Closing a month or year in QuickBooks Online

hey this is Jeff flies pasilla the 10-minute treasure with practical advice for improving your church's financial future so in this video I want to talk about how do you close a month or a year in quickbooks online and it's probably similar in regular quickbooks but I have quickbooks online so that's why i'm showing it this way because a lot of times you issue reports and then you'll get a late transaction or you'll void a transaction for whatever reason and then all of a sudden the reports that you issued they're not going to match up with what you're gonna issue in the future so it just looks confusing for those people reading the reports you got to go through a little bit more explanation it's a lot easier to just have that activity recorded in the current month but anyway this is how you protect your system you protect your accounting system from messing with a closed month so I'm using QuickBooks Online so here's the foundation one and what I want to do is I'm gonna show you what it looks like first before I show you how to do it I'm going to show you what it looks like so if you go ahead and go in let's just enter a bill and so click on bill and I'm just gonna issue one two JCT accounting and I closed the the month all right close the books as of March 31st so I'm gonna have the bill date as of March 15th that's actual posting date so that's the data to show up in the general ledger as an expense and a liability and then I'll go ahead and hit save and close and then you get this warning here and I put a password on it mainly the reason I put a password on it is because sometimes it's so easy to see a pop-up warning and just hit OK and kind of ignore it but this makes me actually have to think okay do I really want to change a closed period you're just so you can see it but it's that extra warning that extra if you don't have a password in there it just doesn't give you that password field probably the more common issue then receiving a bill late like that well that when I showed would be having to void a check after you get done with your bank reconciliation maybe there's some checks standing out there that and you've contacted whoever you wrote the check to and they need it reissued or maybe you just need to wipe it out all together but a lot of times you're just reissuing the check so what does that look like so I looked through my bank rec and I had one older cheque sitting out there again I'm closed as of March 31st and then I had this check to the Garden City Cemetery Association dated January 14th that I was waiting on and there's the check number 90 83 and there's the amount 4120 102 and so I'm gonna avoid it and again you get the message for beware avoiding it but then there's also the message of the transaction date where you have to do your password in there and so I'm not going to void this check I don't void the check that's gonna be the key so instead what I want to do is I want to issue another check in the new ye'are the open period so I'm gonna go ahead and show you how to do that so new check and then I'll put in the Garden City Cemetery Association and the date is today's date as of when I was doing that and then I wanted to use the checking account for my category and I also want to in the description I'm gonna write reissued check number 90 83 and if you recall the amount was four thousand one hundred twenty one dollars and two cents so I'm gonna add that in there and then I'm gonna be able to save and close this and what this will do is it will add a debit and a credit in my checking account and so when I do my next bank wreck I can take the debit side of this transaction and match it up against the credit side of the old transaction from January and then the one that's hanging out here is going to be after I print this check so I'll print the check it'll be a new check number and that'll be hanging out but it won't be it won't be that old one from January anymore so I'll be waiting for the new one to clear instead so that's how you would do that but again you get the warning which is the key thing the warning that says hey you're gonna change something do you really want to do that enter your password so now how do you actually close that period that's the question so you go up to your gear and go ahead and click on that and you want to go to account and settings and then from there you want to go to advanced and after advanced right near the top it's the fourth one down in my mind there's closed books and I clicked it but so you want to click the checkmark and then every time you close a month you're gonna have to change this date so next month I'm gonna have to change that to April 30th and I like it with the password in there but you can just have it have a warning but I like it with the password in there and it's saving my old password that I plugged in earlier so I'm just gonna hit save and then I'm gonna hit done and that's how you do it I mean it is pretty quick but you do have to remember that's part of your closing procedures so when I issue my reports I'm gonna want to go ahead and update that date every time I wish there was an easier way to do that or a quicker way or a more intuitive way but there's not so alright I hope that helped you again this is Ministry of the finance office the Dakotas Conference and the Dakotas United Methodist Foundation and you can find us at WWE UMC org or Dakota's um fe org and I just want to encourage you to if you found this helpful I would ask that you like subscribe share whatever it is and you can also find more of our stuff at JCT accounting com that's where I just put together a quick blog site and it might be useful to search that for other topics related to this so alright I just god bless you guys and until next time

Channel: Jeff Pospisil

Views: 4,467

Rating: 4.7966104 out of 5

Keywords: dakotas, umc, united methodist, quickbooks, accounting, closing, period

Id: oGx-7UUNkKg

Length: 7min 14sec (434 seconds)

Published: Fri May 01 2020