeguard the integrity of the balances.
As the Balanced Sheet reports are generated the income and expense accounts are automatically closed into a special QuickBooks account that is known as Retained Earnings. Depending on the type of business entity it is possible to change the name of this account but not possible to have the calculated balance appear in any other account. In case the Retained Earnings account is deleted, further the Balance Sheet is calculated, when the software will create the account once again.
Follow Steps To Close Entries in QuickBooks?
- Go to the main menu
- Open the Preferences dialog box
- Choose Edit -> Preferences
- Choose Accounting from the list to open the Accounting Preferences
- Select the Company file tab
- Choose a Closing Date at the bottom of the dialog box
- Click Set Password to open a Password dialog
- Enter your new Password & Confirm the password in the available fields
- To return to the Accounting Preference Dialog box Click OK
- Click “OK” to accept changes
- Close the dialog
Get Help for Closing Entries Issue QuickBooks Pro, Premier , Enterprise
In case you face any problem or have any query you can connect with the QuickBooks Support 800 Number. They can be approached through the toll free phone support number, email support and live chat option. You can choose any of the convenient modes to approach the team.
Alternatively you can call third party QuickBooks Consulting agencies like MyOnePro [QuickBooks 247] . The in house team of QB experts are competent and capable of providing all the information related to closing entries in QuickBooks. You can call to the toll free phone support number +1-516-494-3146 and garner instant services.