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Closing Year End for Quickbooks but previous fiscal not finished

Posted on 2011-10-17
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Hi,

I'm wondering if it's possible to close the year end even though I haven't completed the previous fiscal year.

If so, how would I do this? Step-by-step help please. =)

I'm not new to QB but I haven't used it in about 2 years.

Current version I have is QB pro 2009 Canadian edition.

Thanks,
Victor
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Question by:Victor Kimura
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Expert Comment

by:Tony Giangreco
ID: 36985785
How can you close the current year and keep a previous year open. I don't see anything in QB alowing that to occur.
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stlinae earned 2000 total points
ID: 36988277
You never actually have to close a year in QuickBooks. It will Always show on reports that are affected by it if you have a fiscal year as if you did based on the month you have listed in the Company Information screen. (Company>Company Information) If you're not using a fiscal year, QB always appears to have rolled up accounts on the financial reports.

If you're wanting to actually set a Closing Date so that information cannot be changed without warning or password, QB doesn't care if you haven't done anything for previous years or not.

That being the case, are you wanting to actually roll accounts into retained earnings?? What is it you're trying to accomplish by closing the year end?
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Author Comment

by:Victor Kimura
ID: 37014297
Hi,

I wanted to close the year end for the accountant. I have some data to enter still. I'm taking over some other bookkeeper's job. It seems you're correct about QB not caring about the previous year, stlinae. I was reading it up in the community forums of QB and they all say the same thing. I recall that when I had to enter some data of the previous fiscal year that I had to enter my password. This does change the Assets, Liabilities and Equity portions of the new year as I understand.

But I'm wondering what do I need to do in QB to "tidy" things up and "close" the year end. I'm reading that, traditionally, if I was to manually bookkeep then I would need to close the year end. I don't know what that entails for QB though (if any) or is it all automated for me?
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Author Closing Comment

by:Victor Kimura
ID: 37060564
Thank you.
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