QuickBooks Closing Books

QuickBooks closing books: How to close books as part of year-end procedures?

QuickBooks desktop doesn’t require you to close the books, at the end of the fiscal year, it automatically makes all the preparations for the next year. Now you can look below at what adjustments you can make for QuickBooks closing book and not only this you can also see the advantages of closing and not closing books.

Automatic year-end preparation from QuickBooks

• It usually creates the fiscal year at the start of your month, it will adjust all your income and expense accounts so that you can freely start your new fiscal year with zero net income.
• On the last day your balance sheet will show a line for the net income, QuickBooks increases retained earnings equity amount by the previous year's net income and decreases the net income by the same amount. By seeing all these things you will just able to start the new fiscal year from the zero net income.

Advantages of closing books

• It has some restricted access.
• You can do the reporting which means you can review all the changes that have been made to the transactions dated.

Advantages of not closing books

• You will get the details of every transaction.
• You can easily create comparative reports between this and last year.

For any further help on QuickBooks, get all the help at the QuickBooks Proadvisors technical helpline number.