Closing the Books / Period End - QuickBooks Online

Learn how to close the books on QuickBooks Online
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[@bayareaprepper]

Thank you for your work. I am a new student. Thank you for letting me learn here.

[@BookkeepingMaster]

You're very welcome! Thanks for watching

[@6XxDJxX9]

Are the income and expense accounts closed to retained earnings by doing so?

[@BookkeepingMaster]

Yes, that is correct. Thanks for watching.

[@sonuojha2991]

I would say really helpful vedio for quick book aspirants👍

[@BookkeepingMaster]

Thanks

[@sharifahsourceoils]

Thank you

[@BookkeepingMaster]

You're welcome

[@ericfair-layman2429]

this is helpful! I'm looking into this option because the bookkeeper before me left a bunch of transactions unreconciled. Each time I go to reconcile there's all these very old transactions just sitting there. I don't want to delete them so that if my client were ever audited, all the transactions will be there. If I close the books on a date after these transactions, do these unreconciled transactions stop showing up? Does closing the books also perform that function?

[@BookkeepingMaster]

The old transactions will always show until they are removed (which I suggest you don't do) or reconciled. Closing the books will not remove them; it will just prevent any alterations to the software on or before the closing date. Thanks for watching

[@meghakamra3855]

Suppose we are using QB for 3 years and never closed the books…then do we have to go month by month and close the books or there is any other way…

[@BookkeepingMaster]

You can "close" the books whenever you like - month by month is not necessary. This is because the close feature on QuickBooks only locks the accounts from editing and adding transactions. It does not post any journals. I hope this helps.

[@jessicasalayog1111]

After closing, can I reopen the books anytime?

[@BookkeepingMaster]

Yes, you can. Thanks for watching.

[@jessicasalayog1111]

Thank you ​@@BookkeepingMaster