When can you set a closing date?
You can set a closing date on a daily, monthly, quarterly or yearly basis.
Why do you need a closing date?
- To restrict access to final numbers once a period is closed.
- To prevent staff from adding, editing or deleting transactions after the books are closed.
- To prevent changes to transactions after the information is sent to your accountant.
- To help prevent fraud.
What does a closing date do?
- Warns you when a transaction on or before the closing date is being changed.
- Tracks all changes.
- Prints a closing date exception report.
How do you set a closing date in QuickBooks?
- Login as the Admin.
- Click Company, Set Closing Date to open the Accounting, Company Preferences dialog.
- Click the Set Date/Password button. The Set Closing Date and Password dialog displays.
- Enter a closing date and optional password. You might want to discuss this date with your accountant first.
- Click OK to accept the closing date and optional password.
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Lori Bucci is an accounting services manager at Kaufman, Rossin’s Miami office, and a QuickBooks ProAdvisor. Kaufman, Rossin & Co., one of the top CPA firms in the country, offers QuickBooks training and consulting services. She can be reached at lbucci@kaufmanrossin.com.