QuickBooks Quik Tip for the Day – Set Closing Date

Posted by on Feb 23, 2011 in QuickBooks Tips | 0 comments

I have another tip for people in senior accounting positions and especially owners. Far too many people are not aware of the problem that junior people can create by changing data entries in QuickBooks.

This can result from voiding, deleting or changing a transaction that was entered in any fiscal period and particularly in a previous fiscal year. This can impact the integrity of your financial statements. Can you imagine the problem that would be caused if those financial statements were prepared for an investor or banking institution?

During my training I make sure to point this out, so that owners and senior accounting people are aware of the controls that QuickBooks has, to prevent these changes. I am now going to show you where and how to set the closing dates so that you can control the integrity of your financials.

Before I begin, I would suggest that you utilize this Set Closing Date after every month is finished and completed. It’s a no brainer that you would set this after the finish of your fiscal year-end and the adjusting entries have been entered.

First of all, one person with a unique password should be set up as the Admin or the highest level of  QuickBooks User. That person and only that person, should be able to Set the Closing Date.

There are two ways that you can locate this feature.

Menu Bar/Company/Set Closing Date/Company Preferences then click on the Set Date/Password tab

Menu Bar/Edit/Preferences/Accounting/Company Preferences then click on the Set Date/Password tab

Once you set the Closing date for the period, no one will be able to change any information unless they have the Admin or highest level user password. DO NOT give this password out except to your external accountant or QuickBooks Trainer.

Remember that you can follow me on Twitter @twitter.com/QuikBooksTrainr for tips and updates also or if you want to make sure you don’t miss an article then use the RSS Feed button.

www.quickbookstrained.com is now mobile friendly. From the web address you can choose Options/Mobile formatted and the site will appear in all its living colour for you to view. Check it out.

Share

No Responses to “QuickBooks Quik Tip for the Day – Set Closing Date”

Trackbacks/Pingbacks

  1. QuickBooks Period End Tasks: The Accounting Side - Chpt.3 | QuickBooks Trained.i.am - [...] Date -  since I have written an article previously on this topic, I will just link you to that. [...]
  2. QuickBooks Period End Tasks: The Accounting Side - Chpt.3 - [...] Date -  since I have written an article previously on this topic, I will just link you to [...]

Leave a Reply