QB Issue Resolution:

Closing the books
Answer ID: 1096

Closing the books normally refers to the accounting process of zeroing out your Income and Expense accounts and recording the company’s Net Profit or Loss onto the Balance Sheet.. At the end of the year, QuickBooks Online automatically closes out your Income and Expense accounts and rolls up your net profit or loss into your Retained Earnings account.

Along with the normal accounting process, we also have an additional feature called Closing the Books. The main purpose of officially closing the books is to protect transactions in previous periods from being changed. This is done by setting up and requiring a password to edit transactions past a particular date. Both Master and Company Administrators can set the closing date and password:

Choose the Gear icon > Company Settings.
Choose Advanced.
In the Accounting section, click on the Edit icon.
Click to mark the Closing The Books checkbox.
Enter a closing date. Transactions dated on or before the closing date cannot be changed without warning.
Decide what you want users to see if they try to save a transaction that is dated prior to the closing date:

Choose Allow changes after viewing a warning to make a warning message appear.
Choose Allow chnages after viewing a warning and entering a password to make the user also enter a password. Then enter the password in the two password fields below.

Click Save then Done.

Viewing the transactions that are changed after the closing date:

After you close your books, you may want to track any changes that anyone makes in spite of the closing date warning. The Exceptions to Closing Date report tracks such changes on the Audit Trail page.

Choose Reports from the menu on the left.
Select Accountant Reports.
Click Exceptions to Closing Date and view the report.

See also: How I can find my password for closing the books

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Details
Answer ID 1096
Products QuickBooks Online Simple Start (H)
QuickBooks Online Essentials (H)
QuickBooks Online Plus (H)
Categories Using This Product
Date Created 11/13/2006 12:30 PM
Date Updated 04/04/2015 04:46 PM
Allow Crawling? Yes

Resolution for Issue 'Closing the books.' available: Yes (Solved).
Source: Intuit Community forum.

Closing the books.: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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