Closing your accounting year is a necessary function even for QuickBooks users. Although not forced like many accounting programs, QuickBooks allows you to secure your accounting data and preserve your records. This methodology can be used more frequently, but is necessary at least once per year to retain reliable accounting data.

1. Closing the Year in QuickBooks ® Making Journal Entries and Setting the Closing Date

6. The Trial Balance This may not be a familiar report to you, but your accountant uses it to review all your account balances. They most likely have already compiled one in order to prepare your company’s taxes or financial statements.

7. The Trial Balance

9. The Balance Sheet

10. The Balance Sheet Some balances may be combined, but totals will match

15. Make Journal Entries

16. Make Journal Entries After 2006, is available in the Company Menu

17. Make Journal Entries You don’t have to know debits & credits, just follow the report!

22. Setting the Closing Date Review all user settings NO user should have this permission, but anyone you have selected “All areas” will have this permission.

23. Setting the Closing Date Correct user settings

24. Setting the Closing Date Correct user settings Choose accesses as appropriate, but every user should have “ No” chosen here.

25. Setting the Closing Date from the User List or Preferences You can even set a password to keep the Administrator from accidentally making changes.

26. Setting the Closing Date Now users are not just warned, they are prohibited from changing past data.